DUBLIN--(BUSINESS WIRE)--The "Spain Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The Spanish construction industry was forecast to grow by 3.5% in 2023, supported by public and private sector investments in the transport, renewable energy, housing, and industrial sectors along with a financial support from the European Union (EU) under the Recovery and Resilience Facility (RRF). According to Eurostat, the total Gross Fixed Capital Formation rose by 2.9% year on year (YoY) in the first three quarters of 2023, while the construction industry value add grew by 2.4% YoY during the same period.
Over the remainder of the forecast period, the construction industry's output is expected to grow at an annual average rate of 2.6% between 2024 and 2027, supported by investments in the energy, transportation, housing, and industrial sectors.
Under the revised National Energy and Climate Plan (NECP), the government aims to have 214GW of total installed capacity in the electricity sector by 2030. This includes 76GW of photovoltaic power, 62GW of wind power, 22GW of storage capacity, 4.8GW of solar thermal power, and 1.4GW of biomass power and estimates a mobilization of investments worth EUR294 billion ($300.2 billion) from 2023 to 2030.
Forecast-period growth of the construction industry will also be supported by foreign direct investment (FDI). According to the data released by Ministry of Economy, Commerce and Business, the country received EUR12 billion ($12.3 billion) FDI in the first half of 2023, compared to EUR16.4 billion ($16.7 billion) received during the same period of 2022. The Ministry of Industry, Trade and Tourism approved eight battery production projects in early November 2023, that will receive support from the Strategic Project for Economic Recovery and Transformation (PERTE VEC II) with EUR338.2 million ($345.4 million) in grants and EUR100 million ($102.1 million) in loans. In addition to this, in October 2023, the European Investment Bank (EIB) approved a EUR700 million ($714.8 million) loan to support the extension and modernization of Naturgy's electricity distribution network in the country.
The report provides detailed market analysis, information and insights into the Spanish construction industry, including -
- The Spanish construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Spanish construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Spain, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Key report benefits:
- Identify and evaluate market opportunities using the standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
For more information about this report visit https://www.researchandmarkets.com/r/6dd61q
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