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Construction in Ireland - Key Trends and Opportunities to 2022

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Construction in Ireland - Key Trends and Opportunities to 2022

Summary

The Irish construction industry registered growth of 15.6% and 15.2% in real terms in 2016 and 2017 respectively, following average annual growth of 7.6% during 2013-2015.

Over the forecast period (2018-2022), the industry is expected to expand, albeit at a relatively slower pace. The government's focus on infrastructure and housing development in the country is expected to drive the growth of the industry over the forecast period. The government's focus on the education and health sectors will also support the growth of the industry. Under the National Development Plan, the government plans to invest EUR116.0 billion (USD 130.9 billion) during 2018-2027 for sustainable economic growth and the overall development of the country's infrastructure. Under this program, the government will invest in housing, roads, public transport, education and healthcare infrastructure in the country. In the budget 2018, the government increased its budget allocation for capital expenditure by 17.5%, going from EUR4.5 billion (USD 5.1 billion) in 2017 to EUR5.3 billion (USD 6.0 billion) in 2018. Furthermore, in the 2018 budget, the government allocated an additional investment of EUR310.0 million (USD 349.8 million) and EUR471.0 million (USD 531.5 million) for the period 2018-2021 on education and healthcare capital expenditure respectively.

The industry's output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 6.36% over the forecast period, compared to 10.99% during the review period (2013-2017).

GlobalData's "Construction in Ireland - Key Trends and Opportunities to 2022", report provides detailed market analysis, information and insights into the Irish construction industry, including -

- The Irish 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 Irish construction industry

- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Key Highlights

- GlobalData expects the residential construction market to register a forecast-period CAGR of 11.15% in nominal terms, driven by the government's focus on addressing homelessness through building more homes and social housing schemes. The government aims to deliver 50,000 social housing homes by 2021. Accordingly, in the 2018 budget, the government increased its allotment for Social Housing Current Expenditure Program by 36.9%, going from EUR84.0 million (USD 94.8 million) in 2017 to EUR115.0 million (USD 139.5 million) in 2018, which will be used to deliver an additional 4,000 social houses by 2019.

- Forecast-period growth in the energy and utilities construction market will be driven by the government's focus on the development of the country's broadband network. The government aims to provide 540,000 families and businesses in rural areas with high-speed broadband connectivity under the National Broadband Plan (NBP). In September 2018, the consortium led by Granahan McCourt - including Nokia, Denis O'Brien's Actavo, the Kelly Group and KN Group - submitted a final tender for the NBP. Eir Group plc, the telecom company, plans to invest EUR1.0 billion (USD 1.2 billion) on a high-speed fiber-to-the-home (FTTH) broadband network by 2022-2023.

- GlobalData expects the infrastructure construction market to register a forecast-period CAGR of 4.26% in nominal terms, driven by the government's focus to develop the road infrastructure in the country. Investment in airports and port development is also expected to support the market output over the forecast period. The government plans to invest EUR7.3 billion (USD 8.2 billion) to enhance the regional road connectivity from other regions to Dublin, especially the north-west region, by 2027.

- Commercial construction market's growth in the forecast-period will be supported by the government's focus on developing and promoting the tourism sector. The government aims to increase tourist arrivals from 8.9 million in 2017 to 13.7 million by 2025, and expenditure of foreign tourists from EUR4.9 billion (USD 5.5 billion) to EUR8.1 billion (USD 9.8 billion) over the same period. Accordingly, EUR2.5 billion (USD 3.0 billion) is expected to be invested by 2021 to develop tourism-related infrastructure in the country.

- The total construction project pipeline in Ireland - as tracked by GlobalData, and including all mega projects with a value above USD 25 million - stands at EUR68.6 billion (USD 77.4 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards early-stage projects, with 57.9% of the pipeline value being in projects in the pre-planning and planning stages as of January 2019.

Scope

This report provides a comprehensive analysis of the construction industry in Ireland. It provides -

- Historical (2013-2017) and forecast (2018-2022) valuations of the construction industry in Ireland, 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.

Reasons to buy

- Identify and evaluate market opportunities using GlobalData's 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 GlobalData's critical and actionable insight.

- Assess business risks, including cost, regulatory and competitive pressures.

- Evaluate competitive risk and success factors.

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Table Of Content

Scope

Table of Contents

1. EXECUTIVE SUMMARY 2

2. CONSTRUCTION OUTLOOK: AT-A-GLANCE 3

3. LATEST NEWS AND INDICATORS 9

4. KEY DRIVERS AND RISKS 11

4.1. Economic Performance 11

4.2. Political Environment 11

4.3. Demographics 11

4.4. Risk Profile 12

5. CONSTRUCTION OUTLOOK 13

5.1. All Construction 13

5.1.1. Outlook 13

5.1.2. Project analytics 15

5.2. Commercial Construction 18

5.2.1. Outlook 18

5.2.2. Project analytics 20

5.3. Industrial Construction 22

5.3.1. Outlook 22

5.3.2. Project analytics 23

5.4. Infrastructure Construction 25

5.4.1. Outlook 25

5.4.2. Project analytics 27

5.5. Energy and Utilities Construction 29

5.5.1. Outlook 29

5.5.2. Project analytics 31

5.6. Institutional Construction 33

5.6.1. Outlook 33

5.6.2. Project analytics 35

5.7. Residential Construction 37

5.7.1. Outlook 37

5.7.2. Project analytics 39

6. KEY INDUSTRY PARTICIPANTS 41

6.1. Contractors 41

6.2. Consultants 43

7. APPENDIX 45

7.1. What is this Report About? 45

7.2. Definitions 45

8. ABOUT GLOBALDATA 49

8.1. GlobalData at a Glance 49

8.2. GlobalData Construction 50

8.3. Disclaimer 51

8.4. Contact Us 51


List Of Figure

List of Figures

Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix 3

Figure 2: Ireland, Construction Projects Pipeline by Sector (EUR Billion) 3

Figure 3: Ireland, New Dwelling Construction Permits (Total Numbers) 9

Figure 4: Ireland, Risk Review 12

Figure 5: Ireland, Risk Comparison 12

Figure 6: Ireland, Construction Output Value (Real, USD billion, 2017 prices and exchange rate) 13

Figure 7: Ireland, Construction Output Value, Growth Matrix 14

Figure 8: Ireland, Construction Output Value, by Sector (EUR Million), 2013-2022 14

Figure 9: Ireland, Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2017-2022 15

Figure 10: Ireland, Construction Projects Pipeline, Value by Stage (EUR Million) 15

Figure 11: Ireland, Commercial Construction Output by Project Type (EUR Million), 2013-2022 19

Figure 12: Ireland, Commercial Construction Projects Pipeline, Value by Stage (EUR Million) 20

Figure 13: Ireland, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 21

Figure 14: Ireland, Industrial Construction Output by Project Type (EUR Million), 2013-2022 22

Figure 15: Ireland, Industrial Construction Projects Pipeline, Value by Stage (EUR Million) 23

Figure 16: Ireland, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 24

Figure 17: Ireland, Infrastructure Construction Output by Project Type (EUR Million), 2013-2022 26

Figure 18: Ireland, Infrastructure Construction Projects Pipeline, Value by Stage (EUR Million) 27

Figure 19: Ireland, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 28

Figure 20: Ireland, Energy and Utilities Construction Output by Project Type (EUR Million), 2013-2022 30

Figure 21: Ireland, Energy and Utilities Construction Projects Pipeline, Value by Stage (EUR Million) 31

Figure 22: Ireland, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 32

Figure 23: Ireland, Institutional Construction Output by Project Type (EUR Million), 2013-2022 34

Figure 24: Ireland, Institutional Construction Projects Pipeline, Value by Stage (EUR Million) 35

Figure 25: Ireland, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 36

Figure 26: Ireland, Residential Construction Output by Project Type (EUR Million), 2013-2022 38

Figure 27: Ireland, Residential Construction Projects Pipeline, Value by Stage (EUR Million) 39

Figure 28: Ireland, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 40

Figure 29: Ireland, Headquarters of Key Contractors (% of Total Project Pipeline) 42

Figure 30: Ireland, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor) 42

Figure 31: Ireland, Headquarters of Key Consultants (% of Total Project Pipeline) 44

Figure 32: Ireland, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants) 44


List Of Table

List of Tables

Table 1: Construction Outlook 3

Table 2: Ireland, Key Economic Indicators 11

Table 3: Ireland, Construction Output Value (nominal, EUR Million) 16

Table 4: Ireland, Construction Output Value (nominal, USD Million) 17

Table 5: Ireland, Top Commercial Construction Projects by Value 21

Table 6: Ireland, Top Industrial Construction Projects by Value 24

Table 7: Ireland, Top Infrastructure Construction Projects by Value 28

Table 8: Ireland, Top Energy and Utilities Construction Projects by Value 32

Table 9: Ireland, Top Institutional Construction Projects by Value 36

Table 10: Ireland, Top Residential and Mixed-Use Construction Projects by Value 40

Table 11: Ireland, Key Contractors 41

Table 12: Ireland, Key Consultants 43

Table 13: GlobalData Construction Market Definitions 46

Table 14: Construction Risk Index Ratings and Scores 48

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Construction, Irish Construction Industry, Commercial Construction, Institutional Construction, Industrial Construction, Infrastructure Construction, Residential Construction, Energy and Utilities Construction