Construction in Spain - Key Trends and Opportunities to 2022

Construction in Spain - Key Trends and Opportunities to 2022


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Executive Summary

Construction in Spain-Key Trends and Opportunities to 2022

Summary

The Spanish construction industry registered growth of 4.9% in real terms in 2017. This was preceded by annual growth of -2.0% in 2014, 2.4% in 2015 and 1.9% in 2016. A recovery in the economy, coupled with government investment to develop road, rail and other transport infrastructure, supported growth in 2017.

The industry is expected to expand in real terms over the forecast period (2018-2022), driven by the government's focus on the development of transport infrastructure, energy and utilities facilities. The government plans to invest EUR103.8 billion (USD 117.1 billion) on 814 major projects in transport infrastructure, drinking water facilities and urban development during the period 2017-2021. Moreover, under the National Rural Development Program for 2014-2020, the government plans to spend EUR435.0 million (USD 482.9 million) to develop efficient irrigation systems and other agricultural infrastructure by 2020.

In real terms, the industry's output value is forecast to rise at a compound annual growth rate (CAGR) of 2.73% over the forecast period, compared to 1.80% during the review period (2013-2017).

GlobalData's Construction in Spain-Key Trends and Opportunities to 2022 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.

Key Highlights

- GlobalData expects the residential construction market to retain its leading position over the forecast period, with a share of 39.8% of the industry's total value in 2022. The market will be supported by rising residential building permits, as well as the low housing loan interest rate.

- Under Spain's National Broadband Strategy, the government plans to equip all households with an internet connection speed of 30mbps, and provide a 100mbps speed to 50% of households by 2020. Moreover, in March 2018, the government launched the 5G National Plan 2018-2020. Through this, the government aims to ensure an internet connection speed of up to 1.0gbps by 2020.

- GlobalData expects infrastructure construction market output to record a forecast-period CAGR of 4.99% in nominal terms, supported by the government's plan to develop the country's transport infrastructure, with an aim to improve regional connectivity and reduce traffic congestion. In January 2018, the government launched Plan Extraordinario de Inversion en Carreteras (PIC), an Extraordinary Plan for Investment in Roads, with an aim to finance the country's road development projects. Through this, the government plans to spend EUR5.0 billion (USD 5.9 billion) on the development of 2,000km of road by 2022.

- The government's focus to minimize electricity loss during transmission is also expected to support market growth over the forecast period. The government plans to invest EUR30.0 million (USD 33.3 million) to install a 300km high voltage electric line between Guillena and Almaraz by 2020. The government also plans to increase the electricity connection capacity between Spain and Portugal by 17.4%, going from 2,300MW in 2016 to 2,700MW by 2030.

- The total construction project pipeline in Spain-as tracked by the Construction Intelligence Center (CIC) and including all mega projects with a value above USD 25 million-stands at EUR61.2 billion (USD 69.0 billion). The pipeline, which includes all projects from pre-planning to execution, is well balanced, with 49.0% of the pipeline value being in projects in the early stages as of June 2018.

Scope

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

- Historical (2013-2017) and forecast (2018-2022) 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.

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 Contents

1 Executive Summary

2 Construction Outlook: At-a-glance

3 Latest News and Indicators

4 Key Drivers and Risks

4.1 Economic Performance

4.2 Political Environment

4.3 Demographics

4.4 Risk Profile

5 Construction Outlook

5.1 All Construction

5.1.1 Outlook

5.1.2 Project analytics

5.2 Commercial Construction

5.2.1 Outlook

5.2.2 Project analytics

5.3 Industrial Construction

5.3.1 Outlook

5.3.2 Project analytics

5.4 Infrastructure Construction

5.4.1 Outlook

5.4.2 Project analytics

5.5 Energy and Utilities Construction

5.5.1 Outlook

5.5.2 Project analytics

5.6 Institutional Construction

5.6.1 Outlook

5.6.2 Project analytics

5.7 Residential Construction

5.7.1 Outlook

5.7.2 Project analytics

6 Key Industry Participants

6.1 Contractors

6.2 Consultants

7 Appendix

7.1 What is this Report About?

7.2 Definitions

7.3 About GlobalData

7.4 About The Construction Intelligence Center

7.5 Disclaimer

List of Figures

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

Figure 2: Spain, Construction Projects Pipeline by Sector (EUR Million)

Figure 3: Spain, total number of loans issued for housing construction (Thousand)

Figure 4: Spain, total number of real estate transactions (Thousand)

Figure 5: Spain, Risk Comparison, Q1 2018

Figure 6: Spain, Risk Comparison Review

Figure 7: Spain, Construction Output Value (Real, USD billion, 2017 prices and exchange rate)

Figure 8: Spain, Construction Output Value, Growth Matrix

Figure 9: Spain, Construction Output Value, by Sector (EUR Million), 2013-2022

Figure 10: Spain, Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2017-2022

Figure 11: Spain, Construction Projects Pipeline, Value by Stage (EUR Million)

Figure 12: Spain, Commercial Construction Output by Project Type (EUR Million), 2013-2022

Figure 13: Spain, Commercial Construction Projects Pipeline, Value by Stage (EUR Million)

Figure 14: Spain, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million)

Figure 15: Spain, Industrial Construction Output by Project Type (EUR Million), 2013-2022

Figure 16: Spain, Industrial Construction Projects Pipeline, Value by Stage (EUR Million)

Figure 17: Spain, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million)

Figure 18: Spain, Infrastructure Construction Output by Project Type (EUR Million), 2013-2022

Figure 19: Spain, Infrastructure Construction Projects Pipeline, Value by Stage (EUR Million)

Figure 20: Spain, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million)

Figure 21: Spain, Energy and Utilities Construction Output by Project Type (EUR Million), 2013-2022

Figure 22: Spain, Energy and Utilities Construction Projects Pipeline, Value by Stage (EUR Million)

Figure 23: Spain, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million)

Figure 24: Spain, Institutional Construction Output by Project Type (EUR Million), 2013-2022

Figure 25: Spain, Institutional Construction Projects Pipeline, Value by Stage (EUR Million)

Figure 26: Spain, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million)

Figure 27: Spain, Residential Construction Output by Project Type (EUR Million), 2013-2022

Figure 28: Spain, Residential Construction Projects Pipeline, Value by Stage (EUR Million)

Figure 29: Spain, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million)

Figure 30: Spain, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 31: Spain, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)

Figure 32: Spain, Headquarters of Key Consultants (% of Total Project Pipeline)

Figure 33: Spain, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)

List of Tables

Table 1: Spain, Key Economic Indicators

Table 2: Spain, Construction Output Value (nominal, EUR Million)

Table 3: Spain, Construction Output Value (nominal, USD Million)

Table 4: Spain, Top Commercial Construction Projects by Value

Table 5: Spain, Top Industrial Construction Projects by Value

Table 6: Spain, Top Infrastructure Construction Projects by Value

Table 7: Spain, Top Energy and Utilities Construction Projects by Value

Table 8: Spain, Top Institutional Construction Projects by Value

Table 9: Spain, Top Residential and Mixed-Use Construction Projects by Value

Table 10: Spain, Key Contractors

Table 11: Spain, Key Consultants

Table 12: GlobalData Construction Market Definitions

Table 13: Construction Risk Index Ratings and Scores

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