Construction in Portugal - Key Trends and Opportunities to 2022

GlobalData
49 Pages - GLDATA66336
$1,950.00

Summary

Portugal’s construction industry recovered in 2017, after sustained weakness since 2007. This upturn was driven by positive developments in regional economic conditions, recovery in tourism and exports, a revival in both investor and consumer confidence, and government investment in transport infrastructure. Consequently, the country’s construction industry registered growth of 6.8% in 2017 in real terms.

The industry is expected to continue to register positive growth over the forecast period (2018-2022), driven by the government’s efforts to enhance commercial, energy and utilities infrastructure. In addition, the government’s aim to improve the transport network is expected to support investments in infrastructure projects, which will in turn fuel growth in the industry. The rise in building construction permits is also expected to drive public and private sector funding towards construction projects.

The government’s effort to promote economic growth through the implementation of programs such as Ferrovia 2020 and Financial Instrument for Urban Rehabilitation and Revitalization (IFRRU) will support the industry’s expansion over the forecast period.

The industry’s output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 2.19% over the forecast period, compared with -1.11% during the review period (2013-2017).

GlobalData’s "Construction in Portugal - Key Trends and Opportunities to 2022", report provides detailed market analysis, information and insights into the Portuguese construction industry, including -
- The Portuguese 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 Portuguese 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 Infrastructure construction market to register a positive growth over the forecast period, driven by the government’s effort to upgrade the country’s rail, road and port infrastructure to enhance regional connectivity and modernize transport infrastructure. The government outlined plans to invest EUR2.0 billion (US$2.4 billion) in developing transport infrastructure between 2016 and 2020.
- The government’s plans to increase the contribution of solar energy in the total energy mix in order to reduce dependence on fossils fuels and move towards clean energy will support growth in the energy and utilities construction market over the forecast period. The government aims to increase the solar capacity from 572MW in 2017 to 1,600MW by 2021. Accordingly, in June 2018, the government announced plans to invest EUR800 million (US$970.2 million) to build 31 new solar plants with a total capacity of 1.0GW by 2021.
- GlobalData expects the commercial construction industry to register a forecast-period CAGR of 3.75% in nominal terms driven by rising public and private sector investments in the construction of new commercial buildings and an increase in the country’s retail and tourism sectors.
- The growth of the construction industry over the forecast period will be supported by the financial assistance provided by the European Investment Bank (EIB) to develop infrastructure. in April 2018, the EIB announced plans to finance EUR200.0 million (US$242.5 million) under the National Irrigation Program, while in July that year the EIB announced plans to invest EUR650.0 million (US$788.3 million) to construct and develop dams and hydroelectric power plants in the country by 2023.
- The total construction project pipeline in Portugal - as tracked by GlobalData, and including all mega projects with a value above US$25 million - stands at EUR16.8 billion (US$19.0 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards early-stage projects, with 73.5% of the pipeline value being in projects in the pre-planning and planning stages as of October 2018.

Scope

This report provides a comprehensive analysis of the construction industry in Portugal. It provides -
- Historical (2013-2017) and forecast (2018-2022) valuations of the construction industry in Portugal 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
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 26
5.5. Energy and Utilities Construction 28
5.5.1. Outlook 28
5.5.2. Project analytics 30
5.6. Institutional Construction 32
5.6.1. Outlook 32
5.6.2. Project analytics 33
5.7. Residential Construction 35
5.7.1. Outlook 35
5.7.2. Project analytics 37
6. KEY INDUSTRY PARTICIPANTS 39
6.1. Contractors 39
6.2. Consultants 41
7. APPENDIX 43
7.1. What is this Report About? 43
7.2. Definitions 43
8. ABOUT GLOBALDATA 47
8.1. GlobalData at a Glance 47
8.2. GlobalData Construction 48
8.3. Disclaimer 49
8.4. Contact Us 49

List of Tables
Table 1: Construction Outlook 3
Table 2: Portugal, Key Economic Indicators 11
Table 3: Portugal, Construction Output Value (nominal, EUR Million) 16
Table 4: Portugal, Construction Output Value (nominal, US$ Million) 17
Table 5: Portugal, Top Commercial Construction Projects by Value 21
Table 6: Portugal, Top Industrial Construction Projects by Value 24
Table 7: Portugal, Top Infrastructure Construction Projects by Value 27
Table 8: Portugal, Top Energy and Utilities Construction Projects by Value 31
Table 9: Portugal, Top Institutional Construction Projects by Value 34
Table 10: Portugal, Top Residential and Mixed-Use Construction Projects by Value 38
Table 11: Portugal, Key Contractors 39
Table 12: Portugal, Key Consultants 41
Table 13: GlobalData Construction Market Definitions 44
Table 14: Construction Risk Index Ratings and Scores 46

List of Figures
Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix 3
Figure 2: Portugal, Construction Projects Pipeline by Sector (EUR Billion) 3
Figure 3: Portugal, New Construction Permits (Total Numbers) 9
Figure 4: Portugal, Exports (In Millions) 10
Figure 5: Portugal, Risk Profile, Q3 2018 12
Figure 6: Portugal, Risk Comparison, Q3 2018 12
Figure 7: Portugal, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate) 13
Figure 8: Portugal, Construction Output Value, Growth Matrix 14
Figure 9: Portugal, Construction Output Value, by Sector (EUR Million), 2013-2022 14
Figure 10: Portugal, Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2017-2022 15
Figure 11: Portugal, Construction Projects Pipeline, Value by Stage (EUR Million) 15
Figure 12: Portugal, Commercial Construction Output by Project Type (EUR Million), 2013-2022 19
Figure 13: Portugal, Commercial Construction Projects Pipeline, Value by Stage (EUR Million) 20
Figure 14: Portugal, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 21
Figure 15: Portugal, Industrial Construction Output by Project Type (EUR Million), 2013-2022 22
Figure 16: Portugal, Industrial Construction Projects Pipeline, Value by Stage (EUR Million) 23
Figure 17: Portugal, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 23
Figure 18: Portugal, Infrastructure Construction Output by Project Type (EUR Million), 2013-2022 25
Figure 19: Portugal, Infrastructure Construction Projects Pipeline, Value by Stage (EUR Million) 26
Figure 20: Portugal, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 27
Figure 21: Portugal, Energy and Utilities Construction Output by Project Type (EUR Million), 2013-2022 29
Figure 22: Portugal, Energy and Utilities Construction Projects Pipeline, Value by Stage (EUR Million) 30
Figure 23: Portugal, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 31
Figure 24: Portugal, Institutional Construction Output by Project Type (EUR Million), 2013-2022 32
Figure 25: Portugal, Institutional Construction Projects Pipeline, Value by Stage (EUR Million) 33
Figure 26: Portugal, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 33
Figure 27: Portugal, Residential Construction Output by Project Type (EUR Million), 2013-2022 36
Figure 28: Portugal, Residential Construction Projects Pipeline, Value by Stage (EUR Million) 37
Figure 29: Portugal, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 38
Figure 30: Portugal, Headquarters of Key Contractors (% of Total Project Pipeline) 40
Figure 31: Portugal, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor) 40
Figure 32: Portugal, Headquarters of Key Consultants (% of Total Project Pipeline) 42
Figure 33: Portugal, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants) 42

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