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Construction in Belgium - Key Trends and Opportunities to 2022

Construction in Belgium - Key Trends and Opportunities to 2022

Summary

The Belgian construction industry contracted by 0.1% and 0.8% in real terms in 2016 and 2017 respectively. This was preceded by an average annual growth of 1.1% during 2014-2015. This contraction can be attributed to weak consumer and investor confidence and a reduction in public and private sector investment in construction projects. Terror attacks in Brussels in 2016 also affected the tourism sector, and reduced the flow of investments in the construction industry.

Over the forecast period (2018-2022), the industry is expected to expand, driven by the government's focus on developing energy and transport infrastructure in the country. Moreover, an increase in building construction permits issued is expected to support new construction activity over the forecast period. Investments in energy and commercial developmental projects, and rising exports and the expanding tourism sector are also expected to support this growth over the forecast period.

The industry's output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 2.22% over the forecast period, compared to 0.32% during the review period (2013-2017).

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

- The Belgian 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 Belgian 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 3.02% in nominal terms, driven by public and private sector investments in the construction of new residential buildings to meet the increasing demand for housing. A rise in dwelling permits for the construction of residential buildings in the country and low housing interest rates are also expected to support the market's growth over the forecast period.

- Institutional construction market's forecast-period growth will be supported by investments in institutional buildings and the government's commitment to provide quality healthcare to its citizens. Growth will also be supported by the government's focus on research and development. In September 2018, the government announced plans to invest EUR558 million (US$646 million) to construct the first phase of the Myrrha nuclear research facility by 2026.

- GlobalData expects the infrastructure construction market to record a forecast-period CAGR of 5.96% in nominal terms, driven by the government's effort to upgrade the country's rail infrastructure in order to enhance regional connectivity. In October 2017, the Nationale Maatschappij der Belgische Spoorwegen (SNCB/NMBS), the National Railway Company of Belgium approved the new investment plan for the period of 2018-2022. Under this, it plans to invest EUR3.2 billion (US$3.6 billion) to enhance the railway facilities in the country over the next five years.

- Forecast-period growth in the commercial construction market will be supported by positive developments in the country's retail and tourism sector, as well as an increase in public and private sector investments in the construction of new commercial buildings. In order to promote e-commerce and cross border trade, in December 2018, Alibaba Group Holding Ltd signed an agreement with the Belgian government to open Electronic World Trade Platform (eWTP) in the country. The project involves the construction of a new logistics hub with an investment of EUR75.0 million (US$85.0 million) in a 220,000m2 area at Liege Airport by 2021.

- The total construction project pipeline in Belgium - as tracked by GlobalData, and including all mega projects with a value above US$25 million - stands at EUR40.6 billion (US$45.8 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 64.7% of the pipeline value being in projects in the pre-execution and execution stages as of January 2019.

Scope

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

- Historical (2013-2017) and forecast (2018-2022) valuations of the construction industry in Belgium, 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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Construction in Belgium - Key Trends and Opportunities to 2022
Published By :GlobalData
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