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Construction in Belgium - Key Trends and Opportunities to 2022

Published By :

GlobalData

Published Date : Jan 2019

Category :

Construction

No. of Pages : 53 Pages

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 industrys 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).

GlobalDatas "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 markets growth over the forecast period.
- Institutional construction markets forecast-period growth will be supported by investments in institutional buildings and the governments commitment to provide quality healthcare to its citizens. Growth will also be supported by the governments 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 governments effort to upgrade the countrys 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 countrys 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.
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 12
4.4. Risk Profile 13
5. CONSTRUCTION OUTLOOK 14
5.1. All Construction 14
5.1.1. Outlook 14
5.1.2. Project analytics 17
5.2. Commercial Construction 20
5.2.1. Outlook 20
5.2.2. Project analytics 22
5.3. Industrial Construction 24
5.3.1. Outlook 24
5.3.2. Project analytics 26
5.4. Infrastructure Construction 28
5.4.1. Outlook 28
5.4.2. Project analytics 30
5.5. Energy and Utilities Construction 32
5.5.1. Outlook 32
5.5.2. Project analytics 34
5.6. Institutional Construction 36
5.6.1. Outlook 36
5.6.2. Project analytics 38
5.7. Residential Construction 40
5.7.1. Outlook 40
5.7.2. Project analytics 41
6. KEY INDUSTRY PARTICIPANTS 43
6.1. Contractors 43
6.2. Consultants 45
7. APPENDIX 47
7.1. What is this Report About? 47
7.2. Definitions 47
8. ABOUT GLOBALDATA 51
8.1. GlobalData at a Glance 51
8.2. GlobalData Construction 52
8.3. Disclaimer 53
8.4. Contact Us 53

List of Tables
Table 1: Construction Outlook 3
Table 2: Belgium, Key Economic Indicators 11
Table 3: Belgium, Construction Output Value (nominal, EUR Million) 18
Table 4: Belgium, Construction Output Value (nominal, US$ Million) 19
Table 5: Belgium, Top Commercial Construction Projects by Value 23
Table 6: Belgium, Top Industrial Construction Projects by Value 27
Table 7: Belgium, Top Infrastructure Construction Projects by Value 31
Table 8: Belgium, Top Energy and Utilities Construction Projects by Value 35
Table 9: Belgium, Top Institutional Construction Projects by Value 39
Table 10: Belgium, Top Residential and Mixed-Use Construction Projects by Value 42
Table 11: Belgium, Key Contractors 43
Table 12: Belgium, Key Consultants 45
Table 13: GlobalData Construction Market Definitions 48
Table 14: Construction Risk Index Ratings and Scores 50

List of Figures
Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix 3
Figure 2: Belgium, Construction Projects Pipeline by Sector (EUR Billion) 3
Figure 3: Belgium, Building Construction Permits (Total Numbers) 9
Figure 4: Belgium, House Price Index (2015 Prices) 10
Figure 5: Belgium, Risk Review 13
Figure 6: Belgium, Risk Comparison 13
Figure 7: Belgium, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate) 15
Figure 8: Belgium, Construction Output Value, Growth Matrix 15
Figure 9: Belgium, Construction Output Value, by Sector (EUR Million), 2013-2022 16
Figure 10: Belgium, Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2017-2022 17
Figure 11: Belgium, Construction Projects Pipeline, Value by Stage (EUR Million) 17
Figure 12: Belgium, Commercial Construction Output by Project Type (EUR Million), 2013-2022 21
Figure 13: Belgium, Commercial Construction Projects Pipeline, Value by Stage (EUR Million) 22
Figure 14: Belgium, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 23
Figure 15: Belgium, Industrial Construction Output by Project Type (EUR Million), 2013-2022 25
Figure 16: Belgium, Industrial Construction Projects Pipeline, Value by Stage (EUR Million) 26
Figure 17: Belgium, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 27
Figure 18: Belgium, Infrastructure Construction Output by Project Type (EUR Million), 2013-2022 29
Figure 19: Belgium, Infrastructure Construction Projects Pipeline, Value by Stage (EUR Million) 30
Figure 20: Belgium, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 30
Figure 21: Belgium, Energy and Utilities Construction Output by Project Type (EUR Million), 2013-2022 33
Figure 22: Belgium, Energy and Utilities Construction Projects Pipeline, Value by Stage (EUR Million) 34
Figure 23: Belgium, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 35
Figure 24: Belgium, Institutional Construction Output by Project Type (EUR Million), 2013-2022 37
Figure 25: Belgium, Institutional Construction Projects Pipeline, Value by Stage (EUR Million) 38
Figure 26: Belgium, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 39
Figure 27: Belgium, Residential Construction Output by Project Type (EUR Million), 2013-2022 40
Figure 28: Belgium, Residential Construction Projects Pipeline, Value by Stage (EUR Million) 41
Figure 29: Belgium, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million) 42
Figure 30: Belgium, Headquarters of Key Contractors (% of Total Project Pipeline) 44
Figure 31: Belgium, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor) 44
Figure 32: Belgium, Headquarters of Key Consultants (% of Total Project Pipeline) 46
Figure 33: Belgium, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants) 46

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