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Construction in Belgium-Key Trends and Opportunities to 2023

Published By :

GlobalData

Published Date : Nov 2019

Category :

Construction

No. of Pages : 46 Pages

Construction in Belgium - Key Trends and Opportunities to 2023

Summary

Following two years of contraction, the Belgian construction industry finally rebounded in 2018, with an annual growth rate of 1.2% in real terms. This recovery is expected to continue in 2019 and through the forecast period (2019-2023), in line with the pick-up of economic growth and the governments investment in transport and energy infrastructure.

Over the forecast period, the industrys expansion is expected to be supported by investments in energy and commercial developmental projects, as well as rising exports. Moreover, the expanding tourism sector, coupled with low housing loan interest rates, is expected to support industry growth over the forecast period. The governments focus on the development of transport infrastructure with an aim to enhance mobility in the country is also expected to drive forecast-period growth. The government is spending EUR2.2 billion (US$2.6 billion) to develop the Brussels Regional Express network by 2025.

In real terms, GlobalData expects industry output to record a compound annual growth rate (CAGR) of 2.45% over the forecast period, which is up from 0.49% during the review period (2014-2018).

Key Highlights

- GlobalData expects the residential construction market to retain its leading position over the forecast period, and account for 41.2% of the industrys total value in 2023, supported by the governments plan to provide houses to middle- and low-income citizens at an affordable cost. In 2018, the government reduced registration fees by EUR21,875 (US$25,783.8) for new house buyers. In addition, in 2018, the government agreed to provide housing loans of up to 90% of the total housing cost at a subsidy interest rate to low- and middle-income families.
- Energy and utilities construction markets output over the forecast-period will be driven by governments focus on the development of transmission grids across the country. In May 2019, the government approved the Federal Development Plan 2020-2030, under which Elia, the countrys major transmission system operator, aims to construct a new transmission grid to transmit 4GW of offshore wind power by 2030.
- GlobalData expects the infrastructure construction market to record a forecast-period CAGR of 5.91% in nominal terms in 2023, driven by governments focus on the development of transport infrastructure with an aim to enhance mobility in the country. The government is spending EUR2.2 billion (US$2.6 billion) to build new tunnels, railway tracks and other related infrastructure of the Brussels Regional Express network by 2025.
- Institutional construction markets output over the forecast-period will be driven by governments focus on the education sector. In the 2019 budget, the government increased its total spending on the education sector by 2.6%, going from EUR13.6 billion (US$16 billion) in 2018 to EUR14 billion (US$16.3 billion) in 2019. Moreover, in May 2019, the government validated 27 new school projects, which will add 4,700 new places by 2025.
- 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 billion (US$47.1 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 63.6% of the pipeline value being in projects in the pre-execution and execution stages as of November 2019.

GlobalDatas Construction in Belgium - Key Trends and Opportunities to 2023 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.

Scope

This report provides a comprehensive analysis of the construction industry in Belgium. It provides -
- Historical (2014-2018) and forecast (2019-2023) 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 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
8 About GlobalData
8.1. GlobalData at a Glance
8.2. GlobalData Construction
8.3. Disclaimer
8.4. Contact Us

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

List of Figures
Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix
Figure 2: Belgium, Construction Projects Pipeline by Sector (EUR Billion)
Figure 3: Belgium, Housing Price Index
Figure 4: Belgium, Residential Permits (Total Numbers)
Figure 5: Belgium, Risk Profile
Figure 6: Belgium, Risk Comparison
Figure 7: Belgium, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate)
Figure 8: Belgium, Construction Output Value, Growth Matrix
Figure 9: Belgium, Construction Output Value, by Sector (EUR Million), 2014-2023
Figure 10: Belgium, Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 11: Belgium, Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 12: Belgium, Commercial Construction Output by Project Type (EUR Million), 2014-2023
Figure 13: Belgium, Commercial Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 14: Belgium, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 15: Belgium, Industrial Construction Output by Project Type (EUR Million), 2014-2023
Figure 16: Belgium, Industrial Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 17: Belgium, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 18: Belgium, Infrastructure Construction Output by Project Type (EUR Million), 2014-2023
Figure 19: Belgium, Infrastructure Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 20: Belgium, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 21: Belgium, Energy and Utilities Construction Output by Project Type (EUR Million), 2014-2023
Figure 22: Belgium, Energy and Utilities Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 23: Belgium, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 24: Belgium, Institutional Construction Output by Project Type (EUR Million), 2014-2023
Figure 25: Belgium, Institutional Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 26: Belgium, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 27: Belgium, Residential Construction Output by Project Type (EUR Million), 2014-2023
Figure 28: Belgium, Residential Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 29: Belgium, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 30: Belgium, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 31: Belgium, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)
Figure 32: Belgium, Headquarters of Key Consultants (% of Total Project Pipeline)
Figure 33: Belgium, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign

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