Spain - Construction Market by Application and Type - Forecast and Analysis 2024-2028
| Published: Nov 2023 | Pages: 145 | SKU: IRTNTR73178 |
Spain Construction Market Forecast 2024-2028
The Spain Construction Market size is estimated to grow by USD 31.03 billion at a CAGR of 5.15% between 2023 and 2028. The growth of the market depends on several factors such as the rising smart city projects, the growing demand for modular houses, and the increasing focus on building earthquake-resilient buildings.
The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
What will be the Size of the Spain Construction Market During the Forecast Period?
Spain Construction Market Forecast 2024-2028
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Market Dynamic
Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Key Driver- Growing demand for modular houses
Modular houses are manufactured in an offsite location and then shipped to the concerned location, wherein they are assembled and erected. The benefits of a modular house are that it offers buyers the flexibility to incorporate their designs and specifications. The demand for modular houses has been prevalent in Spain for a long time. However, its popularity has been increasing steadily for the last few years. This is because of the rising housing rents and the high cost of building new houses. Most of the modular houses in Spain today are significantly prefabricated using timber-frame as the raw material. The use of automation in the production processes has eased the assembling of modular houses.
Moreover, manufacturers can use robots to achieve quick delivery times and high accuracy. The demand for modular houses in Spain is expected to increase significantly, particularly among single-parent families. The low cost of these houses compared with that of traditional houses has increased their demand among students and singles in large cities wherein house rents and purchases are high. Thus, the growing demand for modular houses is driving the growth of the market during the forecast period.
Major Trend- Development of energy-efficient buildings
The development of energy-efficient buildings is one of the major market trends driving the growth. With rising concerns over energy consumption by building and the resulting environmental impact, as well as an increase in energy prices, companies in Spain are increasing their focus on the development of energy-efficient buildings. These buildings are constructed using solar energy and energy-efficient building materials that cause low environmental damage.
Moreover, the Spanish government is modernizing existing buildings to make them more energy efficient despite facing criticism for investing money in this sector. Thus, the development trend of energy-efficient buildings is driving the growth of the market during the forecast period.
Significant Challenge- High prices of energy and construction materials
The high prices of energy and construction materials are one of the major challenges that hamper the growth of the market. The market is expected to grow at a very slow rate in 2023, as increasing interest rates hamper building projects across all subsectors. Higher prices for energy and materials weigh on the activities and margins of businesses operating in the industry. Builders are mainly affected due to their involvement in new residential projects, as they struggle to pass on the higher prices of inputs and labour to the end consumers.
Moreover, the market is also characterized by extended payment terms from large groups and companies. The increasing costs of financing, as well as increased raw materials and energy prices, continue to constrain the liquidity of businesses operating in the industry, making it more difficult to meet payment obligations on time. Thus, the high prices of energy and materials are hindering the growth of the market in Spain during the forecast period.
Market Segmentation by Application, End-user and Type
Application Segment Analysis:
The market share growth by the commercial segment will be significant during the forecast period. The commercial segment is growing at a significant rate in the market. The demand for construction activities has increased investments in the commercial real estate market as well as in the industrial sector in Spain. Commercial office space and the industrial sector are expected to grow at a moderate rate.
Customised Report as per your requirements!
The commercial segment was the largest and was valued at USD 65.74 billion in 2018. Infrastructure construction includes transportation projects such as the upgrading of railway networks, the construction of airports, and the development of roads and highways. The segment comprises activities of public infrastructure such as railways, bridges, roads, and energy infrastructure. However, the spending on civil engineering projects is expected to increase with the rising damage to infrastructure, including transportation infrastructure. This is because of their progressing age and other external factors, such as harsh environmental conditions. Further, the government has planned to increase investments in renewable energy to improve its share of renewable energy in its power generation mix. Thus, the rising demand in the commercial segment is expected to spur the growth of the market during the forecast period.
End-user Segment Analysis:
Based on end-user, the market has been segmented into large contractor and small contractor. The large contractor ?segment will account for the largest share of this segment.? The large contractor segment of the Spain - construction market is growing at a significant rate. Actividades de Construccion y Servicios (ACS) S.A, Acciona SA, Fomento de Construcciones y Contratas (FCC) SA, Ferrovial SA, and Tecnicas Reunidas SA are the top large companies in Spain. The major driver is the need to construct buildings that are environmentally, socially, and corporate governance compliant. The demand for sustainable buildings is still strong, encouraging investors and real estate developers to construct new buildings despite the increased costs. Thus, the increase in demand for large contractors is expected to drive the growth of the market during the forecast period.
Who are the Major Spain Construction Market Companies?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acciona SA - The company offers real estate development, supported by a range of complementary services, whose purpose is to design the sustainable cities of the future in complete harmony with environmental protection.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Acciona SA, ACS Actividades de Construccion Y Servicios SA, ADIF, AECOM, Elecnor SA, FCC SA, Ferrovial SA, Fluor Corp., Isolux Corsan, Obrascon Huarte Lain SA, Rover Grupo, Sacyr SA, Site and Field Global Solutions SLU, Skanska AB, Tecnicas Reunidas SA, Tsk Electronica Y Electricidad SA, Vinci, and Grupo Carso SAB de CV.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Segment Overview
The Market report forecasts market growth by revenue and provides market trends and analysis and growth opportunities from 2018 to 2028.
- Application Outlook
- Commercial
- Residential
- End-user Outlook
- Large contractor
- Small contractor
- Type Outlook
- Rehabilitation
- maintenance
- New project
Market Analyst Overview
The industry is experiencing significant development, driven by vitality and mechanical segments. Factors like rising intrigued rates and tall vitality costs impact the industry's development. Foreign investments are contributing to the growth, particularly in electricity and renewable vitality barters, such as wind and sun-oriented vitality capacity.
The industry is also focusing on dispersed sun-based photovoltaic (PV) and biomass projects. In the private sector, housing construction and housing permits are key areas, while labor and material consumption play crucial roles in non-residential construction and building renovations. The residential sector is witnessing growth in building permits and the volume of transactions, with a focus on leisure and hospitality development projects in the travel and tourism and hotel industry, including new hotel projects.
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Spain Construction Market Scope |
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Report Coverage |
Details |
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Page number |
145 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.15% |
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Market Growth 2024-2028 |
USD 31.03 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.73 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Acciona SA, ACS Actividades de Construccion Y Servicios SA, ADIF, AECOM, Elecnor SA, FCC SA, Ferrovial SA, Fluor Corp., Isolux Corsan, Obrascon Huarte Lain SA, Rover Grupo, Sacyr SA, Site and Field Global Solutions SLU, Skanska AB, Tecnicas Reunidas SA, Tsk Electronica Y Electricidad SA, Vinci, and Grupo Carso SAB de CV |
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Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market growth analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Market Research Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Marketbetween 2024 and 2028
- Precise estimation of the Market size and its contribution to the market in focus on the parent market
- Accurate predictions about market growth and trends and changes in consumer behavior
- market research and growth across Spain
- A thorough market growth and forecasting analysis, market’s competitive landscape and detailed information about companies
- Comprehensive market analysis and report on the factors that will challenge the growth of Market companies
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 07: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 08: Parent market
- Exhibit 09: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 10: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 11: Market segments
- 3.3 Market size 2023
- 3.4 Market outlook: Forecast for 2023-2028
- Exhibit 12: Chart on Spain - Market size and forecast 2023-2028 ($ billion)
- Exhibit 13: Data Table on Spain - Market size and forecast 2023-2028 ($ billion)
- Exhibit 14: Chart on Spain: Year-over-year growth 2023-2028 (%)
- Exhibit 15: Data Table on Spain: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
- 4.1 Construction market in Spain 2018 - 2022
- Exhibit 16: Historic Market Size – Data Table on construction market in Spain 2018 - 2022 ($ billion)
- 4.2 Application Segment Analysis 2018 - 2022
- Exhibit 17: Historic Market Size – Application Segment 2018 - 2022 ($ billion)
- 4.3 End-user Segment Analysis 2018 - 2022
- Exhibit 18: Historic Market Size – End-user Segment 2018 - 2022 ($ billion)
- 4.4 Type Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Type Segment 2018 - 2022 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 20: Five forces analysis - Comparison between 2023 and 2028
- 5.2 Bargaining power of buyers
- Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
- 5.3 Bargaining power of suppliers
- Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
- 5.4 Threat of new entrants
- Exhibit 23: Threat of new entrants – Impact of key factors in 2023 and 2028
- 5.5 Threat of substitutes
- Exhibit 24: Threat of substitutes – Impact of key factors in 2023 and 2028
- 5.6 Threat of rivalry
- Exhibit 25: Threat of rivalry – Impact of key factors in 2023 and 2028
- 5.7 Market condition
- Exhibit 26: Chart on Market condition - Five forces 2023 and 2028
6 Market Segmentation by Application
- 6.1 Market segments
- Exhibit 27: Chart on Application - Market share 2023-2028 (%)
- Exhibit 28: Data Table on Application - Market share 2023-2028 (%)
- 6.2 Comparison by Application
- Exhibit 29: Chart on Comparison by Application
- Exhibit 30: Data Table on Comparison by Application
- 6.3 Commercial - Market size and forecast 2023-2028
- Exhibit 31: Chart on Commercial - Market size and forecast 2023-2028 ($ billion)
- Exhibit 32: Data Table on Commercial - Market size and forecast 2023-2028 ($ billion)
- Exhibit 33: Chart on Commercial - Year-over-year growth 2023-2028 (%)
- Exhibit 34: Data Table on Commercial - Year-over-year growth 2023-2028 (%)
- 6.4 Residential - Market size and forecast 2023-2028
- Exhibit 35: Chart on Residential - Market size and forecast 2023-2028 ($ billion)
- Exhibit 36: Data Table on Residential - Market size and forecast 2023-2028 ($ billion)
- Exhibit 37: Chart on Residential - Year-over-year growth 2023-2028 (%)
- Exhibit 38: Data Table on Residential - Year-over-year growth 2023-2028 (%)
- 6.5 Market opportunity by Application
- Exhibit 39: Market opportunity by Application ($ billion)
- Exhibit 40: Data Table on Market opportunity by Application ($ billion)
7 Market Segmentation by End-user
- 7.1 Market segments
- Exhibit 41: Chart on End-user - Market share 2023-2028 (%)
- Exhibit 42: Data Table on End-user - Market share 2023-2028 (%)
- 7.2 Comparison by End-user
- Exhibit 43: Chart on Comparison by End-user
- Exhibit 44: Data Table on Comparison by End-user
- 7.3 Large contractor - Market size and forecast 2023-2028
- Exhibit 45: Chart on Large contractor - Market size and forecast 2023-2028 ($ billion)
- Exhibit 46: Data Table on Large contractor - Market size and forecast 2023-2028 ($ billion)
- Exhibit 47: Chart on Large contractor - Year-over-year growth 2023-2028 (%)
- Exhibit 48: Data Table on Large contractor - Year-over-year growth 2023-2028 (%)
- 7.4 Small contractor - Market size and forecast 2023-2028
- Exhibit 49: Chart on Small contractor - Market size and forecast 2023-2028 ($ billion)
- Exhibit 50: Data Table on Small contractor - Market size and forecast 2023-2028 ($ billion)
- Exhibit 51: Chart on Small contractor - Year-over-year growth 2023-2028 (%)
- Exhibit 52: Data Table on Small contractor - Year-over-year growth 2023-2028 (%)
- 7.5 Market opportunity by End-user
- Exhibit 53: Market opportunity by End-user ($ billion)
- Exhibit 54: Data Table on Market opportunity by End-user ($ billion)
8 Market Segmentation by Type
- 8.1 Market segments
- Exhibit 55: Chart on Type - Market share 2023-2028 (%)
- Exhibit 56: Data Table on Type - Market share 2023-2028 (%)
- 8.2 Comparison by Type
- Exhibit 57: Chart on Comparison by Type
- Exhibit 58: Data Table on Comparison by Type
- 8.3 Rehabilitation and maintenance - Market size and forecast 2023-2028
- Exhibit 59: Chart on Rehabilitation and maintenance - Market size and forecast 2023-2028 ($ billion)
- Exhibit 60: Data Table on Rehabilitation and maintenance - Market size and forecast 2023-2028 ($ billion)
- Exhibit 61: Chart on Rehabilitation and maintenance - Year-over-year growth 2023-2028 (%)
- Exhibit 62: Data Table on Rehabilitation and maintenance - Year-over-year growth 2023-2028 (%)
- 8.4 New projects - Market size and forecast 2023-2028
- Exhibit 63: Chart on New projects - Market size and forecast 2023-2028 ($ billion)
- Exhibit 64: Data Table on New projects - Market size and forecast 2023-2028 ($ billion)
- Exhibit 65: Chart on New projects - Year-over-year growth 2023-2028 (%)
- Exhibit 66: Data Table on New projects - Year-over-year growth 2023-2028 (%)
- 8.5 Market opportunity by Type
- Exhibit 67: Market opportunity by Type ($ billion)
- Exhibit 68: Data Table on Market opportunity by Type ($ billion)
9 Customer Landscape
- 9.1 Customer landscape overview
- Exhibit 69: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 70: Impact of drivers and challenges in 2023 and 2028
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 71: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 72: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 73: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 74: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 75: Matrix on vendor position and classification
- 12.3 Acciona SA
- Exhibit 76: Acciona SA - Overview
- Exhibit 77: Acciona SA - Business segments
- Exhibit 78: Acciona SA - Key news
- Exhibit 79: Acciona SA - Key offerings
- Exhibit 80: Acciona SA - Segment focus
- 12.4 ACS Actividades de Construccion Y Servicios SA
- Exhibit 81: ACS Actividades de Construccion Y Servicios SA - Overview
- Exhibit 82: ACS Actividades de Construccion Y Servicios SA - Business segments
- Exhibit 83: ACS Actividades de Construccion Y Servicios SA - Key offerings
- Exhibit 84: ACS Actividades de Construccion Y Servicios SA - Segment focus
- 12.5 ADIF
- Exhibit 85: ADIF - Overview
- Exhibit 86: ADIF - Product / Service
- Exhibit 87: ADIF - Key offerings
- 12.6 AECOM
- Exhibit 88: AECOM - Overview
- Exhibit 89: AECOM - Business segments
- Exhibit 90: AECOM - Key news
- Exhibit 91: AECOM - Key offerings
- Exhibit 92: AECOM - Segment focus
- 12.7 Elecnor SA
- Exhibit 93: Elecnor SA - Overview
- Exhibit 94: Elecnor SA - Product / Service
- Exhibit 95: Elecnor SA - Key offerings
- 12.8 FCC SA
- Exhibit 96: FCC SA - Overview
- Exhibit 97: FCC SA - Business segments
- Exhibit 98: FCC SA - Key news
- Exhibit 99: FCC SA - Key offerings
- Exhibit 100: FCC SA - Segment focus
- 12.9 Ferrovial SA
- Exhibit 101: Ferrovial SA - Overview
- Exhibit 102: Ferrovial SA - Business segments
- Exhibit 103: Ferrovial SA - Key offerings
- Exhibit 104: Ferrovial SA - Segment focus
- 12.10 Fluor Corp.
- Exhibit 105: Fluor Corp. - Overview
- Exhibit 106: Fluor Corp. - Business segments
- Exhibit 107: Fluor Corp. - Key offerings
- Exhibit 108: Fluor Corp. - Segment focus
- 12.11 Isolux Corsan
- Exhibit 109: Isolux Corsan - Overview
- Exhibit 110: Isolux Corsan - Product / Service
- Exhibit 111: Isolux Corsan - Key offerings
- 12.12 Obrascon Huarte Lain SA
- Exhibit 112: Obrascon Huarte Lain SA - Overview
- Exhibit 113: Obrascon Huarte Lain SA - Product / Service
- Exhibit 114: Obrascon Huarte Lain SA - Key offerings
- 12.13 Sacyr SA
- Exhibit 115: Sacyr SA - Overview
- Exhibit 116: Sacyr SA - Product / Service
- Exhibit 117: Sacyr SA - Key offerings
- 12.14 Site and Field Global Solutions SLU
- Exhibit 118: Site and Field Global Solutions SLU - Overview
- Exhibit 119: Site and Field Global Solutions SLU - Product / Service
- Exhibit 120: Site and Field Global Solutions SLU - Key offerings
- 12.15 Tecnicas Reunidas SA
- Exhibit 121: Tecnicas Reunidas SA - Overview
- Exhibit 122: Tecnicas Reunidas SA - Key offerings
- 12.16 Tsk Electronica Y Electricidad SA
- Exhibit 123: Tsk Electronica Y Electricidad SA - Overview
- Exhibit 124: Tsk Electronica Y Electricidad SA - Product / Service
- Exhibit 125: Tsk Electronica Y Electricidad SA - Key offerings
- 12.17 Vinci
- Exhibit 126: Vinci - Overview
- Exhibit 127: Vinci - Business segments
- Exhibit 128: Vinci - Key offerings
- Exhibit 129: Vinci - Segment focus
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 130: Inclusions checklist
- Exhibit 131: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 132: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 133: Research methodology
- Exhibit 134: Validation techniques employed for market sizing
- Exhibit 135: Information sources
- 13.5 List of abbreviations
- Exhibit 136: List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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construction market in spain market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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