Construction Market size in Spain to grow by USD 31.03 billion from 2023 to 2028; The growing demand for modular houses to drive the growth - Technavio

NEW YORK, Dec. 13, 2023 /PRNewswire/ -- The construction market in Spain is expected to grow by USD 31.03 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 5.15% during the forecast period. The market is segmented by application (commercial and residential), end-user (large contractor and small contractor), and type (rehabilitation, maintenance, and new projects).

The growing demand for modular houses is a key factor driving market growth. Modular houses are built in a separate place and then shipped to the site where they are assembled and erected. The advantage of modular buildings is that, by offering buyers the possibility to adapt their design and specifications, they can do so. In addition, in major cities in which house rentals and buying are high, the low prices of houses compared to traditional homes have boosted demand for such housing among students and single people.

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Key Highlights:

• The report recognizes the following as some of the key players in the construction market in Spain: 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
• Construction Market in Spain is fragmented in nature.
• Market to observe 4.73% YOY growth in 2024.

Market Dynamics:

Major Trend

• The development of energy-efficient buildings is one of the major trends driving the market growth.
• The Spanish construction sector is increasing its focus on the development of energy-efficient buildings, due to a growing concern about energy consumption in buildings and environmental consequences as well as an increase in energy prices.
• These buildings are manufactured with solar power and energy-efficient building materials, which result in minimal harm to the environment.

Significant Challenge

• The high prices of energy and construction materials are one of the significant challenges restricting market growth.  
• The activities and profit margins of enterprises active in the building sector are affected by rising energy costs and construction materials prices.
• It is mainly because they participate in the new housing construction projects that builders are being affected, as they attempt to raise input prices and labour costs for end consumers.

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Keg Segments:

• The market share growth by the commercial segment will be significant during the forecast period. In Spain, the demand for construction activity has led to an increase in investments in both the business and industrial property markets. Transport projects, such as the build-up and modernization of rail networks, airport buildings, or road development, are part of infrastructure construction. Furthermore, the government intends to increase its investments in renewable energy so that it has a better share of this type of power generation.

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The construction materials market size is estimated to grow at a CAGR of 11.25% between 2022 and 2027. The market size is forecast to increase by USD 1,103.44 billion. 

The construction dumper market size is estimated to grow at a CAGR of 4.85% between 2023 and 2027. The market size is forecast to increase by USD 3,505.05 million. 

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio