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Base Year
Historical Year
Forecast Year
The market for Spain construction reached USD 180.80 billion in 2023. The market is projected to grow at a CAGR of 2.7% between 2024 and 2032, reaching almost USD 229.79 billion by 2032.
Spain Construction Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 180.80 |
Market Size 2032 | USD Billion | 229.79 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 2.7% |
CAGR 2024-2032 - Market by Region | Madrid | 3.3% |
CAGR 2024-2032 - Market by Region | Valencian Community | 2.9% |
CAGR 2024-2032 - Market by Type | Commericial | 3.0% |
CAGR 2024-2032 - Market by Application | Renovation | 3.0% |
Market Share by Region 2023 | Madrid | 21.2% |
Increasing investments in infrastructure development are likely to propel the growth of the Spain construction market over the forecast period. This can be attributed to the Spanish government’s objective of expanding its reach to Latin American and Asian countries and becoming the most attractive destination for doing business in Europe. Airport and seaport development are expected to lead the infrastructure development activities in Spain in the coming years.
Building renovations are expected to contribute to Spain construction market value. This is because of increasing accidents of fire breakouts reported from buildings located in major cities. Old buildings, constructed from combustible materials and having poor fire safety equipment in place, are posing significant health and safety hazards to their occupants, thereby driving the demand for renovations.
The shift towards renewable energy sources to power houses and power plants is expected to drive construction demand in Spain. It is expected that the rising volume of waste generated in Europe can be repurposed for producing 400 tons of green hydrogen annually, thereby boosting the status of energy security in the region. Spain is expected to emerge as a key player in the establishment of large-scale hydrogen-producing power plants, thereby driving market growth.
As per the construction market in Spain analysis, Plenitude announced the construction of a 330MW photovoltaic park in Badajoz, Spain. This park will consist of seven photovoltaic plants and one electric substation that are expected to generate electricity of around 660GWh per year.
As per the Spain construction industry analysis, the construction sector accounted for around 10% of the country’s GDP in 2023 as per the GFCF. The National Recovery and Resilience Plan offers 10% of its budget for building renovation projects. As per the trends by analysts, the new residential constructions are expected to witness positive growth in 2024 as compared to 2021-2023. Furthermore, data published by the National Statistics Institute stated that the prices of construction materials witnessed a growth from Q1 2021 to Q2 2023. For instance, copper price went up by 56%, cement by 42% and iron and steel materials by 46%, among others.
Several big-scale construction projects are underway in Spain from Q1 2024 that can boost the growth of the Spain construction industry. One of the biggest projects that commenced in 2024 is the construction of a biofuel production plant in Palos de la Frontera. Under this project, a renewable diesel fuel plant is constructed for the aviation sector, which can contribute to sustainability measures and create around 2000 job roles for people in the country.
Additionally, the construction industry in Spain grew by 2.5% in the first quarter of 2023 compared to the last quarter of 2022, as per the reports by Spain's statistics service INE. The total housing investment also witnessed a growth of 1.3% quarterly basis in the beginning of 2023 whereas other infrastructure investment rose by 1.6% in the same time period, which is expected to affect the market positively.
The total number of building permits in the country witnessed an increase of 43.4% in 2022 compared to the previous year. This growth was driven by the rise of single-family homes which have fuelled the demand for residential construction, which can increase Spain construction industry revenue. The growth was further driven by the surge in the value of licensed square metres for office buildings in 2022.
Spain Construction Industry Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
CAGR 2024-2032 - Market by | Type |
Renovation | 3.0% |
New Constrution | XX% |
Market Breakup by Construction Type
CAGR 2024-2032 - Market by | Application |
Commericial | 3.0% |
Residential | XX% |
Industrial | XX% |
Institutional | 2.9% |
Market Breakup by End Use
CAGR 2024-2032 - Market by | Region |
Madrid | 3.3% |
Valencian Community | 2.9% |
Catalonia | 2.8% |
Andalusia | XX% |
Rest of Spain | XX% |
Market Share by | Region |
Madrid | 21.2% |
Andalusia | XX% |
Catalonia | XX% |
Valencian Community | XX% |
Rest of Spain | XX% |
Market Breakup by Region
The key Spain construction industry players are ACS, Actividades De Construccion Y Servicios, SA, Acciona SA, Fomento de Construcciones y Contratas SA, ELECNOR, S.A., Cobra Gestion De Infraestructuras, SLU, Ferrovial S.E., Obrascon Huarte Lain S.A., SACYR S.A., Grupo Empresarial San Jose SA, and Tecnicas Reunidas SA, among others.
Madrid, as the capital city, acts as a hub for residential and commercial construction, with various large-scale projects like mixed-use developments and urban regeneration efforts currently underway. Additionally, the construction industry in Madrid plays a significant role in driving economic growth and creating job opportunities for the local population, which can boost Spain construction market expansion.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Construction Type |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Spain Construction Market Size
Spain Construction Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market was valued at nearly USD 180.80 billion in 2023.
The market is projected to grow at a CAGR of 2.7% between 2024 and 2032.
The market is assessed to witness a healthy growth in the forecast period to reach around USD 229.79 billion in 2032.
The different construction types in the market include new construction and renovations.
The major end users of construction include commercial, residential, industrial, and institutional.
The major regions in the market include Andalusia, Catalonia, Madrid, Valencian Community, and rest of Spain.
The key market players are ACS, Actividades De Construccion Y Servicios, SA, Acciona SA, Fomento de Construcciones y Contratas SA, ELECNOR, S.A., Cobra Gestion De Infraestructuras, SLU, Ferrovial S.E., Obrascon Huarte Lain S.A., SACYR S.A., Grupo Empresarial San Jose SA, and Tecnicas Reunidas SA, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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