Dublin, March 15, 2024 (GLOBE NEWSWIRE) -- The "Ireland Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.
The publisher estimates that the Ireland's construction industry expects to decline by 1% in 2024, owing to high material costs and energy prices, along with supply chain disruptions that have been exacerbated by the Houthis' Red Sea ship attacks and US-UK airstrikes in Red Sea.
According to the Central Statistics Office (CSO), the average wholesale price index (excluding VAT) for building and construction materials rose by 7% year on year (YoY) in the first nine months of 2023, following an annual increase of 17.5% in 2022. Labor shortages are also a factor in driving up overall construction costs, with the construction industry having to compete with other industries for workers.
Investor confidence has been impacted by the uncertainty over how the Red sea conflict will unfold, as well as monetary policy tightening in the country. The fall in number of planning permits approved for construction also suggests output levels will weaken in the coming quarters. According to the CSO, the total number of planning permits granted for construction declined by 12.6% YoY in the first nine months of 2023, following an overall annual fall of 16.2% in 2022.
The Irish construction industry is expected to improve from 2025 onward, assuming an improvement in the wider economy. The publisher forecasts the construction industry to record an average growth of 4.4% between 2025 and 2028, supported by investments in transport, electricity, and housing infrastructure projects. Under the Climate Action Plan (CAP23), the government aims to increase the share of renewable energy in the country's total electricity mix to up to 80% by 2030, compared to 55.9% in 2021.
The plan is to produce 9GW of onshore wind, 8GW of solar, and at least 5GW of offshore wind energy by 2030. Forecast period growth in the construction industry will also be supported by investment as part of the National Development Plan (NDP) 2021-30, which involves an investment of EUR165 billion ($169 billion) for different sectors in the country, over a time frame of 10 years.
In late July 2023, the Department of Transport of Ireland and the Department for Infrastructure of Northern Ireland published the consultation the final version of the "All-Island Strategic Rail Review" which includes 30 recommendations for developing railways in the Republic of Ireland and Northern Ireland with the estimated cost at EUR36.8 billion ($37.7 billion), of which EUR27.6 billion ($28.2 billion) will be invest in Ireland until 2050. This includes electrification of railway lines, construction of new and enhanced routes, and improving speed and frequency of rail services by 2050.
Scope
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Ireland, 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 the 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 the critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/v3cl5i
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