Dublin, July 25, 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 Irish construction market is anticipated to face a decline of 1% in the year 2024, influenced by prevailing high material and energy costs, alongside continued supply chain disruptions partially due to geopolitical tensions affecting global trade routes. Key indicators from the Central Statistics Office point to significant increases in the price index for construction materials, coupled with labor shortages that contribute to rising construction costs.
Anticipated Recovery and Growth
Looking beyond the immediate challenges, the industry is projected to rebound from 2025 onwards, aligning with predicted improvements in the broader economy. The sector is forecasted to experience an average annual growth rate of 4.4% between 2025 and 2028. This growth is expected to be driven by substantial investment in various infrastructure projects, including transport, electricity, and housing, as Ireland advances its agenda towards realizing a more sustainable future.
Government Initiatives and Investments
The Irish government’s Climate Action Plan aims to radically transform the country's energy profile by 2030, targeting a substantial increase in renewable energy production. Alongside, the National Development Plan underscores the government’s long-term commitment, with a significant budget allocation for sectoral development across the nation. The recent strategic rail review further amplifies the landscape of investment opportunities pertaining to the electrification and enhancement of railway infrastructure.
Industry Opportunities and Risks
With an overarching analysis of key trends, the industry’s landscape presents numerous opportunities characterized by robust government initiatives and mega-projects in the pipeline. Nonetheless, it is incumbent upon stakeholders to remain cognizant of potential risks, including regulatory, cost-related, and competitive pressures that could impact strategic positioning and operational success.
Mega-Project Pipeline and Projections
The construction sector’s growth trajectory is closely tied to the development stages and projected expenditures of its mega-project pipeline. This growth is not only predicated on the successful implementation of these projects but also on the strategic involvement of leading contractors and consultants that drive industry standards and innovation.
Strategic Market Insight
In-depth market analysis delivers actionable insights that allow for strategic decision-making and accurate forecasting across various construction sub-sectors. Industry stakeholders can leverage these insights to navigate market trends, identify growth potential, and evaluate competitive landscapes in a rapidly evolving economic climate.
This press release aims to inform various stakeholders about the current and future state of Ireland's construction industry, with an emphasis on understanding its trajectory and the interplay of influencing factors that shape the market dynamics. It remains imperative to closely monitor the developments within the industry for informed strategic planning and investment decisions.
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