Dublin, Sept. 27, 2024 (GLOBE NEWSWIRE) -- The "Qatar Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q2 2024)" report has been added to ResearchAndMarkets.com's offering.
Following an annual decline of 5.7% in 2023, the construction industry in Qatar is expected to shrink further by 2.8% in real terms in 2024, owing to the subdued investor and consumer confidence amid high interest rates, declining exports, and reduced manufacturing activities.
According to the Planning and Statistics Authority (PSA), the total number of non-residential building permits issued in the country fell by 32.2% year-on-year (YoY) in the first three months of 2024, with the total number of permits issued for commercial buildings declining 64.1% YoY during the same period. Total value of exports also fell by 8.6% YoY in January-March 2024, preceded by an annual decline of 25.4% in 2023.
The analyst expects the industry to rebound at an annual average growth of 4.7% from 2025 to 2028, supported by investments in renewable energy, industrial, and oil and gas projects. The Qatar National Renewable Energy Strategy (QNRES) was introduced by Qatar General Electricity and Water Corporation (Kahramaa) in April 2024.
This initiative was launched in collaboration with 22 significant energy participants and is in line with Qatar's commitment to a sustainable future, as well as the objectives of the Third Qatar National Development Strategy 2024-2030 and the Qatar National Vision 2030. By 2030, Qatar aims to install distributed solar generation of up to 200MW and expand its renewable power capacity to approximately 4GW, under the QNRES. The country is also targeting to expand the total renewable energy share to 18% by 2030, from 5% in April 2024.
By the end of 2024, two solar power plants-Ras Laffan Industrial City, with a capacity of 458MW, and Mesaieed Industrial City, with a capacity of 417MW-are expected to be completed. The estimated cost of the solar plants is approximately QAR2.3 billion ($630 million). Forecast period growth will also be supported by the country's target of improving annual petrochemical production capacity to about 14 million tonnes by the end of 2026.
The QAR21.8 billion ($6 billion) Ras Laffan Petrochemical Complex, which is being constructed 80 kilometers north of Doha, was started earlier in February 2024 by QatarEnergy. The project involves construction of an ethane cracker plant with a 2.1 million tonnes per year (mtpa) output capacity, by 2026.
Scope
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Qatar, 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 analyst's 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 analyst's 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
3.5 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/k6mjc4
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