According to the report by Expert Market Research (EMR), the Spain Construction Market Size reached a value of USD 180.80 billion in 2023. Aided by the increasing demand for residential, commercial, and infrastructure projects and the growing applications of advanced construction technologies, the market is projected to further grow at a CAGR of 2.7% between 2024 and 2032 to reach a value of USD 229.79 billion by 2032.
The construction market in Spain encompasses a wide range of activities, including residential, commercial, industrial, and infrastructure construction. The market is characterised by a diverse range of projects, catering to different sectors and involving various stakeholders, including construction companies, developers, architects, and engineers. The growth of the construction market is driven by factors such as economic recovery, urbanisation, and technological advancements.
The Spain construction market growth is primarily driven by the increasing demand for residential and commercial buildings. The rising population and urbanisation have led to a heightened demand for housing, driving residential construction projects. Additionally, the growth of the tourism and retail sectors is fuelling the demand for commercial spaces, including hotels, shopping centres, and office buildings.
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Economic recovery and favourable government policies are also contributing to market growth. The Spanish government’s initiatives to stimulate economic growth through infrastructure development and investment in public works are supporting the expansion of the construction sector. Incentives and subsidies for energy-efficient and sustainable building practices are further encouraging construction activities.
Residential construction is a significant segment of the market. The demand for new housing is driven by factors such as population growth, urbanisation, and changing household dynamics. The trend towards smaller family units and the increasing preference for urban living are contributing to the demand for apartments and multi-family housing projects, consequently driving up the Spain construction market share.
The renovation and refurbishment of existing residential properties are also driving market growth. The focus on improving energy efficiency and modernising old buildings is leading to an increase in renovation projects. Government incentives for energy-efficient home improvements and sustainable building practices are supporting this trend.
The commercial construction sector is witnessing significant growth, driven by the expansion of the tourism, retail, and office space markets. Spain’s status as a leading tourist destination is fuelling the demand for hotels, resorts, and other hospitality-related infrastructure. The growth of the retail sector, supported by rising consumer spending and the expansion of international brands, is driving the construction of shopping centres and retail spaces.
As per the Spain construction market outlook, the demand for modern office spaces is also on the rise, driven by the growth of the business and services sectors. The trend towards flexible and co-working spaces is influencing office construction projects, with a focus on creating adaptable and collaborative work environments. The adoption of smart building technologies and sustainable design practices is enhancing the appeal of new commercial buildings.
Infrastructure development is a key driver of the market. The government’s focus on improving transportation, energy, and communication infrastructure is leading to significant investments in public works projects. Major infrastructure projects, such as roadways, railways, airports, and ports, are aimed at enhancing connectivity and supporting economic growth.
As per the Spain construction market analysis, the development of renewable energy infrastructure, including solar and wind power projects, is also contributing to market growth. Spain’s commitment to reducing carbon emissions and transitioning to a sustainable energy future is driving investments in renewable energy infrastructure. The construction of energy-efficient buildings and green infrastructure projects is further supporting this trend.
Spain Construction Market Segmentation
The market can be divided based on construction type, end use, and region
Market Breakup by Construction Type
- New Construction
- Renovations
Market Breakup by End Use
- Commercial
- Residential
- Industrial
- Institutional
Market Breakup by Region
- Andalusia
- Catalonia
- Madrid
- Valencian Community
- Rest of Spain
Competitive landscape of Spain Construction Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Spain construction market. Some of the major players explored in the report by expert market research are as follows:
- 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
- Tecnicas Reunidas SA
- Others
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