Albany, NY -- (SBWIRE) -- 07/22/2019 -- The purpose of this MRH research study titled Construction in Hungary-Key Trends and Opportunities to 2023 is to enlighten the readers about the Construction in Hungary with a stern focus on the development trends and opportunities projected for future years. In short, this assessment drops light on the market size and revenue share which are motivated by numerous market drivers, together with a clear insight about challenges that might create a blockage for the development of Construction in Hungary.
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Construction in Hungary - Key Trends and Opportunities to 2023
Summary
Construction activities in Hungary picked up sharply in 2018, with output value expanding by 22.9% in real terms - up from 17% in 2017. Growth during the review period (2014-2018) averaged 8.6% a year, and was supported by strong economic conditions, coupled with public and private sector investment in transport infrastructure, residential and commercial construction projects.
Over the forecast period (2019-2023), the governments efforts to enhance transport and renewable energy infrastructure will support the growth of the industry. In addition, the governments plan to establish Hungary as the top tourist destination in Central Europe by 2030 is expected to support investments in the countrys commercial buildings. For this purpose, the government plans to invest HUF828 billion (US$3 billion) over the next 10 years on the development of restaurants, hotels, parks and tourist attractions, especially outside Budapest. Furthermore, the rise in industrial production will boost the demand for manufacturing plants in the country. However, investment in the country would be affected due to rising wages as a result of labor shortage and strict immigration policies.
The industrys output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 5.30% over the forecast period, compared to 7.22% during the review period.
GlobalDatas "Construction in Hungary - Key Trends and Opportunities to 2023", report provides detailed market analysis, information and insights into the Hungarian construction industry, including -
- The Hungarian construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Hungarian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Key Highlights
- GlobalData expects the infrastructure construction market to increase in importance over the forecast period and account for 32.7% of the industrys total value in 2023, driven by governments focus on the development of the countrys transport infrastructure. In June 2018, the government announced plans to invest HUF4 trillion (US$14.8 billion) on the development of road and rail infrastructure in the country by 2022. Of the total investment, HUF1500 billion (US$5.5 billion) will be used for the development of rail infrastructure, which includes the modernization of 900km of railway tracks.
- Institutional construction markets growth over the forecast-period will be driven by the governments focus on the education and healthcare sectors. In the 2019 budget, the government increased its total spending on the education sector by HUF15 billion (US$54.8 million) and on the healthcare sector by HUF101 billion (US$369.3 million).
- GlobalData expects the residential construction market to post a forecast-period CAGR of 7.01% in nominal terms, driven by rising demand for housing as a result of increasing household disposable income, a decline in unemployment and increased home loan lending. Growth will also be bolstered by the CSOK program, through which the government will provide subsidies to families with children for the construction of their home. As a part of its 2019 budget, the government announced plans to allocate HUF242 billion (US$0.9 billion) for the CSOK program.
- Forecast-period growth in the energy and utilities construction market will be driven by the governments focus on developing the countrys renewable energy infrastructure. In January 2019, the government announced plans to generate 100% of its electricity from renewable energy sources by 2030. To achieve this, the government plans to increase the photovoltaic capacity in the country from 500MW in 2018 to 30,000MW by 2022.
- The total construction project pipeline in Hungary - as tracked by GlobalData, and including all mega projects with a value above US$25 million - stands at HUF14.4 trillion (US$53.1 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards early-stage projects, with 66.2% of the pipeline value being in projects in the pre-planning and planning stages as of June 2019.
Scope
This report provides a comprehensive analysis of the construction industry in Hungary. It provides -
- Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Hungary, 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
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Table of Contents
1 Executive Summary
2 Construction Outlook: At-a-glance
3 Latest News and Indicators
4 Key Drivers and Risks
4.1. Economic Performance
4.2. Political Environment
4.3. Demographics
4.4. Risk Profile
5 Construction Outlook
5.1. All Construction
5.1.1. Outlook
5.1.2. Project analytics
5.2. Commercial Construction
5.2.1. Outlook
5.2.2. Project analytics
5.3. Industrial Construction
5.3.1. Outlook
5.3.2. Project analytics
5.4. Infrastructure Construction
5.4.1. Outlook
5.4.2. Project analytics
5.5. Energy and Utilities Construction
5.5.1. Outlook
5.5.2. Project analytics
5.6. Institutional Construction
5.6.1. Outlook
5.6.2. Project analytics
5.7. Residential Construction
5.7.1. Outlook
5.7.2. Project analytics
6 Key Industry Participants
6.1. Contractors
6.2. Consultants
7 Appendix
7.1. What is this Report About?
7.2. Definitions
8 About GlobalData
8.1. GlobalData at a Glance
8.2. GlobalData Construction
8.3. Disclaimer
8.4. Contact Us
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