Construction in Croatia - Key Trends and Opportunities to 2023

Construction in Croatia - Key Trends and Opportunities to 2023

Summary

Croatias construction industry regained growth momentum in 2018, with output expanding by 4.7% in real terms - up from 1.3% in 2017. Growth during the review period (2014-2018) averaged 1.4% a year, and was supported by positive developments in regional economic conditions and public and private sector investments in commercial, residential and energy infrastructure construction projects.

The industrys output value is expected to continue to expand in real terms over the forecast period (2019-2023), driven by the governments plans to upgrade the countrys transport infrastructure. The government plans to invest HRK9.3 billion (US$1.5 billion) in rail infrastructure by 2023. In addition, the industrys output is expected to be supported by improvements in business confidence, which will drive investment in infrastructure, commercial, residential projects and energy infrastructure. The focus on the development of renewable energy infrastructure is also expected to drive industry growth. The government plans to invest HRK12 billion (US$1.9 billion) in renewable energy by 2030. Financial assistance from the European Union (EU) to develop the countrys overall infrastructure is also expected to support industry growth.

The industrys output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 2.75% over the forecast period.

"Construction in Croatia - Key Trends and Opportunities to 2023", report provides detailed market analysis, information and insights into the Croatian construction industry, including -
- The Croatian construction industrys 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 Croatian 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 record a forecast-period CAGR of 3.29% in nominal terms, driven by the governments plan to develop and modernize the countrys transport infrastructure. In May 2019, H Infrastruktura, the state-owned rail infrastructure operator, announced its plan to invest HRK9.3 billion (US$1.5 billion) in rail infrastructure during the period of 2019-2023.
- The European Investment Bank (EIB) invested HRK4 billion (US$639 million) in Croatia in 2018 in the transport, energy, infrastructure and social sectors. Of the total investment, HRK1.3 billion (US$202.9 million) was allocated for environmental projects, HRK901.2 million (US$143.5 million) for infrastructure projects, HRK741.4 million (US$118.1 million) for small and medium-scale projects and HRK654.8 million (US$104.3 million) for innovation.
- GlobalData expects the institutional construction market to register a forecast-period CAGR of 4.76% in nominal terms, driven by public and private sector investment in education and healthcare construction projects. In the 2019 budget, the government increased its spending of the Ministry of Science and Education by HRK499.6 million (US$79.6 million), compared to the 2018 budget spending. In 2018, three EU Fund healthcare grant agreements worth HRK175.8 million (US$28 million) was signed by the Ministry of Regional Development to develop the countrys healthcare sector.
- Forecast-period growth in the energy and utilities construction market will be driven by the governments efforts to promote renewable energy. To reduce the countrys reliance on imported energy, cut carbon emissions and generate more electricity through renewable sources, the government is developing renewable energy infrastructure. The government aims to generate 32% of the countrys gross energy consumption through renewable sources by 2030 and 56% by 2050.
- The total construction project pipeline in Croatia - as tracked by GlobalData, and including all mega projects with a value above US$25 million - stands at HRK154.3 billion (US$24.6 billion). The pipeline, which includes all projects from pre-planning to execution, is well balanced, with 51.3% of the pipeline value being in projects in the pre-execution and execution stages as of July 2019.

Scope

This report provides a comprehensive analysis of the construction industry in Croatia. It provides -
- Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Croatia, 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 GlobalDatas 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 GlobalDatas critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.

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

List Of Tables


Table 1: Construction Outlook
Table 2: Croatia, Key Economic Indicators
Table 3: Croatia, Construction Output Value (nominal, HRK Million)
Table 4: Croatia, Construction Output Value (nominal, US$ Million)
Table 5: Croatia, Top Commercial Construction Projects by Value
Table 6: Croatia, Top Industrial Construction Projects by Value
Table 7: Croatia, Top Infrastructure Construction Projects by Value
Table 8: Croatia, Top Energy and Utilities Construction Projects by Value
Table 9: Croatia, Top Institutional Construction Projects by Value
Table 10: Croatia, Top Residential and Mixed-Use Construction Projects by Value
Table 11: Croatia, Key Contractors
Table 12: Croatia, Key Consultants
Table 13: GlobalData Construction Market Definitions
Table 14: Construction Risk Index Ratings and Scores

List Of Figures


Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix
Figure 2: Croatia, Construction Projects Pipeline by Sector (HRK Billion)
Figure 3: Croatia, Total permit issued (Number)
Figure 4: Croatia, Housing price index
Figure 5: Croatia, Risk Comparison, Q2 2018
Figure 6: Croatia, Risk Comparison Review
Figure 7: Croatia, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate)
Figure 8: Croatia, Construction Output Value, Growth Matrix
Figure 9: Croatia, Construction Output Value, by Sector (HRK Million), 2014-2023
Figure 10: Croatia, Construction Projects Pipeline, Projected Annual Spending by Stage (HRK Million), 2018-2023
Figure 11: Croatia, Construction Projects Pipeline, Value by Stage (HRK Million)
Figure 12: Croatia, Commercial Construction Output by Project Type (HRK Million), 2014-2023
Figure 13: Croatia, Commercial Construction Projects Pipeline, Value by Stage (HRK Million)
Figure 14: Croatia, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (HRK Million), 2018-2023
Figure 15: Croatia, Industrial Construction Output by Project Type (HRK Million), 2014-2023
Figure 16: Croatia, Industrial Construction Projects Pipeline, Value by Stage (HRK Million)
Figure 17: Croatia, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (HRK Million), 2018-2023
Figure 18: Croatia, Infrastructure Construction Output by Project Type (HRK Million), 2014-2023
Figure 19: Croatia, Infrastructure Construction Projects Pipeline, Value by Stage (HRK Million)
Figure 20: Croatia, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (HRK Million), 2018-2023
Figure 21: Croatia, Energy and Utilities Construction Output by Project Type (HRK Million), 2014-2023
Figure 22: Croatia, Energy and Utilities Construction Projects Pipeline, Value by Stage (HRK Million)
Figure 23: Croatia, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (HRK Million), 2018-2023
Figure 24: Croatia, Institutional Construction Output by Project Type (HRK Million), 2014-2023
Figure 25: Croatia, Institutional Construction Projects Pipeline, Value by Stage (HRK Million)
Figure 26: Croatia, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (HRK Million), 2018-2023
Figure 27: Croatia, Residential Construction Output by Project Type (HRK Million), 2014-2023
Figure 28: Croatia, Residential Construction Projects Pipeline, Value by Stage (HRK Million)
Figure 29: Croatia, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (HRK Million), 2018-2023
Figure 30: Croatia, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 31: Croatia, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)
Figure 32: Croatia, Headquarters of Key Consultants (% of Total Project Pipeline)
Figure 33: Croatia, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)

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