DUBLIN, Dec. 21, 2023 /PRNewswire/ — The “Hungary Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The construction industry in Hungary is forecast to shrink by 7.6% in real terms in 2023 and 0.6% in 2024, owing to headwinds caused by falling industrial output, record-high inflation, elevated interest rates, and high energy, labour and raw material costs.
According to the Hungarian Central Statistical Office (KSH), the average construction producer price index rose by 20.7% year-on-year (YoY) in H1 2023, owing to a rise in prices of civil engineering works (19.4%), construction of buildings (20.2%), and specialized construction activities (21.7%). Additionally, a fall in the total number of construction permits issued in the country is also expected to weigh on the industry’s growth in the initial part of the forecast period. According to the KSH, it fell by 38.3% YoY in the first half of 2023.
The industry is expected to rebound at an average annual growth rate of 5.8% from 2025 to 2027, supported by investments in transport, electricity, manufacturing, and gas projects. To reduce greenhouse gases, the government plans to shift its focus to renewable energy as the primary source of electricity production and set a target of achieving a 20% share of renewables in the total electricity generation mix by 2030, and 30% by 2040. In late August 2023, the Hungarian government submitted a proposal to modify its Recovery and Resilience Plan, to which it also wishes to add a “REPowerEU” chapter. The REPowerEU proposal focuses on modernization of the electricity grid, greening of the industry, wider utilization of geothermal energy, and improving energy efficiency, among others. Forecast-period growth in the industry will also be supported by investments in green energy and electricity storage systems. In June 2023, the European Commission announced its plan to invest HUF436 billion ($1.1 billion) in Hungary’s Energy Storage Program. Under the program, Hungary plans to install 800MW/1,600MWh of new electricity storage facilities, which aims to enhance the flexibility of electricity-generating system.
The 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.
This report provides a comprehensive analysis of the construction industry in Hungary. It provides –
- Historical (2018-2022) and forecast (2023-2027) 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
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
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/esrtoj
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SOURCE Research and Markets
