Iraq Construction Market Size, Trends and Forecasts Report 2022: Industry is Expected to Grow by 12.2% this Year, Following a 20.6% increase in 2021 - Forecasts to 2026 - ResearchAndMarkets.com

The "Iraq Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The construction industry in Iraq is expected to grow by 12.2% this year, following a 20.6% increase in 2021

Although the pace of growth is high, it reflects the low base in 2020. The industry's output this year will be driven by ongoing work on various infrastructure projects that were stalled due to the country's internal conflicts and restrictions imposed to contain the Coronavirus (COVID-19) pandemic.

The expansion will also be driven by the start of the government's new transportation, energy, oil and gas development projects. Rising oil prices and higher oil production will boost the government's fiscal position. According to the World Bank, Iraq's oil and non-oil sector are on track to return to pre-pandemic levels as oil production rises and COVID-19 restrictions are lifted, thereby restoring domestic economic activity.

As a result, the country's fiscal and external deficits will return to surpluses as oil prices continue to rise. Overall, the country's economy is forecast to grow by 8.9% in 2022 and 4.5% in 2023.

The publisher forecasts the industry to register annual average growth of 5.1% during 2023-26, supported by investments on energy, education and housing infrastructure projects. In April 2022, Iraq approved an IQD1 trillion ($680 million) fund for renewable energy projects, with the goal of increasing renewable energy production to 10GW by 2030.

Furthermore, combined renewable energy of 2.75GW is planned to be connected to the grid by 2025, including a 1GW solar project by Masdar, a renewable energy firm based in the UAE, a 1GWp solar complex by Total Energies and a 750MW solar project by Power China Corporation. Moreover, the government's focus on building 1,000 schools and 1,000 hospitals with the help of Chinese companies and 12 new residential cities in various governorates over the forecast period will support industry output.

The industry's outlook in the medium-to-long term remains fraught with uncertainty, including the impact of geopolitical tensions, political instability, security challenges and climate change. In May 2022, Iraq temporarily closed public buildings and airports as a sandstorm hit the country for the ninth time since mid-April 2022, resulting in the temporary closure of building projects and organizations.

There has also been a series of attacks on oil infrastructure in Iraq. As of April 2022, nearly 1,452 construction projects totaling IQD24 trillion ($16.6 billion) were stalled due to the contactor's delay, the country's internal conflicts and the pandemic situation

Scope

This report provides a comprehensive analysis of the construction industry in Iraq

• Historical (2017-2021) and forecast (2022-2026) valuations of the construction industry in Iraq, 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 publisher'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 publisher's critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.

Key Topics Covered:

1. Construction Outlook

2. Construction Industry: At-a-Glance

3. Latest News and Developments

4. Project Analytics

5. Construction Market Data

6. Risk Profile

For more information about this report visit https://www.researchandmarkets.com/r/bxzgxu

View source version on businesswire.com: https://www.businesswire.com/news/home/20220930005464/en/