Dublin, April 09, 2021 (GLOBE NEWSWIRE) — The “Construction in the United Kingdom (UK) – Key Trends and Opportunities to 2025 (Q1 2021)” report has been added to ResearchAndMarkets.com’s offering.
The UK construction industry has been severely impacted due to the disruption caused by the Coronavirus (COVID-19) outbreak and the subsequent lockdown measures. Industry output declined by 13.6% in real terms in 2020, while output contracted by 2.8% year on year (YoY) in the fourth quarter of 2020, which was preceded by declines of 8.8% in Q3, 35% in Q2 and 3.4% in Q1 2020.
The country’s construction industry is expected to rebound and grow by 8% in 2021 and record an average growth of 2.5% between 2022 and 2025. The industry’s output will be supported by improving investor confidence and investments in transport, renewable energy, residential and commercial infrastructure projects. With the new support package of GBP4.6 billion (US$5.5 billion) released in January 2021 by Chancellor Rishi Sunak, businesses such as retail, hospitality and leisure will be supported until April 2021. The government is also focusing on the development of renewable energy projects, with an aim to produce offshore wind power capacity of 40GW by 2030, up from the present 10GW – this will help the country to meet its zero-carbon emissions target by 2050.
Over the remaining part of the forecast period, the industry’s output will also be supported by key investment projects, which include Highways England’s Road Investment Strategy 2 (RIS2), which started operating from April 2020, and will run until March 2025 with a total budget of GBP27.4 billion (US$32.7 billion), and the GBP40 billion (US$47.8 billion) investment program of Ofgem, the country’s energy regulator, to transform Britain’s gas and electricity transmission network over the next five years. The wider economic impact of COVID-19 disruption along with post-Brexit challenges are likely to weigh on the construction industry, particularly affecting industrial and commercial construction.
This report provides detailed market analysis, information, and insights into the UK construction industry, including –
The UK 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 UK 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 the UK. It provides –
Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in the UK, 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
3.1 Economic Performance
3.2 Political Environment and Policy
3.4 COVID-19 Status
4. Construction Outlook
5. Construction Outlook – Regions
5.4 Northern Ireland
6. Key Industry Participants
7. Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/kmbxbt
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900