Iraq Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2023-2027

Iraq Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2023-2027

Summary

The construction industry in Iraq is expected to expand by 5.5% in real terms this year and register an annual average growth of 5% from 2024-27. The sector’s output will be supported by ongoing construction works on stalled infrastructure projects, coupled with the investment in the transportation, energy, oil and gas development sectors. The government is focusing on completing all the stalled construction projects worth IQD23.6 trillion ($18 billion) by 2024. Moreover, the government approved the IQD197.8 trillion ($150.7 billion) three-year draft budget law in March 2023, with IQD150.3 trillion ($114.5 billion) as operational expenditure as IQD47.6 trillion ($36.3 billion) as investment expenditure. However, this budget was calculated based on the oil price of IQD91.9 ($70) a barrel.

Growth over the forecast period will be supported by investments in oil and energy projects coupled with investments in education, transportation, and housing projects. In July 2023, French multinational energy and petroleum company TotalEnergies signed a contract of IQD13.1 trillion ($10 billion) with Ministry of Oil to produce electricity from solar energy, natural gas, and oil fields in Iraq. The project is expected to be operational by 2027. Moreover, according to the Ministry of Oil, the construction works on the project are expected to commence after one month of infrastructure, special studies, and design ends. The project also involves construction of Artawi oil field Development project undertaken by TotalEnergies along with Qatar’s oil industry corporation, QatarEnergy and Iraq’s National oil company, the Basrah Oil Company. With an estimated cost of IQD3.9 trillion ($3 billion), the construction works of the Artawi oil field Development project are expected to commence in mid-2024 before coming to an end by 2027. Earlier in February 2023, the US based natural gas company ExxonMobil awarded a engineering, procurement and construction contract of IQD414.8 billion ($316 million) to the China based construction engineering company China Petroleum Engineering and Construction Corporation for the construction of two new oil tanker trains, with a combined capacity to produce 200,000 oil barrels daily.

The report provides detailed market analysis, information and insights into Iraq’s construction industry, including -

• Iraq’s 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 Iraq’s construction industry
• Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

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

• Historical (2018–2022) and forecast (2023–2027) 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 GlobalData'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 GlobalData's critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.