Panama Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027
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Panama Construction Market Report Overview
The Panama construction market size was $17.8 billion in 2022. The market is projected to achieve an AAGR of more than 6% during 2024-2027. The industry’s output over the forecast period is attributed to investments in transport, renewable energy, infrastructure, and educational building projects. The other factors driving the construction market growth in Panama are investments in road and rail infrastructure and improvements in the building sectors.
Panama Construction Market Outlook, 2022-2027 ($ Billion)
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The Panama construction market report has compiled data on various project types and construction activities across sectors. While discussing the construction projects, our analysts have elucidated the factors responsible for the developments. The report further analyzes the top construction projects in Panama from pre-planning to execution, along with the emerging market trends. In addition, the report gives an overview of the latest developments in the Panama construction market.
Market Size (2022) | $17.8 billion |
AAGR (2024-2027) | >6% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
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Panama Construction Market Segmentation by Sectors
Residential construction was the leading sector in the Panama construction market in 2022
The key sectors in the Panama construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. In 2022, the residential construction sector accounted for the highest market share.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The sector’s growth over the forecast period is attributed to a surge in investments in residential properties. One of the key projects in the pipeline is the Nuevo Brooklincito Residential Complex project in Curundu, Panama. The project involving the construction of four-story seven residential towers featuring 350 apartments is expected to be finished by the end of 2025.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. Investments in developing rail and road infrastructure projects in the country are responsible for the sector’s output.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Investments in renewable energy and water infrastructure coupled with the government’s focus on increasing the combined share of wind and solar energy from 8.8% as of 2022 to 30% of its power capacity by 2050 will be the key factors driving the sector’s growth in the coming years. The other factor supporting the market growth is the country’s focus on reducing greenhouse gas emissions by 11.5 by 2030 and 24% by 2050 compared to 2022 levels.
Industrial construction: The project types in this sector include chemical and pharmaceutical plants; manufacturing plants; metal and material production and processing plants; and waste processing plants. The sector’s growth is mainly attributed to surging investments in manufacturing and export activities.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. Factors driving the sector’s growth are investments in leisure and hospitality, rising foreign tourist arrivals, and office building projects.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Investments in the development of healthcare, educational, and research facilities will drive the sector’s growth during the forecast period.
Panama Construction Market Analysis by Sectors, 2022 (%)
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Panama Construction Market – Latest Developments
- In March 2023, Panama City Commission approved the 2023 Infill Program for City Lots, an initiative designed to construct affordable homes on 50 empty single-family residential lots owned by the city of Panama.
- The construction of three major road projects such as the $1.1 billion Panama-Colón Highway Expansion, the $1.3 billion fourth bridge over the Panama Canal, and the $2.6 billion Panama Metro Line 3 project, will bolster growth in the short term.
Segments Covered in the Report
Panama Construction Sectors Outlook (Value, $ Billion, 2018-2027)
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Energy and Utilities Construction
- Institutional Construction
- Residential Construction
Scope
This report provides:
- A comprehensive analysis of the construction industry in Panama.
- Historical and forecast valuations of the construction industry in Panama, featuring details of key growth drivers.
- Segmentation by sector 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.
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Frequently asked questions
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What was the Panama construction market size in 2022?
The construction market size in Panama was $17.8 billion in 2022.
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What is the expected Panama construction market growth rate for the forecast period?
The construction market in Panama is projected to achieve an AAGR of more than 6% during 2024-2027.
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Which was the leading sector in the Panama construction market in 2022?
Residential construction was the leading sector in the Panama construction market in 2022.
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What are the factors driving residential construction in the Panama construction market?
The residential sector’s growth over the forecast period will be supported by an increase in investments in residential properties.
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