Dublin, May 29, 2024 (GLOBE NEWSWIRE) -- The "Kenya Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.
Construction industry in Kenya to expand by 5.5% in real terms this year, supported by public and private investments in the energy, infrastructure, and industrial sectors, coupled with a rebound in export activities. According to the Central Bank of Kenya, total domestic credit to the construction industry grew by 5.5% in 2023, preceded by annual growth of 9% in 2022.
The Budget announced for the financial year (FY) 2023-24 (July 2023 to June 2024), which includes an expenditure of KES3.7 trillion ($24.1 billion) will also provide growth momentum to the construction industry in 2024. The budget includes an allocation of KES244.9 billion ($1.6 billion) for road infrastructure, KES141.2 billion ($919.4 million) for healthcare, KES62.3 billion ($405.7 million) for energy, and KES42.6 billion ($277.4 million) for railway infrastructure.
Over the remainder of the forecast period, the construction industry is expected to grow at an average annual growth rate of 6% between 2025 and 2028, supported by investments in transport infrastructure, as well as improvements in energy, housing, and industrial facilities. Among the recent developments, in December 2023, Kenya signed seven green projects with a total value of KES682.5 billion ($4.5 billion) during the COP28 summit. Some of the projects include KES230.4 billion ($1.5 billion) green fertilizer plant project, KES153.6 billion ($1 billion) geothermal project, and KES92.2 billion ($600 million) geothermal-powered data center project.
Furthermore, in December 2023, the government approved the construction of a transmission line from Bomet to Narok with a cost of KES37.5 billion ($244.2 million). In another significant development, in January 2024, the state-owned Kenya Electricity Transmission Company Limited (KETRACO) announced its plan to construct 4,600Km of high voltage transmission line and 36 high voltage substations across the country by 2027.
Scope
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Kenya, 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 analyst'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 analyst's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Latest news and developments
4 Project analytics
5 Construction Market Data
6 Risk Profile
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/1uujsn
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