DUBLIN, May 24, 2022--(BUSINESS WIRE)--The "Cameroon 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.
Cameroon's construction industry grew by an estimated 4.6% in 2021, following a robust growth of 7.6% in real terms in 2020, driven by increased oil revenue on the back of rising global crude oil prices.
Growth is expected to continue this year with government's aim to provide greater electricity supply by increasing power capacity, with new hydroelectric dams coming online. Thus, the publisher expects Cameroon's construction industry to register annual growth of 5.3% in 2022.
In the 2022 Budget, approved in December 2021, the Ministry of Public Works set out a spending plan of CFA527.1 billion ($1 billion) - a 13.4% increase from the previous budget. The budget includes CFA468.4 billion ($853 million) for investments in public works including roads and bridges, CFA58.6 billion ($106.7 million) for the operating budget and CFA45 billion ($82 million) for road fund.
By the end of 2022, the ministry expects to complete the construction of 492.2km of new paved roads, 158.9 linear meter (ml) of bridges, along with rehabilitation of 171.5km paved roads and 840 ml of bridges. Moreover, 1,088.3km of road projects and 1,607.6ml of engineering structures will make significant progress this year.
In addition, CFA21 billion ($38.2 million) is allotted for central management dedicated to the follow-up and completion of various second-generation projects engaged in the health, agriculture, and infrastructure domain.
The Cameroonian construction industry is expected to maintain growth momentum in the coming years, assuming there is no repeat of strict COVID-19 restrictions on economic activity. The publisher expects the industry to register annual average growth of 6% between 2023-2026, supported by the Strategie Nationale de Development 2020-2030 (National Development Strategy - known as 'SND30'), unveiled in November 2020, under which, the government plans to invest CFA37.5 trillion ($63 billion) on flagship plans, programs, and projects until 2030.
Of the total, CFA5.9 trillion ($10.7 billion) will be spent on the 'Energy Plan' to upgrade all transmission and distribution networks. Under the 'Energy Plan', the government plans to boost hydroelectric, solar, thermal, and biomass energy production capacities over the next 10 years. Some of the major projects that will be executed under this plan include the construction of hydroelectric power plants in Grand Eweng, Katsina-Ala, Kikot, Nachtigal-Upstream and Mouila-Mogue.
Other major investments outlined under SND30 include CFA250 billion ($455.3 million) on the 'Digital Technology Plan' to expand the optical fiber network and build two data centers, among others. It also plans to increase the contribution of the secondary sector to the country's GDP from 28.2% in 2018 to 36.8% in 2030.
To achieve this, it will focus on nine sub sectors, including construction, energy, petrochemicals and hydrocarbons, manufacturing, and mining, among others. The forecast-period growth will also be supported by government's focus on providing affordable housing. In October 2021, Shelter-Afrique, a pan-African housing, finance and development institution approved the creation of a housing corporation, Cameroon Industrial Housing Corporation (IHC).
The corporation is expected to build at least 1,500 affordable housing units yearly from 2022 with innovative mechanisms and the use of alternative construction technologies. It would improve the living conditions of over 1,500 households yearly and create direct and indirect jobs for over 2,000 residents.
Historical (2017-2021) and forecast (2022-2026) valuations of the construction industry in Cameroon, 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
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220524005649/en/
Laura Wood, Senior Press Manager
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