The construction industry in France is projected to grow from 2016 to 2015 after experiencing a slow period due to economic depression, says a report by Timetric.
Titled ‘Construction in France – Key Trends and Opportunities to 2020’, the report states the industry’s recovery will be propelled by renewable energy, road, and rail projects. With an improvement in investor and consumer confidence accompanied by an inflow of foreign investment, the output value of the French construction industry is forecast to grow at a compound annual growth rate (CAGR) of 1.49%.
Plans were announced at the beginning of this year to build 1,000km of solar panel roads called Wattway. Constructed using poly-crystalline silicon strips, the roads are scheduled to be completed by 2020.
These strips' generation will be supplied to approximately 8% of the country’s population. This energy-efficient initiative will be implemented in collaboration with the National Institute of Solar Energy and Colas.
According to the Timetric report, France aims to achieve 6,000MW through offshore wind power projects by 2020. A consortium of Areva, Neoen Marine, and EDP Renovaveis was awarded a contract worth €4bn ($5.3bn) in 2014 to develop an offshore wind energy project.
Other sectors are also expected to contribute to the growth of the country’s construction industry, such as housing and railway. Multiple schemes worth billions of euros have been announced in these sectors to pave way for growth and development.
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The country hopes to revive the construction industry, which suffered due to poor investment in projects and a weak business environment from 2011 to 2015.