The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2024, having grown by 1.7% in 2023. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest gas construction projects initiated globally in Q2 2024, according to GlobalData’s construction projects database.
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1. Dung Quat I Gas-Fired Power Plant 750 MW
The project involves the construction of a 750MW gas-fired power plant in Quang Ngai, Vietnam.
Construction work started in Q2 2024 and is expected to be completed in Q4 2027.
The project aims to meet the growing demand for power in the region.
2. Dung Quat III Gas-Fired Power Plant 750 MW
The project involves the construction of a 750MW gas-fired power plant in Quang Ngai, Vietnam.
Construction work commenced in Q2 2024 and is expected to finish in Q4 2027.
3. Timmerman Power Plant 380 MW
The project involves the construction of a 380MW gas peaker power plant on 20.6ha of land near Maxwell in Caldwell County in Texas, the US.
Construction work started in Q2 2024 and is forecast to complete in Q4 2026.
The project aims to provide additional power to the Texas power grid and to meet the demand for power in the region. Once completed it will generate energy for approximately 38,000 homes.
4. Baiyun Gas-Fired Power Plant 920 MW
The project involves the construction of a 920MW gas-fired power plant in Baiyun District, Guangzhou, Guangdong, China.
Construction work commenced in Q2 2024 and is expected to be completed in Q2 2027.
The project aims to enhance power generation capacity using an available natural resource to meet the region’s growing demand. Buy the profile here.
5. Manzanillo III Combined Cycle Power Plant 357.4 MW
The project involves the construction of a 357.41MW combined cycle power plant on 57,650m2 using gas and oil in Manzanillo, Colima, Mexico.
Construction work started in Q2 2024 and is expected to be completed in Q4 2026.
The project aims to meet the growing electricity demand in the region.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
