The construction market in South and Central America is forecasted by GlobalData to grow by 1.6% in real terms in 2024, having grown by 1.6% in 2023. A key growth market will be the infrastructure market, with output rising by 1.6% 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 projects in South and Central America, costing over $100m each.Here are the five largest construction projects initiated in South and Central America during Q4 2024, according to GlobalData’s construction projects database.
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1. Piaui Green Hydrogen Plant
The project involves the construction of a green hydrogen production plant in Piaui, Brazil.
Construction work started in Q4 2024 and is expected to be completed in Q4 2028.
The project aims to create a new model of sustainable energy for the world’s fast-growing population while reducing dependency and cutting end-user costs on high carbon-emitting fuel sources.
2. Heavy-Duty Truck Manufacturing Plant
The project involves the construction of a truck manufacturing plant on a 187,000m2 area in Ciénega de Flores Municipality, Nuevo Leon, Mexico.
Construction work commenced in Q4 2024 and is expected to finish in Q4 2026.
3. Port of Navegantes Cargo Terminal
The project involves the construction of a cargo terminal development in the Port of Navegantes, Santa Catarina, Brazil.
Construction work started in Q4 2024 and is forecast to complete in Q4 2028.
The project aims to ensure the deepening of the access channel which will allow the entry of new, larger, and more efficient ships and to expand capacity of the port complex, which is close to full capacity.
4. Sol de Caone Photovoltaic Plant 420 MW
The project involves the construction of a photovoltaic plant on a 772.4ha site area in Hualañé commune, Curicó, Maule, Chile.
Construction work commenced in Q4 2024 and is expected to be completed in Q3 2026.
The objective of the project is the generation of electrical energy from Non-Conventional Renewable Energies (NCRE), through the installation of a photovoltaic plant of 420MW in Maule region.
5. Ico Solar Park 440 MW
The project involves the construction of a 440MW solar photovoltaic power park in Icó, Ceará, Brazil.
Construction work started in Q4 2024 and is expected to be completed in Q4 2026.
Once complete, some part of the energy generated from the project will be able to meet the demand for new green hydrogen plants that are being planned in the Northeast. It will generate 1,000 jobs during construction. Buy the profile here.
For more details on the latest construction projects, buy the profiles here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
