More than ever, infrastructure will be an essential component of global growth schemes in the coming year, a report from advisory firm CG/LA Infrastructure revealed.
Chief executive Norman Anderson predicts that next year will be “an extraordinarily busy year for infrastructure around the world”.
“More than at any time in history, infrastructure is now the only available engine for global growth,” he said in a statement accompanying the report.
In its annual review of strategic infrastructure projects for the global top 100 report, which reviewed 600 projects set to come to market in the next three to 18 months, the 100 projects chosen to populate CG/LA's list have a combined value of $558 billion. The list is comprised of projects across 71 countries in 10 sectors.
Topping the list was the Kuala Lumpur-Singapore High-Speed Rail project sponsored by Land Public Transport Commission (Malaysia) and Land Transport Authority (Singapore). The $11 billion project is in the planning stage.
Silver and bronze went to airport projects, with second place going to the addition of a third runway at Hong Kong International Airport, an Airport Authority Hong Kong project valued at $8 billion, also in the planning stages. Third prize was given to Australia's Western Sydney Airport project, led by the Department of Infrastructure and Regional Development, a $4 billion project.
The largest project by value is the $38.5 billion, 286-kilometre Chuo Shinkansen Maglev project aimed at connecting Tokyo, Nagoya and Osaka in Japan. The Chuo project is one of nine high speed rail projects to make the list with a combined value of $137.9 billion.
Rail projects represent a great bulk of the capital weight on CG/LA's list, with high-speed rail topping the list, urban mass transit following at $104.7 billion and heavy-rail projects in the top 100 valued at $96.3 billion.
Airport projects represent $59.6 billion, highways and bridges $55.6 billion, ports and logistics $35.9 billion, energy generation $32.2 billion, oil and gas $21.9 billion, water and wastewater $11.6 billion, and transmission projects $3.1 billion.
The UK was the country best represented in terms of projects by value, with $57.7 billion in projects on the list. The US was a long second at $40.6 billion. China was only slightly behind with $39.5 billion, followed by Vietnam at $38 billion, Japan at $37.5 billion and Indonesia at $31.2 billion.
Amoung the criteria used to inform the list of projects are their competitiveness, potential impact on productivity, sustainability, ability to open up new business opportunities, and potential for job creation.