Hochtief is optimistic about the region, where its Australian-based companies take the lead. Having sold John Holland Group this spring, Hochtief is bundling Australian operations into its new CIMIC Group's construction, contract mining, P3s and engineering units. It retains the Thiess and Leighton Asia brands.

In Latin America, FCC plans to expand its already broad base using new ties with Mexican billionaire Carlos Slim, says Jurado. Slim became FCC's largest shareholder, with 25.6%, during the firm's $1.1 billion capital call last year.

VINCI is also growing in the region, says Stubler. This July the firm agreed to buy 20% of Colombia's second largest contractor, Constructora ConConcreto SA. But Skanska is quitting Latin America. It has sold an operations-and-maintenance business in Argentina, and Karlström expects to sell remaining units in Brazil, Peru and Colombia next year.

Strabag now is taking aim at the Latin American market. "In June 2015, Strabag won a concession project in Colombia, which marked the market entry there," says Birtel. The contractor will build the 176-km motorway Autopista al Mar 1, he says.

Sacyr sees the large Pacific Alliance countries-Chile, Peru, Colombia, Mexico and Panama-as major potential markets. "There is a real need for infrastructure in these regions in order to keep on growing," says Orihuela Uzal. "Our experience in large tech- nologically complex projects or in [design-build- finance-operate-maintain] projects gives us a competitive advantage in these countries."

In Africa, Bechtel continues advising the Gabon government on infrastructure development and is "interested in Ghana, Kenya and Ethiopia," says Welch. To tap potential business in southern Africa, the firm this year set up a one-person office in South Africa. That market, though still active, is not developing as hoped, he adds.

However, many major contractors worry that the African market is tough. The presence of Chinese financial aid and large Chinese contractors in Africa makes it a disappointing market, says Vagehi of Sunir Co. He says the Chinese also dominate the Pakistani market. On the other hand, Sunir has found success in Bangladesh, Vaghei says.

Europeans continue to spread in the U.S. Karlström sees a "strong pipeline" in building and civil sectors. Skanska has won its largest ever contract on its P3 to redevelop New York LaGuardia airport's Central Terminal Building. But U.S. margins are being hurt by disputed cost overruns on some projects, he adds.

In the U.S., VINCI continues to work on Indiana's Ohio River East Crossing with Walsh Construction Co. and is bidding for more P3s, says Stubler. North of the border, the firm this June won a P3 for Saskatchewan's 61-km Regina Bypass highway.

Hochtief, already active in the U.S. through subsidiaries, including Turner Construction Co., sees P3s offering "great potential" for infrastructure work, notes Fernandez. "Increasing numbers of rail and hydro construction contracts are being awarded in this way," he adds.