Europe Construction Market
Europe Construction Market Size Expands to Cross Whopping USD 3.95 Trillion by 2029
Published | 18 February 2023
Europe construction market is flourishing due to the increasing construction of commercial infrastructure and massive urban redevelopment and recovery projects across Türkiye and Ukraine.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Europe construction market size at USD 3,088.81 billion in 2022. During the forecast period between 2023 and 2029, the Europe construction market size is projected to grow at a significant CAGR of 6.37% reaching a value of USD 3,951.1 billion by 2029. The expansion of infrastructure projects, rising demand for housing in urban areas, and increased remodeling and maintenance of buildings to increase their energy efficiency are all elements boosting the growth of the European construction industry. Due to the region's rapid economic expansion, construction of commercial infrastructure, including offices, schools, hotels, restaurants, and recreational facilities, among others, is expanding. The improvement of housing infrastructure and the provision of homes for the most disadvantaged groups are being supported by governments' execution of several favorable policies and investments, which are fostering the growth of the European construction market.
Europe Construction Market - Overview
Building new buildings, roads, residences, railroads, and other structures, as well as renovating or repairing existing ones, are all examples of construction. It also includes procedures such as planning, financing, and developing assets so that they can be used. The construction sector, which plays a significant role in an area's economic development, laid the physical and technological foundations upon which modern civilization grew. Also, increased eco-awareness is hastening the development of energy-efficient, net-zero structures. Aerial lifts, backhoe loaders, cranes, excavators, and welders are just a few of the construction tools and equipment.
Opportunity: Urban Redevelopment & Recovery Projects across Türkiye and Ukraine
Major companies in Europe construction market are expected to gain from significant opportunities provided by the massive infrastructure projects in earthquake-hit Türkiye and war-ravaged Ukraine.
On February 06, 2023, a 7.8-magnitude of earthquake hit Türkiye and Syria, killing tens of thousands of people and severely damaging infrastructure in cities and villages across its fault line. The President of Türkiye announced that the government would engage in a comprehensive construction program to rebuild cities with safety and sustainability. Analysts estimated that the urban redevelopment across Türkiye in the wake of earthquakes would provide huge opportunities for the construction and related industries in total investment of more than USD 250 billion.
In Ukraine, Russia’s war in the country has been continuing for more than a year now. Consequently, infrastructure across Ukraine has been severely damaged. In September 2022, Ukraine government, the European Commission, and the World Bank, along with their partners estimated the cost of Ukraine’s reconstruction and recovery would be about USD 350 billion. As the war continues, the cost is anticipated to escalate.
Massive redevelopment and recovery projects in Türkiye and Ukraine are expected to provide lucrative growth opportunities for construction and supplementary industries. It, in turn, is projected to aid the growth of Europe construction market during the forecast period between 2023 and 2029 and beyond.
Europe Construction Market – By Application
Residential, healthcare, hospitality, and others are segments of the European construction market by construction technology. There are three types of residential construction: high-end, mid-range, and low-cost. The industrial construction sector consists of manufacturing plants, chemical and pharmaceutical facilities, metal and material processing facilities, and other industrial structures.
Impact of COVID-19 on Europe Construction Market
The COVID-19 pandemic adversely affected Europe construction industry. Raw material scarcity, combined with logistical challenges, did not bode well for top companies looking to expand their portfolios. Several projects, including those involving buildings, construction, and irrigation, have been halted or abandoned for the time being. The resumption of economic activity in both emerging and advanced economies has the potential to stimulate industry growth.
Europe construction market is fiercely competitive. Prominent players in the market include SAIPEM SpA, VINCI, STRABAG International GmbH, ACS Group, Skanska AB, Bouygues Construction, Hochtief AG, Royal BAM Group, Ferrovial S.A, and ACS Group. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Europe construction market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Europe Construction Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Construction Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Europe Construction Market - By Residential Buildings and Single Units (Apartments/Flats, Detached Houses, Semi-Detached, Others); By End Use (Residential, Healthcare, Hospitality, Others); By Country (Germany, UK, Italy, France, Spain, Netherlands, Rest of Europe), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: February 2023
Expanding efforts to build new infrastructure as well as the increased modernization and refurbishment of existing structures to improve their energy efficiency and statewide urban redevelopment projects Türkiye and Ukraine are expected to boost the growth of Europe Construction Market during the forecast period between 2023 and 2029.
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