Western European Construction Market Size Worth $2,246 Billion in 2023 Billion Will Grow at CAGR of 1.4% during 2023-2027 | GlobalData Plc

The Western European construction market size valued worth $2,093.4 billion in 2023, according to a new report by GlobalData Plc. The increasing efforts by the regional governments to push development and investment in energy and utilities sector is further expected to boost the Western European construction market to flourish at a CAGR of 1.4% during 2023-2027.

Western European Construction Market Share By Sectors, 2018 – 2027 (%)

Read our free Western European construction market report available with GlobalData!

Western European Construction Market FAQs

• What was the global Western European construction market size in 2023?

The Western European construction market size will be evaluated at $2,093.4 billion in 2023.

• What is the Western European construction market growth rate?

The construction market in the Western European region is expected to grow at a CAGR of 1.4% during 2023-2027.

• What are the key sectors in the Western European construction market?

The key sectors in the Western European construction market are commercial construction, energy and utilities construction, industrial construction, infrastructure construction, institutional construction, and residential construction.

• Which are the key countries in the Western European construction market?

The key countries in the Western European construction market are Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, The Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the UK.

Got more queries? Have all your questions answered in our PDF sample report

Western European Construction Market Dynamics

GlobalData expects the Western European construction industry to shrink in 2023, declining by 3.4% in real terms, owing to the impact of elevated costs for materials, energy and labor, and the continued tightening of monetary policy, which are all expected to weigh on both economic and construction industry growth in the coming quarters. The downturn is expected to continue in 2024 as well with an estimated degrowth of 0.3% in real terms.

Learn about the Western European construction market dynamics by viewing report sample right here!

Western European Construction Report Highlights

• The Western European construction market is projected to grow at a compound annual growth rate of 1.4% over the forecast period. The rising effort towards renewable energy project installations in the region is expected to aid the growth over the coming years.
• The residential construction sector in the Western European region accounted for the largest share in terms of construction output value in 2022. However, this segment is anticipated to contract in 2023 and 2024 owing to the rising interest rates and higher construction costs.
• The infrastructure construction category registered second place in terms of construction output value in 2022 and is expected to account for 18.5% of the regional construction market share in 2027. Furthermore, the commercial construction segment in the Western European construction market is predicted to acquire the third place in terms of construction output value in 2022.
• The UK construction industry captured the largest regional share accounting for nearly 19.0% in 2022. The government’s focus on addressing the issue of rising energy prices and economic slowdown through its 2023 budget is expected to provide some support to households and businesses, thereby aiding the gradual recovery of the construction industry from 2024.
• Germany’s construction sector registered second place with a regional share of 15.7% in terms of construction output value in 2022. The industry’s growth over the forecast period will also be supported by investments in upgrading the country’s railway infrastructure.

Unlock additional market dynamics impacting the Western European construction market growth by requesting a sample pdf

Western European Construction Market Scope

GlobalData Plc has segmented the Western European construction market report by sectors and countries:

Western European Construction Sectors Outlook (Value, $ Million, 2018-2027)

• Commercial Construction
• Energy and Utilities Construction
• Industrial Construction
• Infrastructure Construction
• Institutional Construction
• Residential Construction

Western European Construction Countries Outlook (Value, $ Million, 2018-2027)

• Austria
• Belgium
• Denmark
• Finland
• France
• Germany
• Greece
• Ireland
• Italy
• Netherlands
• Norway
• Portugal
• Spain
• Sweden
• Switzerland
• UK

Download Sample Report to know detailed segment-wise Western European construction market insights.

Related Reports

• United Kingdom (UK) Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027
• Germany Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027
• France Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027
• Italy Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027

About us

GlobalData is a leading provider of data, analytics, and insights on the world’s largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision-makers to predict and navigate the future. GlobalData’s mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on us for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.

Tags: Western European Construction Market Growth, Western European Construction Market Share, Western European Construction Market Size, Western European Construction Market, Western European Construction Market Outlook