Europe Construction Market Report and Forecast 2022-2027
Abstract
Europe Construction Market Report and Forecast 2022-2027
Market Outlook
According to Expert Market Research’s latest report, ‘Europe Construction Market Report and Forecast 2022-2027’, the Europe construction market attained a value of USD 2992.45 billion in 2021. Aided by the growing adoption of digital solutions in the construction sector, the market is projected to further grow at a CAGR of 3.6% between 2022 and 2027 to reach a value of USD 3603.39 billion by 2027.
Construction refers to the building of roads, houses, institutions, railways, and the renovation or refurbishment of the existing buildings. It also includes several processes, such as planning, financing, and designing of the assets to make them ready for use. The construction sector plays a dominant role in the economic growth of a region, and it forms the physical and technological foundations upon which modern civilisation developed. Further, the escalating eco-consciousness around the world is accelerating the development of net-zero buildings, which are energy-efficient. The different tools and machines that are utilised in the construction sector include aerial lifts, backhoe loaders, cranes, excavators, and welders, among others.
The rapid urbanisation and the rising population are leading to the increased demand for houses in the region, which is driving the market growth. The region is observing increased construction of healthcare facilities to enhance healthcare quality in the region and meet the need for connected and advanced healthcare infrastructure. For instance, in May 2020, Eiffage Construction won a contract worth EUR 141 million to construct, design, and maintain the Paris-Saclay hospital in France. Further, the initiatives towards the circular economy are leading to the efficient use of resources and the reduction of construction and demolition waste. The European government has made several efforts to expand the construction sector and revive the economy post COVID-19.
For instance, in 2021, the EU approved EUR 191.5 billion COVID-19 pandemic Recovery and Resilience Plan for Italy, including grants worth EUR 68.9 billion. Furthermore, the adoption of digital technologies in the construction sector, such as artificial intelligence (AI), advanced analytics (AA), and machine learning (ML), to assist in construction processes and overcome challenges like labour shortages is anticipated to aid the market growth over the forecast period.
Market Segmentation
The market report by Expert Market Research analyses the market based on segmentations such as end use, residential buildings and single units, and major region.
Market Breakup by End Use
•Residential
oPrivate Housing
oOther Buildings and Single Units
•Healthcare
•Hospitality
•Others
Market Segmentation by Residential Buildings and Single Units
•Apartments/Flats
•Detached Houses
•Semi-Detached
•Terraced Houses
•Others
Market Breakup by Region
•United Kingdom
•Germany
•France
•Netherlands
•Belgium
•Others
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments of the key market players. Some of the major players in the market explored in the Expert Market Research report are:
•SAIPEM SpA
•VINCI
•STRABAG International GmbH
•ACS Group
•Skanska AB
•Bouygues Construction
•Others
