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

August 14, 2023
5 Min Read

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 (%)

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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.

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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.

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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.

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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.

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