Europe Construction Market Outlook
According to a new report by Expert Market Research titled, “Europe Construction Market Size, Share, Analysis, Report and Forecast 2023-2028″, reached a value of around USD 2624.17 billion in 2022. Aided by the increasing need for housing and the rising applications of advanced construction technologies, the market is projected to further grow at a CAGR of 4.9% between 2023 and 2028 to reach a value of USD 3496.59 billion by 2028.
Construction, comprising both residential and non-residential segments, is a significant economic sector in Europe. It involves the planning, design, and execution of structures and buildings. This sector plays a vital role in providing housing, infrastructure, and commercial spaces that are key to societal growth and prosperity. Apart from its direct applications, construction stimulates various related industries, such as manufacturing, real estate, and services.
The increasing demand for housing is driving the Europe construction market growth. With growing urbanisation and population, there has been a significant rise in the demand for residential buildings. Additionally, the trend of urban regeneration has further contributed to the increasing demand for construction, as old buildings are being replaced or renovated. Additionally, implementation of a number of beneficial policies and investments by governments to improve housing infrastructure and provide housing for the most vulnerable section is promoting the expansion of the Europe construction market.
The expanding applications of advanced technologies in construction is also a significant factor propelling the market. For instance, Building Information Modelling (BIM) is increasingly used for efficient planning and management of construction projects. Furthermore, the use of advanced materials and construction techniques is enhancing the durability and energy efficiency of buildings.
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The growing focus on sustainable construction practices is another factor boosting the Europe construction market expansion. With the rise in environmental concerns and the increasing emphasis on energy efficiency, sustainable construction practices have gained prominence. This includes the use of green building materials, energy-efficient designs, and the integration of renewable energy sources in buildings.
Moreover, the increasing investments in infrastructure development, such as transportation, utilities, and public facilities, are further fuelling the Europe construction market growth. Infrastructure development is essential for economic growth, improving connectivity, and enhancing living standards.
Europe Construction Market Segmentation
The market can be divided based on end use, residential buildings and single units, and country.
Market Breakup by Packaging End Use
- Private Housing
- Other Buildings and Single Units
Market Breakup by Residential Buildings and Single Units
- Detached Houses
- Terraced Houses
Market Breakup by Country
- United Kingdom
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The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the Europe construction companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- VINCI SA
- ACS Group
- Skanska AB
- Bouygues Construction
- Hochtief AG
- Eiffage S.A.
- STRABAG International GmbH
- Balfour Beatty plc
- Ferrovial S.A.
- Acciona, S.A
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