Belgium Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027

Belgium Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027

Summary

GlobalData expects Belgium’s construction industry to shrink by 1.2% in real terms in 2023, owing to headwinds caused by high interest rates and construction costs, and a fall in the number of new building licenses authorized. According to the Belgian statistical office (STATBEL), the total number of new building permits issued in the country declined by 16.1% year on year (YoY) in the first three months of 2023, falling from 9,914 in Q1 2022 to 8,320 in Q1 2023. This decline is attributed to a fall in permits issued for both non-residential (-16.9% YoY) and residential (-15.9% YoY) buildings.

Output will remain sluggish in 2024 given ongoing weakness in the residential sector before regaining growth momentum from 2025, supported by the government’s focus on the development of the energy and transport infrastructure sectors. As part of the National Energy-Climate Plan 2021-2030, the government aims to increase the share of renewable energy in its total gross fixed energy consumption from 13% in 2020 to 17.5% by 2030. Additionally, the government also plans to reduce its non-ETS greenhouse gas emissions (all greenhouse gas emissions that are not from companies in the ETS - Emissions Trading System) by 35% by 2023 compared to the 2005 levels. To achieve this target, the government aims to establish 5.8GW of offshore wind capacity by 2030 and 8GW by 2040. It also plans to develop hybrid renewable energy projects, in collaboration with Denmark. Belgium will receive EUR3 billion ($3.1 billion) in Cohesion Policy funding from the European Union (EU), from 2021 to 2027, to accelerate its green and digital transition.

This report provides detailed market analysis, information, and insights into Belgium’s construction industry, including -

• Belgium’s construction industry's growth prospects by market, project type and construction activity
• Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Belgium’s construction industry
• Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in Belgium. It provides -

• Historical (2018–2022) and forecast (2023–2027) valuations of the construction industry in Belgium, featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

• Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
• Assess market growth potential at a micro-level with over 600 time-series data forecasts.
• Understand the latest industry and market trends.
• Formulate and validate strategy using GlobalData's critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.