Belgium Construction Market Size, Trends, and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028
Summary
The construction industry in Belgium is expected to decline by 1.7% in real terms in 2024, following marginal annual growth of 0.5% in 2023. The industry’s weakness in 2024 would be mainly affected by the challenges stemming from high construction costs and rising interest rates. According to the Belgian statistical office (STATBEL), the average construction output price index rose by 7.6% year on year (YoY) in the first nine months of 2023, following a rise of 13.8% in 2022.
GlobalData expects the construction industry to rebound from 2025, assuming an improvement in wider economic stability, with the construction industry to register an average growth rate of 3.1% from 2025 to 2028, supported by investments in the transport and renewable energy sectors. The National Railway Company of Belgium’s (SNCB) transport plan for the period 2023-2026, which aims to run 2,000 trains each week until 2026, will aid towards development of railway lines, thereby driving the infrastructure sector’s growth in the coming period. To achieve this, the company will invest EUR1.8 billion ($1.84 billion) in the country’s stations to improve intramodality and accessibility. In addition, the rail infrastructure manager Infrabel, would finance EUR1 billion ($1.02 billion) in the priority projects under the company’s 2023-32 investment plan. Furthermore, with the government aim to increase the share of renewable energy in its total gross fixed energy consumption from 13% in 2020 to 17.5% by 2030 and aims to reduce its non-ETS greenhouse gas emissions by 55% by 2030, compared to the 2005 levels would support the investment in the renewable energy projects.
GlobalData’s Construction in Belgium – Key Trends and Opportunities to 2028 (H1 2024) report provides detailed market analysis, information, and insights into the Belgian construction industry, including -
- The Belgian 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 the Belgian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Belgium. It provides -
- Historical (2019–2023) and forecast (2024–2028) 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
- 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.
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Belgium, Key Economic Indicators
- Table 3: Belgium, Commercial Construction Output by Project Type (Real % Change), 2019–28
- Table 4: Belgium, Top Commercial Construction Projects by Value
- Table 5: Belgium, Industrial Construction Output by Project Type (Real % Change), 2019–28
- Table 6: Belgium, Top Industrial Construction Projects by Value
- Table 7: Belgium, Infrastructure Construction Output by Project Type (Real % Change), 2019–28
- Table 8: Belgium, Top Infrastructure Construction Projects by Value
- Table 9: Belgium, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–28
- Table 10: Belgium, Top Energy and Utilities Construction Projects by Value
- Table 11: Belgium, Institutional Construction Output by Project Type (Real % Change), 2019–28
- Table 12: Belgium, Top Institutional Construction Projects by Value
- Table 13: Belgium, Residential Construction Output by Project Type (Real % Change), 2019–28
- Table 14: Belgium, Top Residential Construction Projects by Value
- Table 15: Belgium, Key Contractors
- Table 16: Belgium, Key Consultants
- Table 17: Belgium, Construction Output Value (Real, $ Million)
- Table 18: Belgium, Construction Output Value (Nominal, EUR Million)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Western Europe, Construction Output (Real % Change), 2022–28
- Figure 2: Belgium, Construction Output by Sector (Real % Change), 2022–24 and 2025–28
- Figure 3: Belgium, Risk Summary
- Figure 4: Belgium, Risk Regional Comparison
- Figure 5: Belgium, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019–28
- Figure 6: Belgium, Construction Output Value, by Sector (Real, $ Million), 2019–28
- Figure 7: Belgium, Construction Value Add (EUR Million, 2015 Chained Prices)
- Figure 8: Belgium, Construction Production Index (2015=100)
- Figure 9: Belgium, Gross Fixed Capital Formation (EUR Million), 2015 Chained Prices, Working Day and Seasonally Adjusted
- Figure 10: Belgium, Total Number of New Building Permits Issued
- Figure 11: Belgium, Construction Cost Index (2015=100)
- Figure 12: Belgium, Number of Unemployed Jobseekers (In Thousands)
- Figure 13: Belgium, Construction Projects Momentum Index
- Figure 14: Western Europe, Construction Projects Momentum Index
- Figure 15: Belgium, Commercial Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 16: Belgium, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 17: Belgium, Retail Trade Turnover Value Index (2015=100)
- Figure 18: Belgium, Wholesale and Retail Trade, Transport, Accommodation and Food Service Activities Value Add (EUR Million, 2015 Chained Prices)
- Figure 19: Belgium, Total Tourist Arrivals (In Thousands)
- Figure 20: Belgium, Industrial Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 21: Belgium, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 22: Belgium, Industrial and Manufacturing Production Indices, Seasonally Adjusted, 2015=100
- Figure 23: Belgium, Manufacturing Value add (EUR Million, 2015 Chained Prices)
- Figure 24: Belgium, Total Export (EUR Million)
- Figure 25: Belgium, Infrastructure Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 26: Belgium, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 27: Belgium, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 28: Belgium, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 29: Belgium, Institutional Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 30: Belgium, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 31: Belgium, Human Health and Social Work Activities Value Add (EUR Million, 2015 Chained Prices)
- Figure 32: Belgium, Residential Construction Output by Project Type (Real, $ Million), 2019–28
- Figure 33: Belgium, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 34: Belgium, Real Estate Activities Value Add (EUR Million, 2015 Chained Prices)
- Figure 35: Belgium, Total Number of Dwelling Permits Issued
- Figure 36: Belgium, Housing Price Index (2015=100)
- Figure 37: Belgium, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 38: Belgium, Headquarters of Key Consultants (% of Total Project Pipeline)
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