Belgium Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)
Summary
The construction industry in Belgium is expected to decline by 2% in real terms in 2024, following a marginal annual growth of 0.5% in 2023. The industry’s output in 2024 will be affected by challenges stemming from high construction costs and high interest rates. According to the Belgian statistical office (STATBEL), the construction output price index rose by 2.4% year-on-year (YoY) in Q1 2024, following an overall annual growth of 6.5% in 2023. The industry’s output in 2024 will however be supported by an investment of EUR1.4 billion ($1.5 billion) by the Belgian electricity network provider Elia. This investment is a part of the company’s broader capital expenditure plan of EUR30.1 billion ($31.9 billion) from 2024 to 2028; it is also in line with the company’s broader strategy to decarbonise the energy system.
GlobalData expects the Belgian construction industry to register an average growth rate of 3% from 2025 to 2028, supported by investments in the transport and renewable energy sectors. In April 2024, the French multinational utility company Engie announced that it plans to invest EUR4 billion ($4.2 billion) in Belgium by 2030, with primary focus on the renewable energy sector, particularly wind power generation. By the end of this decade, the company plans to double its onshore wind energy capacity from 570MW currently to 1GW, increase its offshore wind capacity to 1GW, and triple its current solar capacity to 300MW by 2030. In another positive development, Belgium and Rwanda signed a new bilateral cooperation agreement 2024-2029, in January 2024. The EUR95 million ($100.7 million) cooperation agreement aims to allocate resources across key sectors such as agriculture, urbanisation and health, and public finance management.
GlobalData’s Construction in Belgium - Key Trends and Opportunities to 2028 (H2 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
- About GlobalData
- 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, LCU 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, Construction Projects Momentum Index
- Figure 13: Western Europe, Construction Projects Momentum Index
- Figure 14: Belgium, Commercial Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 15: Belgium, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 16: Belgium, Retail Trade Turnover Value Index (2021=100)
- Figure 17: Belgium, Wholesale and Retail Trade, Transport, Accommodation and Food Service Activities Value Add (EUR Million, 2015 Chained Prices)
- Figure 18: Belgium, Total Tourist Arrivals (In Thousands)
- Figure 19: Belgium, Industrial Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 20: Belgium, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 21: Belgium, Industrial and Manufacturing Production Indices, Seasonally Adjusted, 2015=100
- Figure 22: Belgium, Manufacturing Value add (EUR Million, 2015 Chained Prices)
- Figure 23: Belgium, Total Export (EUR Million)
- Figure 24: Belgium, Infrastructure Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 25: Belgium, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 26: Belgium, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 27: Belgium, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 28: Belgium, Institutional Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 29: Belgium, Institutional Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 30: Belgium, Human Health and Social Work Activities Value Add (EUR Million, 2015 Chained Prices)
- Figure 31: Belgium, Residential Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 32: Belgium, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 33: Belgium, Real Estate Activities Value Add (EUR Million, 2015 Chained Prices)
- Figure 34: Belgium, Total Number of Dwelling Permits Issued
- Figure 35: Belgium, Housing Price Index (2015=100)
- Figure 36: Belgium, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 37: Belgium, Headquarters of Key Consultants (% of Total Project Pipeline)
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