Finland Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028
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Finland Construction Market Report Overview
The Finland construction market size was $46.5 billion in 2023. The market is expected to achieve an AAGR of more than 2% during 2025-2028. The growth of the market is attributed to the government’s efforts to develop transport, housing, and industrial infrastructure. Investments as part of the modified Recovery and Resilience Plan (RRP) approved in November 2023, with a strong focus on green transition, will also aid the forecast period growth in the construction market.
Finland Construction Market Outlook, 2023-2028 ($ Billion)
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The Finland construction market research report gives a comprehensive understanding of project types and construction activities in the country. It analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report further discusses the key sectors in the construction market and their growth drivers. Along with reviewing the details of the construction projects, our analysts have elaborated on emerging trends and assessed key risks and opportunities that will influence the Finnish construction market growth in the coming years.
Market Size (2023) | $46.5 billion |
AAGR (2025-2028) | >2% |
Forecast Period | 2023-2028 |
Historical Period | 2019-2022 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
Key Contractors | · SRV Group Plc
· Skanska AB · YIT Corp · Vattenfall AB · Bouygues SA |
Key Consultants | · Ramboll Group AS
· Sweco AB · A-Insinoorit Suunnittelu Oy · WSP Global Inc · Sitowise Group |
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Finland Construction Market Segmentation by Sectors
The residential construction sector accounted for the highest market share in the Finland construction market in 2023
The key sectors in the Finland construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
Residential construction: The project types in this sector include single-family housing and multi-family housing. In the long term, the government’s commitment to building affordable housing projects coupled with an increase in private investments and developments will support the sector output over the forecast period. To eradicate the housing shortage across the country by 2027, the Ministry of Environment is planning to launch a housing program in partnership with key ministries, urban regions, welfare regions, and organizations to supply reasonably priced and state-subsidized apartments to the needy.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. Increase in tourist arrivals and retail sales will drive the commercial sector’s growth over the forecast period. Gradual improvement in the development of leisure and hospitality services, logistics, office buildings, data centers, and the tourism industry will also aid the market growth.
Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. Continuous drops in industrial and manufacturing production, new industrial orders, supply chain disruptions, and raw material price hikes will result in a contraction in the industrial construction market in 2024. However, the Finnish Recovery and Resilience Plan and funding received from the European Union for supporting small and medium enterprises (SMEs) will drive the sector’s growth during the forecast period.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The government’s medium- and long-term objectives for expanding transport networks will support the infrastructure sector’s output over the forecast period.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Finland’s commitment to achieving carbon neutrality by 2035, in addition to targets of reducing all greenhouse gas emissions by 2050 compared to 1990 levels will drive the sector growth between 2025 and 2028.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Investments in healthcare and education infrastructure, in line with the government’s focus on improving the population’s living conditions, will fuel the growth of the institutional construction sector during the forecast period.
Finland Construction Market Analysis by Sectors, 2023 (%)
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Finland Construction Market - Competitive Landscape
SRV Group Plc emerged as the leading contractor and Ramboll Group AS as the leading consultant in the Finland construction market in 2023
A few of the leading contractors in the Finland construction market are:
- SRV Group Plc
- Skanska AB
- YIT Corp
- Vattenfall AB
- Bouygues SA
Domestic contractors account for most of the project pipeline in the Finnish construction market.
Finland Construction Market Analysis by Contractors, 2023 (%)
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A few of the leading consultants in the Finland construction market are:
- Ramboll Group AS
- Sweco AB
- A-Insinoorit Suunnittelu Oy
- WSP Global Inc
- Sitowise Group
Domestic headquartered consultants are involved in most of the project pipeline by value.
Finland Construction Market Analysis by Consultants, 2023 (%)
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Finland Construction Market - Latest Developments
- The largest commercial project currently in the pipeline is the Data Center project, which involves the construction of a data center on 21ha of land.
- Among the largest industrial projects currently in the pipeline is the Inkoo Green Steel Manufacturing Plant project, which involves the construction of a green steel manufacturing plant by utilizing green hydrogen.
Segments Covered in the Report
Finland Construction Sectors Outlook (Value, $ Billion, 2019-2028)
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Energy and Utilities Construction
- Institutional Construction
- Residential Construction
Scope
This report provides:
- A comprehensive analysis of the construction industry in Finland.
- Historical and forecast valuations of the construction industry in Finland, featuring details of key growth drivers.
- Segmentation by sector 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.
Table of Contents
Table
Figures
Frequently asked questions
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What was the construction market size in Finland in 2023?
The construction market size in Finland was $46.5 billion in 2023.
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What will the Finland construction market growth rate be during the forecast period?
The construction market in Finland is projected to achieve an AAGR of more than 2% during 2025-2028.
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Which sector accounted for the highest share of the Finland construction market in 2023?
The residential construction sector accounted for the highest market share in the Finnish construction market in 2023.
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Which are the leading contractors in the Finnish construction market?
A few of the leading contractors in the Finnish construction market are SRV Group Plc, Skanska AB, YIT Corp, Vattenfall AB, and Bouygues SA, among others.
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Which are the leading consultants in the Finnish construction market?
A few of the leading consultants in the Finnish construction market are Ramboll Group AS, Sweco AB, A-Insinoorit Suunnittelu Oy, WSP Global Inc, and Sitowise Group, among others.
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