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)

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 (%)

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 (%)

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 (%)

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

  • 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

      • 4.1.1. Outlook
      • 4.1.2. Latest news and developments
      • 4.1.3. Construction Projects Momentum Index

    • 4.2. Commercial Construction

      • 4.2.1. Outlook
      • 4.2.2. Project analytics
      • 4.2.3. Latest news and developments

    • 4.3. Industrial Construction

      • 4.3.1. Outlook
      • 4.3.2. Project analytics
      • 4.3.3. Latest news and developments

    • 4.4. Infrastructure Construction

      • 4.4.1. Outlook
      • 4.4.2. Project analytics
      • 4.4.3. Latest news and developments

    • 4.5. Energy and Utilities Construction

      • 4.5.1. Outlook
      • 4.5.2. Project analytics
      • 4.5.3. Latest news and developments

    • 4.6. Institutional Construction

      • 4.6.1. Outlook
      • 4.6.2. Project analytics
      • 4.6.3. Latest news and developments

    • 4.7. Residential Construction

      • 4.7.1. Outlook
      • 4.7.2. Project analytics
      • 4.7.3. 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

Table

Table 1: Construction Industry Key Data

Table 2: Finland, Key Economic Indicators

Table 3: Finland, Commercial Construction Output by Project Type (Real % Change), 2019–28

Table 4: Finland, Top Commercial Construction Projects by Value

Table 5: Finland, Industrial Construction Output by Project Type (Real % Change), 2019–28

Table 6: Finland, Top Industrial Construction Projects by Value

Table 7: Finland, Infrastructure Construction Output by Project Type (Real % Change), 2019–28

Table 8: Finland, Top Infrastructure Construction Projects by Value

Table 9: Finland, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–28

Table 10: Finland, Top Energy and Utilities Construction Projects by Value

Table 11: Finland, Institutional Construction Output by Project Type (Real % Change), 2019–28

Table 12: Finland, Top Institutional Construction Projects by Value

Table 13: Finland, Residential Construction Output by Project Type (Real % Change), 2019–28

Table 14: Finland, Top Residential Construction Projects by Value

Table 15: Finland, Key Contractors

Table 16: Finland, Key Consultants

Table 17: Finland, Construction Output Value (Real, $ Million)

Table 18: Finland, Construction Output Value (Nominal, EUR Million)

Table 19: GlobalData Construction Market Definitions

Table 20: Risk Dimensions

Table 21: Ratings, Scores and Definitions

Figures

Figure 1: Western Europe, Construction Output (Real % Change), 2022–28

Figure 2: Finland, Construction Output by Sector (Real % Change), 2022–24 and 2025–28

Figure 3: Finland, Risk Summary

Figure 4: Finland, Risk Regional Comparison

Figure 5: Finland, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019–28

Figure 6: Finland, Construction Output Value, by Sector (Real, $ Million), 2019–28

Figure 7: Finland, Construction Value Add (EUR Million, 2015 Constant Prices)

Figure 8: Finland, Gross Fixed Capital Formation (EUR Million, 2015 Constant Prices)

Figure 9: Finland, Construction Turnover Index (2015=100)

Figure 10: Finland, Employment in the Construction Industry

Figure 11: Finland, Total Building Permits Issued (Unit, Number)

Figure 12: Finland, Building Cost Index (2015=100)

Figure 13: Finland, Construction Projects Momentum Index

Figure 14: Western Europe, Construction Projects Momentum Index

Figure 15: Finland, Commercial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 16: Finland, Commercial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 17: Finland, Total Tourist Arrivals (In Numbers)

Figure 18: Finland, Total Overnight stays (In numbers)

Figure 19: Finland, Commercial and Office Building Permits Issued (Unit, Number)

Figure 20: Finland, Warehouse Building Permits Issued (Unit, Number)

Figure 21: Finland, Agricultural Building Permits Issued (Unit, Number)

Figure 22: Finland, Accommodation and Food Service Activities Value Add (EUR Million, 2015 Constant Prices)

Figure 23: Finland, Industrial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 24: Finland, Industrial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 25: Finland, Manufacturing Turnover Index (2015=100)

Figure 26: Finland, Manufacturing Value Add (EUR Million, 2015 Constant Prices)

Figure 27: Finland, Industrial Production Index (2015=100)

Figure 28: Finland, Industrial Building Permits Issued (Unit, Number)

Figure 29: Finland, New Orders for Manufacturing Index (2015=100)

Figure 30: Finland, Infrastructure Construction Output by Project Type (Real, $ Million), 2019–28

Figure 31: Finland, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 32: Finland, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019–28

Figure 33: Finland, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 34: Finland, Information and Communication Value Add (EUR Million, 2015 Chain linked volumes)

Figure 35: Finland, Total Public utility building Permits (Unit, Number)

Figure 36: Finland, Institutional Construction Output by Project Type (Real, $ Million), 2019–28

Figure 37: Finland, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 38: Finland, Education Value Add (EUR Million, 2015 chained prices)

Figure 39: Finland, Institutional Care Building Permits (Unit, Number)

Figure 40: Finland, Educational Building Permits (Unit, Number)

Figure 41: Finland, Residential Construction Output by Project Type (Real, $ Million), 2019–28

Figure 42: Finland, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 43: Finland, Real Estate Value Add (EUR Million, 2015 Constant Prices)

Figure 44: Finland, Gross Fixed Capital Formation on Dwellings (EUR Million, 2015 Constant Prices)

Figure 45: Finland, Residential Building Permits Issued (Unit, Number)

Figure 46: Finland, Residential Building Cost Index (2015=100)

Figure 47: Finland, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 48: Finland, Headquarters of Key Consultants (% of Total Project Pipeline)

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