Latvia Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027

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Published: April 27, 2023 Report Code: GDCN1122MR-ST

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Latvia Construction Market Report Overview

The Latvia construction market size was $5.4 billion in 2022. The market is projected to achieve an AAGR of more than 4% during 2024-2027. The industry’s growth will be supported by investments in transport, electricity, and housing projects.

Latvia Construction Market Outlook, 2022-2027

Latvia Construction Market Outlook, 2022-2027

For more insights into the Latvia construction market forecast, download a free report sample

The Latvia construction market research report provides detailed market analysis, information, and insights into the Latvia construction industry, including the growth prospects of the industry by market, project type, and construction activity. The report also delivers critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Latvia construction industry. The report also provides an analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Market Size (2022) $5.4 billion
AAGR (2024-2027) >4%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Sectors Commercial Construction, Industrial Construction, Infrastructure Construction, Energy and Utilities Construction, Institutional Construction, and Residential Construction

Latvia Construction Market Segmentation by Sectors

The key sectors in the Latvia construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. Infrastructure construction had the highest share in 2022.

Commercial construction: The commercial construction sector is expected to shrink in real terms in 2023, owing to headwinds caused by rising inflation, coupled with increased construction material and labour costs. During the period, the sector will also be affected by falling number of building permits issued for office buildings and wholesale and retail buildings. Over the remainder of the forecast period, the commercial construction sector is expected to rebound at an average annual growth rate of more than 4% from 2024 to 2027, supported by investments in leisure and hospitality, retail and office building projects.

Industrial construction: Over the period, between 2024 and 2027, the industrial construction sector is expected to register an annual average growth rate of more than 6%, supported by continued improvement in manufacturing and exports. The sector’s output will also be supported by the construction of various manufacturing plants currently in the early stages of development, including the construction of a pea-protein plant in Jelgava and an electric car battery manufacturing plant in Riga.

Infrastructure construction: The infrastructure construction sector is expected to decline in real terms in 2023, before averaging an annual growth rate of more than 3% from 2024 to 2027, supported by public- and private-sector investment in road, rail, port, and airport projects, in line with the government’s focus on developing transport infrastructure.

Energy and utilities construction: The sector’s output over the forecast period will be spurred by investment in renewable energy infrastructure, as part of the National Energy and Climate Plan 2021–2030 (NECP). The government aims to increase the share of renewable energy in the total electricity consumption from by 2030, and also reduce GHG emissions, compared to 2005 levels.

Institutional construction: The institutional construction sector’s output over the forecast period will be supported by public and private sector investments in the healthcare and educational sectors. Additionally, the rising elderly population in the country is expected to boost demand for healthcare facilities in the coming years, thereby attracting investments in healthcare buildings over the medium to long term.

Residential construction: Over the forecast period 2024-2027, the sector is expected to register an annual average growth rate of more than 4%, supported by rising housing demand in the country in line with the rising population.

Latvia Construction Market Analysis by Sectors, 2022 (%)

Latvia Construction Market Analysis by Sectors, 2022 (%)

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Latvia Construction Market – Latest News and Developments

  • Volume of construction output increases in Q4 2022
  • Number of permits issued for office buildings falls in Q4 2022
  • The number of non-resident visitor arrivals remain below pre-pandemic levels

For more Latvia construction market latest news and development insights, download a free report sample

Segments Covered in the Report

Latvia Construction Sectors Outlook (Value, US$ Billion, 2018-2027)

  • 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 Latvia. It provides

  • Historical and forecast valuations of the construction industry in Latvia, 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.

Table of Contents

  • 1. Construction Outlook

  • 2. Construction Industry: At-a-Glance

  • 3. Latest News and Developments

  • 4. Project Analytics

  • 5. Construction Market Data

  • 6. Risk Profile

  • 7. About GlobalData

    • 7.1. Definitions

    • 7.2. CRI Methodology

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