Zambia Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027
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Zambia Construction Market Report Overview
The Zambia construction market size was $5.3 billion in 2022. The market is projected to achieve an AAGR of more than 3% during 2024-2027. One of the key Zambia construction market growth drivers is rise in investments in transport, renewable energy, mining, manufacturing, residential and commercial construction projects. The market growth over the forecast period is also attributed to government investment under the 2024 Budget, which was announced in September 2023. Under the latest budget, the government allocated ZMK177.9 billion ($10.1 billion) to general expenditure.
Zambia Construction Market Outlook, 2022-2027 ($ Billion)
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The Zambia construction market report has compiled data on various project types and construction activities across sectors. While discussing the construction projects, our analysts have elucidated the factors responsible for the developments. The report further analyzes the top construction projects in Zambia from pre-planning to execution, along with the emerging market trends. In addition, the report gives an overview of the latest developments in the Zambia construction market.
Market Size (2022) | $5.3 billion |
AAGR (2024-2027) | >3% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
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Zambia Construction Market Segmentation by Sectors
Residential construction was the leading sector in the Zambia construction market in 2022
The key sectors in the Zambia construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. In 2022, the residential construction sector accounted for the highest market share.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The rising population, ongoing urbanization, and a growing middle-class will keep housing demand buoyant, which will contribute to the sector’s growth during the forecast period. Furthermore, public and private sector investments in the housing sector, to address the rising housing deficit in the country, will boost the sector’s revenue growth.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The sector output will be supported by investments in developing regional transportation infrastructure during the forecast period. In the 2024 Budget, the government allocated ZMK8.3 billion ($473.2 million) toward road infrastructure for the ongoing road construction projects, along with rehabilitating, upgrading, and maintaining feeder roads across the country and ZMK700.7 million ($39.9 million) to upgrade aerodrome infrastructure.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The sector’s growth over the forecast period will be attributed to the government’s investments in developing electricity, gas, and telecommunication infrastructure. Furthermore, the government’s goal of electrifying 1,217 rural growth centers by 2030 as part of the Rural Electrification Master Plan will propel the energy and utilities construction sector.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. The sector’s growth over the forecast period will be supported by the government’s focus on reviving the tourism sector, coupled with investments on leisure and hospitality, retail and office projects. Moreover, Finance Minister announced in September 2023 that the government secured ZMK1.8 billion ($100 million) under the Green, Resilient and Transformational Tourism Development Project to develop the tourism sector and to attract more tourists.
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. Investments and the creation of economic zones, coupled with investments in the country’s manufacturing sector, will contribute to the sector growth in the coming years. The other factor that will drive the growth is government’s goal of increasing copper production from around 763,287 metric tons in 2022 to approximately three million metric tons per year by 2030.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The sector’s growth is expected to be supported by government’s focus on providing affordable healthcare facilities coupled with private and public investments to develop the education sector.
Zambia Construction Market Analysis by Sectors, 2022 (%)
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Scope
This report provides:
- A comprehensive analysis of the construction industry in Zambia.
- Historical and forecast valuations of the construction industry in Zambia, 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.
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Frequently asked questions
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What was the Zambia construction market size in 2022?
The construction market size in Zambia was $5.3 billion in 2022.
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What is the Zambia construction market growth rate?
The construction market in Zambia is projected to achieve an AAGR of more than 3% during 2024-2027.
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Which was the leading sector in the Zambia construction market in 2022?
Residential construction was the leading sector in the Zambia construction market in 2022.
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What are the factors driving residential construction in the Zambia construction market?
The residential sector’s growth over the forecast period will be supported by rising population, ongoing urbanization and a growing middle-class will keep housing demand buoyant coupled with public and private sector investments in the housing sector, to address the rising housing deficit in the country.
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