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

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Latvia Construction Market Report Overview

The Latvia construction market size was $5.8 billion in 2022. The market is projected to achieve an AAGR of more than 1% during 2024-2027. The industry’s output over the forecast period is owing to investments in electricity, transport, and real estate projects.

Latvia Construction Market Outlook, 2022-2027 ($ Billion)

Latvia Construction Market

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The Latvia 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 Latvia from pre-planning to execution, along with the emerging market trends. In addition, the report gives an overview of the latest developments in the Latvia construction market.

Market Size (2022) $5.8 billion
AAGR (2024-2027) >1%
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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Latvia Construction Market Segmentation by Sectors

Infrastructure construction was the leading sector in the Latvia construction market in 2022

The key sectors in the Latvia construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. In 2022, the infrastructure construction sector accounted for the highest market share, followed by commercial construction.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The sector output will be supported by public and private investment in transport infrastructure projects, to expand the country’s networks.

Residential construction: The project types in this sector include single-family housing and multi-family housing. Investments to construct new residential buildings in the country due to growing urbanization will drive the sector’s growth 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. The sector’s growth over the forecast period is attributed to public and private investments to expand the electricity networks, coupled with its focus on producing renewable energy.

Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. Growing investments in the construction of data centers, and hotels coupled with improvement in the sports and cultural industry will drive the sector’s growth over the forecast period.

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. Increased private investments in developing the country’s manufacturing and raw materials production plants will boost the sector’s growth during the forecast period.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Rising investment in healthcare, and education infrastructure projects will facilitate the sector’s growth during the forecast period.

Latvia Construction Market Analysis by Sectors, 2022 (%)

Latvia Construction Market Analysis by Sectors, 2022 (%)

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Latvia Construction Market – Latest Developments

  • In July 2023, the University of Latvia (LU) announced its plan to invest EUR40 million ($40.8 million) in the construction of a sports house in Riga. The new project will be built on an area of approximately 14,000 square meters and will include the construction of three sports halls, swimming pools, a fitness room, a 100-meter running track, and other necessary facilities. It is scheduled to be operational by 2026.
  • In November 2023, Lithuania-based energy company Ignitis Group plans to invest EUR178 million ($181.8 million) for the construction of three solar power plants in Latvia with a combined capacity to produce a 239-megawatt peak (MWp). According to Ignitis Group, the project is the largest foreign direct investment in the solar energy sector in Latvia.

Segments Covered in the Report

Latvia Construction Sectors Outlook (Value, $ 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.
  • Historical and forecast valuations of the construction industry in Latvia, 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 Latest news and developments
  • 4 Project analytics
  • 5 Construction Market Data
  • 6 Risk Profile
  • 7 Appendix

    • 7.1 Definitions
    • 7.2 CRI Methodology
    • 7.3 About GlobalData

  • 8 Contact Us

Table

Table 1: Construction Industry Key Data

Table 2: Latvia, Top Construction Projects by Value

Table 3: Latvia, Construction Output Value (Real, $ Million)

Table 4: Latvia, Construction Output Value (Nominal, EUR Million)

Table 5: GlobalData Construction Market Definitions

Table 6: Risk Dimensions

Table 7: Ratings, Scores and Definitions

Figures

Figure 1: Latvia, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2018–27

Figure 2: Latvia, Construction Output Value, by Sector (Real, $ Million), 2018–27

Figure 3: Eastern Europe, Construction Output (Real % Change), 2021–27

Figure 4: Latvia, Construction Output by Sector (Real % Change), 2021–23 and 2024–27

Figure 5: Latvia, Construction Value Add (Constant 2015 Prices, EUR Million)

Figure 6: Latvia, Volume of Construction Output, In Current Prices, % Change YoY

Figure 7: Latvia, Number of Permits Issued for Office Buildings

Figure 8: Latvia, Number of Permits Issued for Hotels, Wholesale, and Retail Buildings

Figure 9: Latvia, Non-Resident Visitor Arrivals, In Thousands

Figure 10: Latvia, Value Add of Accommodation, Food Services, Arts, Entertainment, and Recreation Activities, in Constant 2015 Prices, % Change YoY

Figure 11: Latvia, Manufacturing Value Add (Constant 2015 Prices, EUR Million)

Figure 12: Latvia, Total Exports, In EUR Million

Figure 13: Latvia, Industrial and Manufacturing Production Volume Indices, 2015=100, Seasonally Adjusted Data, % Change YoY

Figure 14: Latvia, Volume of Construction Output of Roads and Railways (Current Prices)

Figure 15: Latvia, Volume of Construction of Utility Projects for Electricity and Telecommunications, In Current Prices

Figure 16: Latvia, Total Gross Electricity Production and Electricity Consumption, in Million Kwh

Figure 17: Latvia, Value Add of Education, Health, and Social Care Services, In Constant 2015 Prices, % Change YoY

Figure 18: Latvia, Value Add of Real Estate Activities (Constant 2015 Prices, EUR Million)

Figure 19: Latvia, Number of Permits Approved for Residential Buildings

Figure 20: Latvia, New Business Loans to Households for House Purchase, In EUR Million

Figure 21: Latvia, House Price Index (HPI), 2015=100

Figure 22: Latvia, Construction Cost Index for New Residential Buildings, 2015=100

Figure 23: Latvia, Construction Projects Pipeline, Value by Stage ($ Million)

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