Latvia Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028
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Latvia Construction Market Report Overview
The Latvia construction market size was $7.5 billion in 2023. The market will achieve an AAGR of more than 3% during 2025-2028. Investments in transport and renewable energy infrastructure projects will support the sector’s growth during the forecast period.
Latvia Construction Market Outlook, 2023-2028 ($ Billion)
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The Latvia 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 Latvia construction market growth in the coming years.
Market Size (2023) | $7.5 billion |
AAGR (2025-2028) | >3% |
Forecast Period | 2023-2028 |
Historical Period | 2019-2022 |
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
The commercial construction sector accounted for the highest market share in the Latvia construction market in 2023
The key sectors in the Latvia construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. Over the forecast period, investments in the construction of leisure and hospitality, retail, office, and data center buildings will support the commercial sector’s output.
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. An anticipated improvement in the industrial and manufacturing activities, coupled with rising foreign investments in the country will drive the industrial construction sector 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 focus on developing the country’s transport infrastructure, especially roads will support the sector’s growth during 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. Private and public investments to expand the electricity networks will support the sector’s growth.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The government’s allocations as part of the 2024 budget will fuel the sector’s growth during the forecast period. Furthermore, the Latvian Ministry of justice’s development work of a prison complex in Liepaja, Latvia will also support the sector’s growth.
Residential construction: The project types in this sector include single-family housing and multi-family housing. Rising investments to build affordable houses in the country will support the sector’s growth. Moreover, a rising population and urbanization in the country will also boost investments toward the construction of new residential buildings in the country over the long term
Latvia Construction Market Analysis by Sectors, 2023 (%)
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Latvia Construction Market - Latest Developments
Latvia 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 Latvia. It provides –
- Historical (2019-2023) and forecast (2024-2028) 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.
Key Highlights
Construction,
Latvia’s Construction Industry,
Commercial Construction,
Institutional Construction,
Industrial Construction,
Infrastructure Construction,
Residential Construction,
Energy and Utilities Construction
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 Latvia in 2023?
The construction market size in Latvia was $7.5 billion in 2023.
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What will the Latvia construction market growth rate be during the forecast period?
The construction market in Latvia is projected to achieve an AAGR of more than 3% during 2025-2028.
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Which sector accounted for the highest share of the Latvia construction market in 2023?
The commercial construction sector accounted for the highest market share in the Latvia construction market in 2023.
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