Africa Construction Market is Expected to Reach USD 239.99 Billion by 2030

Surge in construction projects in the region is driving the Africa construction market demand during the forecast period.

The Africa Construction Market size was valued at USD 196.77 billion in 2023, and is predicted to reach USD 239.99 billion by 2030, at a CAGR of 1.5% from 2024 to 2030, according to new research by Next Move Strategy Consulting.

The African region, encompassing nations such as Nigeria, Kenya, and Ghana, is presently witnessing a surge in construction projects aimed at propelling overall construction market expansion. In Nigeria, escalating investments in construction are serving as a cornerstone for the sector's expansion. Data from the Global Infrastructure Hub indicates that infrastructure investments in Nigeria's construction industry surged to USD 23 billion in 2023. 

Notably, the energy sector claimed the largest portion, amounting to USD 7.2 billion, followed closely by the road transport sector, that received USD 5.9 billion. This sustained investment trajectory is anticipated to persist, nurturing continuous growth and advancement within the Nigerian construction market. Moreover, Africa boasts a considerable wealth of renewable energy sources, representing nearly 44.8% of the total potential for renewable energy technologies.

However, the construction industry faces substantial challenges arising from the intricate landscape of government regulations and permitting procedures, that require a range of permits and approvals from local, regional, and national authorities. These requirements encompass zoning regulations, environmental assessments, compliance with building codes, safety standards, and other regulatory prerequisites. Permit delays, bureaucratic inefficiencies, and discrepancies in regulations across different jurisdictions can significantly prolong project timelines and increase costs. Moreover, fluctuations in regulations or unforeseen policy changes can disrupt ongoing projects and deter future investments. 

On the other hand, digital transformation and the adoption of Building Information Modeling (BIM) are reshaping the construction landscape by integrating advanced technologies to improve efficiency, accuracy, and collaboration across projects. BIM, a sophisticated 3D modeling tool, empowers stakeholders to create and manage digital representations of structures and infrastructure, thereby enhancing coordination and communication among project teams. 

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Several key players operating in the Africa construction industry include China State Construction Engineering Corp. Ltd. (CSCEC), China Railway Group Ltd. (CREC), China Railway Construction Corp. Ltd. (CRCC), China Communications Construction Group Ltd. (CCCC), Metallurgical Corporation of China Ltd. (MCC), Power Construction Corp. of China, Vinci SA, China Energy Engineering Corp. (CEEC), Shanghai Construction Group (SCG), Bouygues Group, and others.

Key Insights from the Africa Construction Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Africa construction market is provided in the report.

• The value chain analysis in the Africa construction market study provides a clear picture of the roles of each stakeholder.

• The report provides an analysis of the Africa construction market share and competitive landscape of key players in the industry.

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