Increased government investment in various infrastructure projects in the region is driving the Hungary construction market demand during the forecast period.

The Hungary Construction Market size was valued at USD 13.56 billion in 2023, and is predicted to reach USD 19.73 billion by 2030, at a CAGR of 7.2% from 2024 to 2030, according to the new research by Next Move Strategy Consulting.

The Hungary construction market is undergoing significant expansion, propelled by increased government investment in various infrastructure projects, particularly focusing on power energy and highway initiatives.

The European Union (EU) allocated substantial funds to Hungary, covering over 60,000 projects aimed at strengthening vital sectors such as telecommunications, energy, and highways. This financial support, a key component of Hungary's National Development Plan from 2014 to 2020, earmarked approximately USD 33 billion for a range of initiatives. These projects span diverse areas including tourism, infrastructure improvement, healthcare, and environmental preservation, collectively contributing to the country's socio-economic growth and infrastructural development.

However, the Hungary construction market faces significant challenges due to the complex labyrinth of government regulations and permitting processes. These procedures often involve obtaining multiple approvals from authorities at various levels, including local, regional, and national bodies.

Regulatory complexities encompass various requirements such as zoning regulations, environmental assessments, compliance with building codes, safety standards, and other prerequisites. Permit delays, bureaucratic inefficiencies, and regulatory disparities across different jurisdictions can significantly prolong project timelines and inflate costs, hence hindering the Hungary construction market growth.

Moreover, fluctuations in regulations or sudden policy changes can disrupt ongoing projects and deter potential investments. For example, the United States Environmental Protection Agency (EPA) oversees numerous aspects of the construction sector, including air quality, waste management, and water regulations, offering compliance assistance resources for environmental obligations during various construction phases.

Conversely, the Hungary construction market is undergoing a paradigm shift driven by digitalization and the adoption of Building Information Modeling (BIM), ushering in a new era of project management efficiency.

By harnessing advanced technologies such as BIM, stakeholders can create and manage digital representations of structures and infrastructure, facilitating seamless coordination and communication among project teams.

This initiative seeks to address the prevailing lack of digitalization in the Hungary construction industry, hindering the optimization of work processes to enhance efficiency, cost-effectiveness, resilience, and safety across construction and maintenance activities.

Request for a Sample here: https://www.nextmsc.com/hungary-construction-market/request-sample

Several market players operating in the Hungary 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 Hungary Construction Market Report:

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

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

• The market share of the key players in the Hungary construction industry is provided in the report, along with their competitive analysis.