Africa Construction Market Size (2024 - 2029)

Africa Construction Market Analysis

The Africa Construction Market size is estimated at USD 58.28 billion in 2024, and is expected to reach USD 73.76 billion by 2029, growing at a CAGR of 4.83% during the forecast period (2024-2029).

• Despite near-term challenges, the medium- to long-term outlook remains positive. Over the short term, investments in the construction industry may be driven by government spending in the infrastructure sector.
• The African construction industry is the target destination for most large economies because of several benefits, such as the availability of natural resources, tremendous investment opportunities in energy and infrastructure, cheap labor, and a fast-growing consumer market.
• The country also has a beneficial business environment that includes favorable economic development policies, rising commodity prices, continued progress in the fight against corruption, and the adoption of democratic governments.
• Given its stable political environment and business-friendly policies, Ghana has a reputation as an attractive investment destination with a wide range of opportunities. The government has made substantial investments in infrastructure development over the last few years, leading to rapid growth of the construction industry and creating opportunities for investors and businesses.
• Several policies have been implemented by the Ghanaian government, such as Agenda 111's “One District, One Factory" and Agenda 111 Hospital Projects, which are attracting local and international investors to create several construction firms.
• To close the financing gap for public infrastructure, which is projected to be USD 140 billion by 2040, public-private partnerships and blended project financing to finance infrastructure construction are firmly focused on the goals of NIP 2050.
• There are over 570 construction projects estimated to be worth USD 450 billion in Africa. The second-largest African sector, after the energy sector, is the transport sector, which includes road, airport, and rail projects totaling more than USD 280 billion.

Africa Construction Industry Segmentation

Construction is a diverse industry that includes activities ranging from mining, quarrying, and forestry to constructing infrastructure and buildings, manufacturing and supplying products, and maintenance, operation, and disposal.

A complete background analysis of the African construction industry, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics, and geographical trends, and the COVID-19 pandemic’s impact, is covered in the report.

The African construction market is segmented by sector (commercial construction, residential construction, industrial construction, infrastructure (transportation) construction, and energy and utility construction), construction type (additions, demolition, and new construction), and region (Eastern Africa, Western Africa, Southern Africa, and Northern Africa). The report offers market sizes and forecasts for the African construction market in value (USD) for all the above segments.