AFRICA CONSTRUCTION MARKET - GROWTH, TRENDS, AND FORECAST (2019 - 2024)

Africa Construction Market - Segmented by (Commercial Constructions, Residential Constructions, Industrial Constructions, Infrastructure (Transportation Constructions)), and Energy and Utility Constructions - Growth, Trends, and Forecast (2019 - 2024)

Market Overview

The Africa construction market is expected to register a CAGR of 6.4% over the forecast period, 2019 – 2024.

The African construction industry is the target destination for most large economies. This is because of accruing benefits and/or advantages such as availability of huge natural resources, huge investment opportunities in energy and infrastructure, cheap labor, and a fast-growing consumer market. Also, there is a beneficial business environment that includes favorable economic development policies and rising commodity prices in addition to continued progress in the fight against corruption and the adoption of democratic governments.

According to the Industry sources 482 projects valued at USD 50m or above each that had broken ground by 1 June 2018. In total, these projects are worth USD 471 billion. It nearly doubled the total project value from 2017 as it was USD 210 billion.

As a region, East Africa has the largest number of recorded projects with 139 projects. North Africa accounts for the largest share of projects in terms of value at 31.5% (or USD148.3bn). The projects included are spread over 43 of Africa’s 54 countries. Egypt is the single country having the most projects with 46 projects (9.5% of projects on the continent) as well as the most projects by value at USD79.2bn (17% of the continent’s value), edging out South Africa and Nigeria respectively.

As a sector, the Transport sector has 186 projects 22.7% of total project value, following by power and energy projects with a share of 24.4 of the total project value.

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