Latvia Construction Industry Report 2025: Output to grow in Real Terms by 2.2% this Year, Following a Fall of 6% in 2024 - Forecasts to 2029 - ResearchAndMarkets.com

The "Latvia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (H1 2025)" report has been added to ResearchAndMarkets.com's offering.

Construction industry in Latvia to grow in real terms by 2.2% in 2025, following an annual fall of 6% in 2024, supported by investments in transport, electricity, and housing infrastructure projects.

In November 2024, the Latvian state-owned energy company Latvenergo reported that construction of the EUR135 million ($143.6 million) 265MW solar park in Aizpute is scheduled for completion by 2025. Furthermore, in October 2024, Saeima, which is the parliament of the Republic of Latvia, approved the 2025 Budget, with an expenditure of EUR17.1 billion ($18.2 billion).

The budget includes an allocation of EUR2.9 billion ($3.1 billion) for economic activity, including maintenance and renovation of national roads, public transport and Rail Baltica project, EUR1.9 billion ($2 billion) for the health sector, EUR1.2 billion ($1.3 billion) for the education sector, and EUR239.4 million ($254.6 million) for recreation, culture and religion, including for film industry, art and literature, cultural heritage, sports and other measures.

The industry is further expected to register an average annual growth of 3.7% from 2026 to 2029, supported by investments in transport and renewable energy projects. The government aims to reduce greenhouse gas emissions by 65%, compared to 1990 levels, by 2030 and achieve climate neutrality by 2050.

To support this target, Latvia is focusing on increasing the capacity of renewable energy across the country. In September 2024, Latvenergo acquired a Latvian energy company Laflora Energy to build a 108.8MW wind farm at a former peat mining site in Livberze, with construction cost estimated at EUR185 million ($196.7 million). The project will feature 16 wind turbines of 6.8MW each. Construction is scheduled to be completed by 2026

Scope

• Historical (2020-2024) and forecast (2025-2029) 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

Reasons to Buy

• Identify and evaluate market opportunities using our 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 business strategies using the analyst's critical and actionable insight
• Assess business risks, including cost, regulatory and competitive pressures
• Evaluate competitive risk and success factors

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Latest news and developments

4 Project analytics

5 Construction Market Data

6 Risk Profile

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/4txnqe

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