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Construction in Estonia - Key Trends and Opportunities (H1 2021)

April 2021 | 16 pages | ID: CDA73207F5D5EN

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Construction in Estonia - Key Trends and Opportunities (H1 2021)


The Estonian construction industry had been growing at a fast pace prior to the Coronavirus (COVID-19) pandemic. Although the country was not immune to the COVID-19 crisis, the construction industry was not affected to the same extent as major markets across Europe. This primarily reflects the positive underlying growth momentum prior to the outbreak of the virus and the milder nature of the lockdowns in Estonia. As a result, the Estonian construction industry grew by an impressive 6.8% in 2020.

GlobalData expects the construction industry to grow by 4.7% in 2021 and register an annual average growth rate of 4.9% from 2022 to 2025. Over the forecast period, the industry’s output is expected to be supported by the government’s focus on the development of infrastructure, as well as energy and utilities construction projects, with funding support from the European Union (EU). Improving investor confidence and positive developments in regional economic conditions will also provide momentum.

The government plans to invest EUR438 million (US$482.4 million) to develop and upgrade public transport infrastructure over the next three years. The government also plans to provide EUR10 million (US$11 million) to the state-owned railway infrastructure company, AS Eesti Raudtee, in 2021.

In 2020, the European Investment Bank (EIB) signed a loan agreement worth EUR95 million (US$104.6 million) with Eesti Raudtee to modernize tracks and the Control, Command and Signaling (CCS) of the Estonian rail network. In the fourth quarter of 2020, an agreement worth EUR115 million (US$126.7 million) was signed between Siemens Mobility - GRK Rail Consortium and Estonian Railways Ltd to renew the CCS systems of the Estonian Railways network.

In February 2021, the government approved a 100-day plan in a bid to help the economy recover from the COVID-19 pandemic. The plan is to focus on regional development, revitalize the tourism and education sector, construct a new modern medical campus, and develop the energy sector to achieve climate neutrality by 2050.

This report provides detailed market analysis, information, and insights into the Estonian construction industry, including -
  • The Estonian construction industry's growth prospects by market, project type and construction activity
  • Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Estonian construction industry
  • Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

This report provides a comprehensive analysis of the construction industry in Estonia. It provides -
  • Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in Estonia, 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
  • Identify and evaluate market opportunities using GlobalData's 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 strategy using GlobalData's critical and actionable insight.
  • Assess business risks, including cost, regulatory and competitive pressures.
  • Evaluate competitive risk and success factors.






6.1 Definitions


Table 1: Construction Industry Key Data
Table 2: Estonia, Top Construction Projects by Value
Table 3: Estonia, Construction Output Value (Real, US$ Million)
Table 4: Estonia, Construction Output Value (Nominal, EUR Million)
Table 5: GlobalData Construction Market Definitions


Figure 1: Estonia, Construction Output Value (Real, US$ Million, 2017 Prices and Exchange Rate), 2016-2025
Figure 2: Estonia, Construction Output Value, by Sector (Real, US$ Million), 2016-2025
Figure 3: Northern Europe, Construction Output (Real % Change), 2020 and 2021
Figure 4: Estonia, Construction Projects Pipeline by Sector (US$ Million)
Figure 5: Estonia, Construction Value-Add (EUR Million, 2015 Chained Linked Prices)
Figure 6: Estonia, Construction Price Index (2015=100)
Figure 7: Estonia, Total Gross Fixed Capital Formation in Construction (EUR Million)
Figure 8: Estonia, Real estate Value-Add (EUR Million, 2015 Chained Linked Prices)
Figure 9: Estonia, Dwelling Price Index (2010=100)
Figure 10: Estonia, Total Number of Dwellings Building Permits Issued
Figure 11: Estonia, Construction Projects Pipeline, Value by Stage (US$ Million)

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