Construction and Decarbonization: A Resilient Sector Amid Crises and Green Targets Chiedi a ChatGPT
The construction sector—a major economic powerhouse and infrastructural pillar—now stands at the crossroads of unprecedented global challenges. Despite the turbulence caused by the COVID emergency and the conflict in Ukraine—resulting in higher raw‑material prices, supply‑chain disruptions, and a resurgence of inflation—the industry has shown remarkable resilience. According to Deloitte’s Global Powers of Construction report, which analyzes the performance of the world’s leading publicly traded groups, 2023 saw a modest 3.4 % rise in total revenues and, even more strikingly, an 18.3 % increase in market capitalization among the top 100 global firms. This optimistic signal testifies to the sector’s recovery, driven in particular by the excellent performances of U.S. and European groups.
Europe, in particular, remains a key player, hosting 40 of the world’s top 100 construction companies—many of them Italian. Aggregate European sales jumped 11.3 %, surpassing $411 billion, while market capitalization surged by 25.2 %. This demonstrates the vitality and rebound capacity of a sector that, despite forecasted macroeconomic headwinds in 2024 (with slower global growth), retains promising medium‑ to long‑term prospects—projected to grow from $10.4 trillion in 2023 to $16.1 trillion by 2030.
D&D: Digitalization and Decarbonization
Alongside economic challenges, construction faces an even more structural and urgent one: decarbonization. Responsible for 37 % of global CO₂ emissions, the industry is indispensable in the fight against climate change. This ecological transition requires overcoming heavy reliance on high‑carbon processes and materials, and addressing at least five crucial challenges:
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Technological Adaptation
Integrate new technologies for energy efficiency, on‑site renewable generation, and optimized construction workflows. -
New Skillsets
Develop the expertise needed to design, build, and manage low‑impact buildings—from innovative materials to advanced digitalization. -
Overcoming Industry Fragmentation
Foster collaboration and integration across the entire value chain—from material producers to builders, designers, and facility managers—for a more systemic approach to sustainability. -
Enhanced Data Availability
Collect, analyze, and share data on building energy performance, material carbon footprints, and intervention outcomes—enabling more informed, targeted decisions. -
Investment in Decarbonization Technologies
Stimulate R&D and adoption of innovative solutions that dramatically reduce both embodied and operational emissions.
Europe: Resilient Infrastructure and a Cooling Residential Market
In Europe—where the construction sector exceeds $2.8 trillion—investment in infrastructure and non‑residential construction is expected to remain stable and resilient. This resilience owes much to public spending and Recovery and Resilience Facility (RRF) funds under the Next Generation EU program. Countries like Spain and France, for example, are benefiting from significant civil‑engineering and public‑works investments that shore up the non‑residential sector.
Conversely, the residential sector is likely to continue contracting in many parts of Europe. In Germany, despite strong housing demand, residential investment has fallen sharply in recent years, with a recovery now expected only from 2025 onward. France faces a similar slowdown, driven by a stagnating real‑estate market and broader economic uncertainty.
Italy: Major Projects and Incentive Reforms
Italy’s strategy combines a significant uptick in strategic infrastructure investment with a recalibration of residential‑building incentives. Iconic projects such as the Strait of Messina Bridge join established high‑speed rail, port, and metro network initiatives—aimed at boosting economic growth through public‑works modernization and expansion.
At the same time, public subsidies for residential construction are being restructured to ease the fiscal burden of the Superbonus and to allocate resources more efficiently and sustainably. The goal is not to abandon renovations, but to manage them in a way that balances national financial stability with the promotion of energy efficiency and building upgrades. Strategic investments in the energy and utilities sectors are set to shape significantly the future growth and direction of the entire construction industry.
