Global Powers of Construction 2025

Global Powers of Construction (GPoC) analyses the outlook for the construction industry worldwide and discusses the strategies and performance of the most representative listed global construction groups from the previous year.

In 2025, the consolidated revenue of the top 100 remained virtually stable (USD 1,972 billion), while market capitalisation increased by 12%. China remains in the lead but is losing market share, whereas European players are gaining ground.

Dutch builders Koninklijke BAM and Heijmans stand out with above-average revenue growth (averaging 13%) and a strong increase in market value (averaging 144.2%).

Medium-term prospects are positive (driven by the energy transition, data centres/AI, and urbanisation), but high interest rates, material costs, and geopolitical risks are dampening short-term expectations.

Key findings:

In 2025, the total revenue of the top 100 construction groups remained virtually stable, with a slight decrease of 0.4% to USD 1,972 billion. In local currencies, an increase of 1.9% was visible.

• Mixed results: Results varied across the markets. While some markets and companies showed solid growth, with Europe and various emerging markets growing, Chinese companies drove a slight decline in overall revenue.
• Chinese dominance: Chinese construction companies remain dominant, though their share of total revenue decreased from 51.2% to 48.5%.
• Largest contender: China State Construction Engineering Corporation (CSCEC) remains the world's largest construction company with a revenue of USD 289.7 billion.
• Market capitalisation: The combined market value of the top 100 rose by 12.0% to USD 893 billion. European companies contributed significantly to this increase (+ USD 104 billion), whereas U.S. market value declined (- USD 29 billion).
• Dutch progress: Driven by Koninklijke BAM Groep NV and Heijmans NV, the Netherlands climbed to 14th place in the country rankings (up from 16th in 2024). Their combined revenue rose by 13.0% to USD 11.1 billion (approx. EUR 9.8 billion), and their combined market value surged by 144.2% to USD 5.0 billion due to improved operational results and a strong recovery in investor sentiment.
• International expansion: The share of international revenue for the top 30 GPoC companies grew further, moving from 21.3% in 2024 to 24.7% in 2025—the highest level in the past five years.
• Geographical focus: European companies remain the most internationally oriented, with 67% of their revenue coming from projects outside their home country, followed by Asia (14.3%) and the US (4%).
• Return on equity: The average return on equity (ROE) for European construction companies in the GPoC top 30 decreased slightly to 13.6% (compared to 14.3% in 2024), yet outperformed their U.S. peers (12.6%). Asian construction companies averaged 6.8%.

If you'd like to discuss what this means for your business, please get in touch with us via the contacts below.