Norway Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028

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Published: May 10, 2024 Report Code: GDCN1379MR-ST

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GlobalData expects the Norwegian construction industry to contract by 4% in real terms in 2024, owing to slowdown in the housing market amid rising interest rates and high inflation, coupled with elevated construction costs which has led to an increase in mortgage rates, resulted in falling building permits and delays of projects. According to Statistics Norway, the average construction cost index for residential buildings rose by 3.3% year on year (YoY) in the first three months of 2024, owing to increased costs in both materials (3.9% YoY) and labour (3.1% YoY). Moreover, the total floor space of dwelling permits issued in the country fell by 16.8% in 2023, falling from 3.7 million m2 in 2022 to 3.1 million m2 in 2023. In March 2024, the government reported that the tender for the 1.5GW floating offshore wind project – Utsira Nord is expected to launch in 2025.

Over the remainder of the forecast period, the industry’s output is expected to record an annual average growth rate of 3.4% from 2025 to 2028, supported by investments in the transport, commercial, and renewable energy projects, coupled with the government’s target of reaching net zero carbon emissions by 2030, compared to its 1991 levels. In March 2024, a consortium led by local energy company Ventyr Energi won an offshore wind project auction from the government to build a 1.5GW offshore wind project in Sorlige Nordsjo II by 2030. Growth over the forecast period will also be aided by the government’s plans to develop the country’s road network with an investment of NOK207.6 billion ($20.7 billion) by 2027. In March 2024, Swedish construction company Skanska began construction work on the part of the E18 highway near Oslo, involving the construction of a two-lane road stretching 6km, a 1.2km Hovik tunnel, and the Ramstadsletta bridge by 2030.

GlobalData’s Construction in Norway – Key Trends and Opportunities to 2028 (H1 2024) report provides detailed market analysis, information, and insights into the Norwegian construction industry, including –
– The Norwegian 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 Norwegian construction industry
– Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in Norway. It provides –

• Historical (2019–2023) and forecast (2024–2028) valuations of the construction industry in Norway, 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 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.

Table of Contents

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Context

3.1 Economic Performance

3.2 Political Environment and Policy

3.3 Demographics

3.4 Risk Profile

4 Construction Outlook

4.1 All Construction

– Outlook

– Latest news and developments

– Construction Projects Momentum Index

4.2 Commercial Construction

– Outlook

– Project analytics

– Latest news and developments

4.3 Industrial Construction

– Outlook

– Project analytics

– Latest news and developments

4.4 Infrastructure Construction

– Outlook

– Project analytics

– Latest news and developments

4.5 Energy and Utilities Construction

– Outlook

– Project analytics

– Latest news and developments

4.6 Institutional Construction

– Outlook

– Project analytics

– Latest news and developments

4.7 Residential Construction

– Outlook

– Project analytics

– Latest news and developments

5 Key Industry Participants

5.1 Contractors

5.2 Consultants

6 Construction Market Data

7 Appendix

7.1 What is this Report About?

7.2 Definitions

7.3 CRI Methodology

About GlobalData

Contact Us

Table

Table 1: Construction Industry Key Data

Table 2: Norway, Key Economic Indicators

Table 3: Norway, Commercial Construction Output by Project Type (Real % Change), 2019–28

Table 4: Norway, Top Commercial Construction Projects by Value

Table 5: Norway, Industrial Construction Output by Project Type (Real % Change), 2019–28

Table 6: Norway, Top Industrial Construction Projects by Value

Table 7: Norway, Infrastructure Construction Output by Project Type (Real % Change), 2019–28

Table 8: Norway, Top Infrastructure Construction Projects by Value

Table 9: Norway, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–28

Table 10: Norway, Top Energy and Utilities Construction Projects by Value

Table 11: Norway, Institutional Construction Output by Project Type (Real % Change), 2019–28

Table 12: Norway, Top Institutional Construction Projects by Value

Table 13: Norway, Residential Construction Output by Project Type (Real % Change), 2019–28

Table 14: Norway, Top Residential Construction Projects by Value

Table 15: Norway, Key Contractors

Table 16: Norway, Key Consultants

Table 17: Norway, Construction Output Value (Real, $ Million)

Table 18: Norway, Construction Output Value (Nominal, NOK Million)

Table 19: GlobalData Construction Market Definitions

Table 20: Risk Dimensions

Table 21: Ratings, Scores and Definitions

Figures

Figure 1: Western Europe, Construction Output (Real % Change), 2022–28

Figure 2: Norway, Construction Output by Sector (Real % Change), 2022–24 and 2025–28

Figure 3: Norway, Risk Summary

Figure 4: Norway, Risk Regional Comparison

Figure 5: Norway, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019–28

Figure 6: Norway, Construction Output Value, by Sector (Real, $ Million), 2019–28

Figure 7: Norway, Construction Value Add (NOK Million, 2021 Constant Prices)

Figure 8: Norway, Construction Production Index, 2021=100

Figure 9: Norway, Construction Employment, in Thousands

Figure 10: Norway, Construction Projects Momentum Index

Figure 11: Western Europe, Construction Projects Momentum Index

Figure 12: Norway, Commercial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 13: Norway, Commercial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 14: Norway, Guest Nights by Foreign Nationals, In Thousands

Figure 15: Norway, Turnover Index of Accommodation and food service activities, 2021=100

Figure 16: Norway, Industrial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 17: Norway, Industrial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 18: Norway, Manufacturing Value Add (NOK Million, 20201 Constant Prices)

Figure 19: Norway, Index of Manufacturing Production, 2021=100

Figure 20: Norway, Total Investments in Manufacturing (NOK, Million)

Figure 21: Norway, Total Export Value (NOK, Million)

Figure 22: Norway, Infrastructure Construction Output by Project Type (Real, $ Million), 2019–28

Figure 23: Norway, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 24: Norway, Construction Production Index for roads and railways, 2021=100

Figure 25: Norway, Construction Cost Index for Road Construction, 2015=100

Figure 26: Norway, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019–28

Figure 27: Norway, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 28: Norway, Construction Production Index for Utility Projects, 2021=100

Figure 29: Norway, Oil and Gas Extraction Value Add (NOK Million, 2021 Constant Prices)

Figure 30: Norway, Electricity, Gas and Steam Value Add (NOK Million, 2021 Constant Prices)

Figure 31: Norway, Information and Communication Value Add (NOK Million, 2021 Constant Prices)

Figure 32: Norway, Institutional Construction Output by Project Type (Real, $ Million), 2019–28

Figure 33: Norway, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 34: Norway, Education Value Add (NOK Million, 2021 Constant Prices)

Figure 35: Norway, Health and Social Work Value Add (NOK Million, 2021 Constant Prices)

Figure 36: Norway, Residential Construction Output by Project Type (Real, $ Million), 2019–28

Figure 37: Norway, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 38: Norway, Total Number of Dwelling Completed (Units)

Figure 39: Norway, Total Number of Dwelling Started (Unit, Number)

Figure 40: Norway, Total Number of Dwelling Under Construction (Unit, Number)

Figure 41: Norway, Real Estate Value Add (NOK Million, 2021 Constant Prices)

Figure 42: Norway, Construction Cost Index for Residential Buildings, 2015=100

Figure 43: Norway, Price Index for New Dwellings, 2015=100

Figure 44: Norway, Utility Floor Space of Dwelling Permits, in Thousand m2

Figure 45: Norway, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 46: Norway, Headquarters of Key Consultants (% of Total Project Pipeline)

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