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Scandinavia Construction - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

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  • 150 Pages
  • February 2024
  • Region: Denmark, Norway, Sweden
  • Mordor Intelligence
  • ID: 5529595
The Scandinavia Construction Market size is estimated at USD 207.15 billion in 2024, and is expected to reach USD 263.5 billion by 2029, growing at a CAGR of 4.93% during the forecast period (2024-2029).

Key Highlights

  • The market is driven by the government's plans to upgrade infrastructure. The Scandinavian construction sector fared better than its neighbors in 2020 due to moderate containment measures against the COVID-19 pandemic. The market grew strongly last year, with the Swedish building and the Norwegian transport infrastructure sector driving growth in the Scandinavian construction sector throughout the current year.
  • Growth was supported by public and private sector investments in both building and civil engineering works, with positive developments in the residential and infrastructure sectors. The Swedish economy was resilient through the pandemic, with several sectors experiencing growth, including the construction sector. However, increasing material costs and supply chain constraints are putting pressure on budgets and programs.
  • One of the most promising markets in Sweden is the construction and infrastructure sector. Expanded item costs and significantly high prices for building sites in Sweden negatively affect the construction sector's development. Investments in public construction (chiefly infrastructure) are expected to increase. During the review period, residential construction was the largest market in the Scandinavian construction sector. The government's push to improve the nation's infrastructure to continue developments in the manufacturing sector and extend civil utilities will increase construction spending.
  • Expanding government expenditure toward sustainable framework improvements with interest in energy-effective and naturally manageable resources is advancing interest in the market studied in Norway's construction sector. The Norwegian construction and infrastructure industries have a growing demand for building information modeling, modular development, and building materials industries. Investment in large-scale foundation ventures is one of the key strategies of Norway to fuel economic development.
  • Growth is expected to be fueled by various commercial, infrastructure, and renewable energy projects investments. Rising individual salary levels, family unit development, and populace relocation from rustic to urban regions will boost the region's requirement for better construction facilities and road infrastructure.

Scandinavian Construction Market Trends

Ongoing Demand for Infrastructure

Acceleration of infrastructural investment is a focus for the government and the readiness of existing infrastructure pipelines is key to this acceleration. There is continued growth in the transport infrastructure sector in Denmark. Road investment is slow, while railways investment growth is predicted to remain strong throughout the forecast period. In Denmark, demand for construction increased over the past five years.

While the recent change of government in Denmark may result in some revision of adopted plans, transport infrastructure looks set to remain a priority. In recent years, construction investments in Denmark have increased compared to the previous year. Apart from roads, streets, and railways, power stations and district heating plants, water and wastewater treatment plants, structural engineering activities linked to transportation, and post and telecommunications are included in the construction sector. Considerable resources are used to maintain and repair facilities in the construction market.

Increase in Demand for Residential Building Construction

In Scandinavia, investment in renovation increased by 4% in 2021, the main reason being an increase in the reconstruction of one- or two and multi-family dwelling buildings. This positive development for rebuilding is expected to continue in 2022. Total investment in housebuilding increased by 2% in 2021.

The drop in GDP the previous year was mainly due to a significant fall in the service sectors and household consumption. Surprisingly, the construction sector had only a minimal negative impact on GDP growth in 2021. Much is due to a relatively good level of housing demand during the last year. As the region's population is increasing, there has been an increase in demand for residential building construction across the region. The number of residential units with a registered population in Denmark increased over the period from 2017 to 2021. As of 2021, there were nearly 2.75 million residential buildings in the country.

Scandinavian Construction Industry Overview

The report covers the major players operating in the Scandinavian construction market. The market studied is highly competitive, with a few players occupying the major share of the market. The market is consolidated, with the major players being Skanska Sverige AB, NCC Sverige AB, PEAB Sverige AB, Serneke Sverige AB, and Per Aarsleff A/S. Further, the market is expected to grow during the forecast period due to the increase in construction investments and upcoming major projects in the country.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
2.1 Analysis Methodology
2.2 Research Phases
4.1 Current Economic and Construction Market Scenario
4.2 Technological Innovations in the Construction Sector
4.3 Insights into Costs Related to Construction and Building Materials
4.4 Impact of Government Regulations and Initiatives on the Industry
4.5 Spotlight on Prefabricated Buildings Market in Scandinavia
4.6 Brief on Real Estate Market and Key Real Estate Players
4.7 Insights into Services allied to Construction (Design and Engineering, Fit-out Services, Facility management, etc.)
4.8 Insights into Key Distributors/Traders of Construction Materials
4.9 Value Chain/Supply Chain Analysis
4.10 Impact of COVID-19 on the Market
5.1 Drivers
5.2 Restraints
5.3 Opportunitites
5.4 Industry Attractiveness- Porter's Five Forces Analysis
5.4.1 Bargaining Power of Suppliers
5.4.2 Bargaining Power of Consumers/Buyers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitute Products
5.4.5 Intensity of Competitive Rivalry
6.1 By Sector
6.1.1 Residential
6.1.2 Commercial
6.1.3 Industrial
6.1.4 Infrastructure (Transportation)
6.1.5 Energy and Utilities
6.2 By Country
6.2.1 Denmark
6.2.2 Sweden
6.2.3 Norway
7.1 Overview (Market Concentration and Major Players)
7.2 Company Profiles
7.2.1 Veidekke ASA
7.2.2 Skanska Sverige AB
7.2.3 NCC Sverige AB
7.2.4 YIT Suomi Oy
7.2.5 PEAB Sverige AB
7.2.6 JM AB
7.2.7 Obos Bbl
7.2.8 Skanska Oy
7.2.9 Skanska Norge AS
7.2.10 Icop Norway
7.2.11 SRV Yhtiot Oyj
7.2.12 Skanska Talonrakennus Oy*
9.1 Marcroeconomic Indicators (GDP breakdown by Sector, Contribution of Construction to Economy, etc.)
9.2 Key Production, Consumption, Exports & Import Statistics of Construction Materials

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Veidekke ASA
  • Skanska Sverige AB
  • NCC Sverige AB
  • YIT Suomi Oy
  • PEAB Sverige AB
  • JM AB
  • Obos Bbl
  • Skanska Oy
  • Skanska Norge AS
  • Icop Norway
  • SRV Yhtiot Oyj
  • Skanska Talonrakennus Oy