Norway Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (H1 2025)

Summary

The analyst expects the Norwegian construction industry to expand in real terms by 2% in 2025, following contractions of 3.9% and 1.8% in 2024 and 2023 respectively. This will be supported by public and private sector investments in manufacturing, renewable energy and transport infrastructure projects and a recovery in residential construction. The growth in the Norwegian construction industry is also attributed to the recovery in the industrial construction sector which is expected to grow by 1.4% this year after registering a decline of 6.7% in 2024. In January 2025, Elinor Batteries, a Norwegian battery company announced a plan to construct a giga-scale battery production factory with an investment of NOK10 billion ($921.3 million), which will be completed by 2026. In the short term, growth will be boosted by planned expenditures under the 2025 budget. In September 2024, the government approved the 2025 Budget with a total planned expenditure of NOK2 trillion ($186.1 billion); a 6.8% increase compared to the 2024 Budget expenditure.

Over the remainder of the forecast period, construction output is expected to rebound and grow at an annual average growth rate of 3.5% from 2026 to 2029, supported by investments in transport, commercial and renewable energy sectors, coupled with the government’s target of reaching net zero carbon emissions by 2030, compared to 1991 levels. In a positive development for the oil and gas sector, in January 2025, Norway’s Ministry of Petroleum and Energy awarded 53 production licenses to 20 oil and gas companies for further hydrocarbon exploration activity on the Norwegian Continental Shelf (NCS). This will enhance Norway’s ability to meet Europe’s growing energy demands.

The Construction in Norway - Key Trends and Opportunities to 2029 (H1 2025) 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 (2020-2024) and forecast (2025-2029) 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 our 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 business strategies using the analyst's critical and actionable insight
Assess business risks, including cost, regulatory and competitive pressures
Evaluate competitive risk and success factors

1 Executive Summary2 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 the Analyst
Contact the Publisher

List of Tables

Table 1: Construction Industry Key Data
Table 2: Norway, Key Economic Indicators
Table 3: Norway, Commercial Construction Output by Project Type (Real % Change), 2020-29
Table 4: Norway, Top Commercial Construction Projects by Value
Table 5: Norway, Industrial Construction Output by Project Type (Real % Change), 2020-29
Table 6: Norway, Top Industrial Construction Projects by Value
Table 7: Norway, Infrastructure Construction Output by Project Type (Real % Change), 2020-29
Table 8: Norway, Top Infrastructure Construction Projects by Value
Table 9: Norway, Energy and Utilities Construction Output by Project Type (Real % Change), 2020-29
Table 10: Norway, Top Energy and Utilities Construction Projects by Value
Table 11: Norway, Institutional Construction Output by Project Type (Real % Change), 2020-29
Table 12: Norway, Top Institutional Construction Projects by Value
Table 13: Norway, Residential Construction Output by Project Type (Real % Change), 2020-29
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: the analyst Construction Market Definitions
Table 20: Risk Dimensions
Table 21: Ratings, Scores and Definitions

List of Figures

Figure 1: Western Europe, Construction Output (Real % Change), 2023-29
Figure 2: Norway, Construction Output by Sector (Real % Change), 2023-25 and 2026-29
Figure 3: Norway, Risk Summary
Figure 4: Norway, Risk Regional Comparison
Figure 5: Norway, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2020-29
Figure 6: Norway, Construction Output Value, by Sector (Real, $ Million), 2020-29
Figure 7: Norway, Construction Value Add (NOK Million, 2021 Constant Prices)
Figure 8: Norway, Construction Output (NOK Million, 2022 Constant Prices)
Figure 9: Norway, Construction Employment, in Thousands
Figure 10: Norway, Labor cost Index, 2020=100
Figure 11: Norway, Total floor area approved for Construction (1,000m2)
Figure 12: Norway, Construction Production Index, 2021=100
Figure 13: Norway, Construction Projects Momentum Index
Figure 14: Western Europe, Construction Projects Momentum Index
Figure 15: Norway, Commercial Construction Output by Project Type (Real, $ Million), 2020-29
Figure 16: Norway, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 17: Norway, Guest Nights Spent by Foreign Nationals, In Thousands
Figure 18: Norway, Turnover Index of Accommodation and Food Service Activities, 2021=100
Figure 19: Norway, Utility floor space under construction for Accommodation and food service activities (1000m2)
Figure 20: Norway, Industrial Construction Output by Project Type (Real, $ Million), 2020-29
Figure 21: Norway, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 22: Norway, Index of Manufacturing Production, 2021=100
Figure 23: Norway, Total Investments in Manufacturing (NOK, Million)
Figure 24: Norway, Total Export Value (NOK, Million)
Figure 25: Norway, Infrastructure Construction Output by Project Type (Real, $ Million), 2020-29
Figure 26: Norway, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
Figure 27: Norway, Construction Production Index for Roads and Railways, 2021=100
Figure 28: Norway, Construction Cost Index for Road Construction, 2015=100
Figure 29: Norway, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2020-29
Figure 30: Norway, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
Figure 31: Norway, Construction Production Index for Utility Projects, 2021=100
Figure 32: Norway, Oil and Gas Extraction Value Add (NOK Million, 2021 Constant Prices)
Figure 33: Norway, Electricity, Gas and Steam Value Add (NOK Million, 2021 Constant Prices)
Figure 34: Norway, Information and Communication Value Add (NOK Million, 2021 Constant Prices)
Figure 35: Norway, Institutional Construction Output by Project Type (Real, $ Million), 2020-29
Figure 36: Norway, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
Figure 37: Norway, Education Value Add (NOK Million, 2021 Constant Prices)
Figure 38: Norway, Health and Social Work Value Add (NOK Million, 2021 Constant Prices)
Figure 39: Norway, Residential Construction Output by Project Type (Real, $ Million), 2020-29
Figure 40: Norway, Residential Construction Projects Pipeline, Value by Stage ($ Million)
Figure 41: Norway, Total Number of Dwelling Completed (Units)
Figure 42: Norway, Total Number of Dwelling Started (Unit, Number)
Figure 43: Norway, Total Number of Dwelling Under Construction (Unit, Number)
Figure 44: Norway, Real Estate Value Add (NOK Million, 2021 Constant Prices)
Figure 45: Norway, Construction Cost Index for Residential Buildings, 2015=100
Figure 46: Norway, Price Index for New Dwellings, 2015=100
Figure 47: Norway, Utility Floor Space of Dwelling Permits, in Thousand m2
Figure 48: Norway, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 49: Norway, Headquarters of Key Consultants (% of Total Project Pipeline)

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