PUBLISHER: GlobalData | PRODUCT CODE: 1123642
PUBLISHER: GlobalData | PRODUCT CODE: 1123642
Norway Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026
The construction industry in Norway is projected to expand by 1.8% in real terms this year, following an annual growth of 1.2% in 2021. The industry's output in 2022 will be supported by greater investments in the oil and gas sector, as companies seek to benefit from the temporary tax breaks, higher oil prices, and Europe-wide gas shortages, which have been triggered by the Russia-Ukraine crisis. According to a survey conducted by the national statistics office Statistisk sentralbyra (SSB) in late May 2022, oil and gas companies are expected to invest NOK167.2 billion ($19.4 billion) in Norway in 2022 - up from an earlier (February 2022) forecast of NOK159.5 billion ($18.5 billion) in investments this year.
However, rising inflation and surging construction material prices could pose a significant downside risk to the industry's output in 2022. According to the SSB, the average construction cost index for residential buildings rose by 11.7% year on year (YoY) in the first five months of this year; this growth is attributed to a rise in prices of both materials (24% YoY) and labor (3.5% YoY). In addition to this, the recent (late June 2022) increase in the benchmark interest rate and the possibility of further rate hikes throughout the year could weigh on investor and consumer confidence, and impact on investments in the residential sector over the coming quarters.
The Norwegian construction industry is expected to record an annual average growth rate of 2.3% from 2023 to 2026, supported by investments in the transport and renewable energy sectors. In February 2022, the Norwegian Public Roads Administration (Statens Vegvesen) announced that it will invest NOK207.6 billion ($24.1 billion) in developing the country's road network from 2022 to 2027. Moreover, in late June 2022, the government unveiled a roadmap to drive green industrial growth in the country. The roadmap aims to facilitate faster development of projects within seven areas, including offshore wind, hydrogen, batteries, and the maritime industry. As part of the roadmap, the government will develop coherent and profitable battery and hydrogen value chains, and provide 30GW in offshore wind capacity by 2040
The 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 (2017-2021) and forecast (2022-2026) valuations of the construction industry in the 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
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 COVID-19 Status
- 3.5 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
- 7.4 GlobalData Construction
- Contact Us
List of Tables
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), 2017-26
- Table 4: Norway, Top Commercial Construction Projects by Value
- Table 5: Norway, Industrial Construction Output by Project Type (Real % Change), 2017-26
- Table 6: Norway, Top Industrial Construction Projects by Value
- Table 7: Norway, Infrastructure Construction Output by Project Type (Real % Change), 2017-26
- Table 8: Norway, Top Infrastructure Construction Projects by Value
- Table 9: Norway, Energy and Utilities Construction Output by Project Type (Real % Change), 2017-26
- Table 10: Norway, Top Energy and Utilities Construction Projects by Value
- Table 11: Norway, Institutional Construction Output by Project Type (Real % Change), 2017-26
- Table 12: Norway, Top Institutional Construction Projects by Value
- Table 13: Norway, Residential Construction Output by Project Type (Real % Change), 2017-26
- 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
List of Figures
List of Figures
- Figure 1: Western Europe, Construction Output (Real % Change), 2020-26
- Figure 2: Norway, Construction Output by Sector (Real % Change), 2020-22 and 2023-26
- Figure 3: Norway, COVID-19 Confirmed Cases
- Figure 4: Norway, Risk Summary
- Figure 5: Norway, Risk Regional Comparison
- Figure 6: Norway, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2017-26
- Figure 7: Norway, Construction Output Value, by Sector (Real, $ Million), 2017-26
- Figure 8: Norway, Construction Value Add (NOK Million, 2019 Constant Prices)
- Figure 9: Norway, Construction Production Index, 2015=100
- Figure 10: Norway, Construction Employment, in Thousands
- Figure 11: Norway, Construction Projects Momentum Index
- Figure 12: Region, Construction Projects Momentum Index
- Figure 13: Norway, Commercial Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 14: Norway, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 15: Norway, Guest Nights by Foreign Nationals, In Thousands
- Figure 16: Norway, Turnover Index of Accommodation and Food Service Activities, 2015=100
- Figure 17: Norway, Turnover Index of Office Administrative, Office Support and Other Business Support Activities, 2015=100
- Figure 18: Norway, Industrial Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 19: Norway, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 20: Norway, Manufacturing Value Add (NOK Million, 2019 Constant Prices)
- Figure 21: Norway, Index of Manufacturing Production, 2005=100
- Figure 22: Norway, Total Investments in Manufacturing (NOK, Million)
- Figure 23: Norway, Total Export Value (NOK, Million)
- Figure 24: Norway, Infrastructure Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 25: Norway, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 26: Norway, Cost Index for Road Construction, Q1 2004=100
- Figure 27: Norway, Production Index for Road and Rail Construction, 2015=100
- Figure 28: Norway, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 29: Norway, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 30: Norway, Construction Production Index for Utility Projects, 2015=100
- Figure 31: Norway, Oil and Gas Extraction Value Add (NOK Million, 2019 Constant Prices)
- Figure 32: Norway, Electricity, Gas and Steam Value Add (NOK Million, 2019 Constant Prices)
- Figure 33: Norway, Information and Communication Value Add (NOK Million, 2019 Constant Prices)
- Figure 34: Norway, Institutional Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 35: Norway, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 36: Norway, Education Value Add (NOK Million, 2019 Constant Prices)
- Figure 37: Norway, Health and Social Work Value Add (NOK Million, 2019 Constant Prices)
- Figure 38: Norway, Residential Construction Output by Project Type (Real, $ Million), 2017-26
- Figure 39: Norway, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 40: Norway, Total Number of Dwelling Completed (Unit, Number)
- Figure 41: Norway, Total Number of Dwelling Started (Unit, Number)
- Figure 42: Norway, Total Number of Dwelling Under Construction (Unit, Number)
- Figure 43: Norway, Construction Cost Index for Residential Buildings, 2015=100, % Change YoY
- Figure 44: Norway, Utility Floor Space of Dwelling Permits, in Thousand m2
- Figure 45: Norway, Real Estate Value Add (NOK Million, 2019 Constant Prices)
- Figure 46: Norway, Price Index for New Dwellings, 2015=100, % Change YoY
- Figure 47: Norway, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 48: Norway, Headquarters of Key Consultants (% of Total Project Pipeline)
