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Market Research Report

Construction in Norway - Key Trends and Opportunities to 2023

Published by GlobalData Product code 308194
Published Content info 52 Pages
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Construction in Norway - Key Trends and Opportunities to 2023
Published: October 24, 2019 Content info: 52 Pages
Description

In real terms, the Norwegian construction industry registered growth of 4.6% and 3.9% in 2017 and 2018 respectively, following an average annual growth of 3.5% during 2014-2016. Consequently, the industry's output value, measured at constant 2017 US dollar exchange rates, increased from US$69.4 billion in 2017 to US$72.1 billion in 2018; this was due to positive developments in economic conditions and investments in transport infrastructure, energy and housing construction projects.

The industry is expected to continue to expand in 2019, with the industry's output expected to expand by 4% in real terms that year. However, the construction industry is expected to suffer a downturn in 2020, contracting by an estimated 0.3% in real terms, due to a deceleration in gross fixed capital formation in the construction industry and contraction in the total number of dwellings started in 2017 and 2018, but will then pick up steadily to record an annual average growth of 2.7% during 2021-2023.

Over the forecast period (2019-2023), the industry's growth will be driven by the government's focus to develop the transport infrastructure in the country. The government plans to invest NOK120 billion (US$14.7 billion) in railways during the period of 2018-2023. In addition, the government's aim to improve local energy resources is expected to support investments in energy infrastructure projects, which will in turn fuel growth in the industry. The industry's output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 2.34% over the forecast period. The industry is consequently expected to rise from a value of US$72.1 billion in 2018 to US$80.9 billion in 2023, measured at constant 2017 US dollar exchange rates.

Residential construction was the largest market in the Norwegian construction industry during the review period, accounting for 43.4% of its total value in 2018. The market is expected to account for 40% of the industry's total value in 2023. Infrastructure construction accounted for 21.2% of the industry's total output in 2018, followed by commercial construction with 20.5%, energy and utilities construction with 5.8%, institutional construction with 5.4% and industrial construction with 3.6%.

The total construction project pipeline in Norway including all mega projects with a value above US$25 million - stands at NOK1.7 trillion (US$209.1 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 52.5% of the pipeline value being in projects in the pre-execution and execution stages as of October 2019.

The report "Construction in Norway - Key Trends and Opportunities to 2023" provides detailed market analysis, information and insights into the Norwegian construction industry, including -

  • Historical (2014-2018) and forecast (2019-2023) 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

Scope

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

  • Historical (2014-2018) and forecast (2019-2023) 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
Product Code: GDCN0496MR

Table of Contents

1 Executive Summary

2 Construction Outlook: At-a-glance

3 Latest News and Indicators

4 Key Drivers and Risks

  • 4.1. Economic Performance
  • 4.2. Political Environment
  • 4.3. Demographics
  • 4.4. Risk Profile

5 Construction Outlook

  • 5.1. All Construction
    • 5.1.1. Outlook
    • 5.1.2. Project analytics
  • 5.2. Commercial Construction
    • 5.2.1. Outlook
    • 5.2.2. Project analytics
  • 5.3. Industrial Construction
    • 5.3.1. Outlook
    • 5.3.2. Project analytics
  • 5.4. Infrastructure Construction
    • 5.4.1. Outlook
    • 5.4.2. Project analytics
  • 5.5. Energy and Utilities Construction
    • 5.5.1. Outlook
    • 5.5.2. Project analytics
  • 5.6. Institutional Construction
    • 5.6.1. Outlook
    • 5.6.2. Project analytics
  • 5.7. Residential Construction
    • 5.7.1. Outlook
    • 5.7.2. Project analytics

6 Key Industry Participants

  • 6.1. Contractors
  • 6.2. Consultants

7 Appendix

  • 7.1. What is this Report About?
  • 7.2. Definitions

8 About GlobalData

  • 8.1. GlobalData at a Glance
  • 8.2. GlobalData Construction
  • 8.3. Disclaimer
  • 8.4. Contact Us

List of Tables

  • Table 1: Construction Outlook
  • Table 2: Norway, Key Economic Indicators
  • Table 3: Norway, Construction Output Value (nominal, NOK Million)
  • Table 4: Norway, Construction Output Value (nominal, US$ Million)
  • Table 5: Norway, Top Commercial Construction Projects by Value
  • Table 6: Norway, Top Industrial Construction Projects by Value
  • Table 7: Norway, Top Infrastructure Construction Projects by Value
  • Table 8: Norway, Top Energy and Utilities Construction Projects by Value
  • Table 9: Norway, Top Institutional Construction Projects by Value
  • Table 10: Norway, Top Residential and Mixed-Use Construction Projects by Value
  • Table 11: Norway, Key Contractors
  • Table 12: Norway, Key Consultants
  • Table 13: GlobalData Construction Market Definitions
  • Table 14: Construction Risk Index Ratings and Scores

List of Figures

  • Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix
  • Figure 2: Norway, Construction Projects Pipeline by Sector (NOK Billion)
  • Figure 3: Norway, Gross Fixed Capital Formation in Construction (NOK million)
  • Figure 4: Norway, Price index for Dwellings
  • Figure 5: Norway, Dwellings Started (Total Numbers)
  • Figure 6: Norway, Risk Profile
  • Figure 7: Norway, Risk Comparison
  • Figure 8: Norway, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate)
  • Figure 9: Norway, Construction Output Value, Growth Matrix
  • Figure 10: Norway, Construction Output Value, by Sector (NOK Million), 2014-2023
  • Figure 11: Norway, Construction Projects Pipeline, Projected Annual Spending by Stage (NOK Million), 2018-2023
  • Figure 12: Norway, Construction Projects Pipeline, Value by Stage (NOK Million)
  • Figure 13: Norway, Commercial Construction Output by Project Type (NOK Million), 2014-2023
  • Figure 14: Norway, Commercial Construction Projects Pipeline, Value by Stage (NOK Million)
  • Figure 15: Norway, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (NOK Million), 2018-2023
  • Figure 16: Norway, Industrial Construction Output by Project Type (NOK Million), 2014-2023
  • Figure 17: Norway, Industrial Construction Projects Pipeline, Value by Stage (NOK Million)
  • Figure 18: Norway, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (NOK Million), 2018-2023
  • Figure 19: Norway, Infrastructure Construction Output by Project Type (NOK Million), 2014-2023
  • Figure 20: Norway, Infrastructure Construction Projects Pipeline, Value by Stage (NOK Million)
  • Figure 21: Norway, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (NOK Million), 2018-2023
  • Figure 22: Norway, Energy and Utilities Construction Output by Project Type (NOK Million), 2014-2023
  • Figure 23: Norway, Energy and Utilities Construction Projects Pipeline, Value by Stage (NOK Million)
  • Figure 24: Norway, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (NOK Million), 2018-2023
  • Figure 25: Norway, Institutional Construction Output by Project Type (NOK Million), 2014-2023
  • Figure 26: Norway, Institutional Construction Projects Pipeline, Value by Stage (NOK Million)
  • Figure 27: Norway, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (NOK Million), 2018-2023
  • Figure 28: Norway, Residential Construction Output by Project Type (NOK Million), 2014-2023
  • Figure 29: Norway, Residential Construction Projects Pipeline, Value by Stage (NOK Million)
  • Figure 30: Norway, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (NOK Million), 2018-2023
  • Figure 31: Norway, Headquarters of Key Contractors (% of Total Project Pipeline)
  • Figure 32: Norway, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)
  • Figure 33: Norway, Headquarters of Key Consultants (% of Total Project Pipeline)
  • Figure 34: Norway, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)
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