PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1440169
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1440169
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).
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.
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.
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.