Norway’s construction industry registered a growth of 4.4% in real terms in 2017. This was preceded by annual growth of 2.5% in 2014, 2.9% in 2015 and 4.2% in 2016. Growth during the review period (2013-2017) was driven by positive developments in regional economic conditions and government investment in energy and transport infrastructure.
The industry is expected to expand over the forecast period (2018-2022), albeit at a slightly slower pace. The industry’s expansion over this period is expected to be mainly supported by the government’s efforts to improve the quality of infrastructure across the country. The industry will be supported by the government’s ongoing efforts to develop infrastructure through large-scale investments under the National Transport Plan 2018-2029.
According to Statistics Norway, the country’s gross fixed capital formation in the construction industry grew by 3.2% in real terms in the first half of 2018 (the latest data available at the time of writing), compared to the same period in 2017. The pace of growth of gross fixed capital formation is expected to remain positive throughout the remainder of 2018, and will continue to support the Norwegian construction industry’s growth over the forecast period.
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The industry’s output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 2.65% over the forecast period, compared to 3.51% during the review period (2013-2017).
GlobalData’s "Construction in Norway - Key Trends and Opportunities to 2022", 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.
- GlobalData expects the residential construction market to retain its leading position over the forecast period, with a share of 41.5% of the industry’s total value in 2022.. The country’s rising population, ongoing urbanization and positive developments in regional economic conditions are expected to increase demand for residential construction over the forecast period.
- GlobalData expects the infrastructure construction market output to record a forecast-period CAGR of 6.21% in nominal terms. In 2017, the government launched the National Transport Plan 2018-2029 in order to cut travel times, increase access and improve transport services across the country. The government plans to invest NOK1.1 trillion (US$128.7 billion) in developing infrastructure between 2018 and 2029, in order to improve mobility across the country.
- The government’s plan to increase the total wind power production capacity by 2020 will support growth in the energy and utilities construction market over the forecast period. According to the Ministry of Petroleum and Energy, the country’s total installed wind power capacity is expected to increase from 3.6Twh in 2017 to 10Twh in 2020.
- In July 2018, Bane NOR, the government agency responsible for the maintenance, operation and development of the Norwegian railway network, announced a plan to issue tenders worth NOK60.0 billion (US$7.2 billion) over the next three years for the development of inter-city routes.
- The total construction project pipeline in Norway - as tracked by GlobalData and including all mega projects with a value above US$25 million - stands at NOK1.7 trillion (US$203.4 billion). The pipeline, which includes all projects from pre-planning to execution, is relatively well balanced, with 48.2% of the pipeline value being in projects in the pre-planning and planning stages as of October 2018.
This report provides a comprehensive analysis of the construction industry in Norway and also provides -
- Historical (2013-2017) and forecast (2018-2022) 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.
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- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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