Market Size of Scandinavia Construction Industry
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2022 |
| Market Size (2023) | USD 197.42 Billion |
| Market Size (2028) | USD 251.12 Billion |
| CAGR (2023 - 2028) | 4.93 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Scandinavian Construction Market Analysis
The Scandinavia Construction Market size is expected to grow from USD 197.42 billion in 2023 to USD 251.12 billion by 2028, at a CAGR of 4.93% during the forecast period (2023-2028).
- The market is driven by the government's plans to upgrade infrastructure. The Scandinavian construction sector fared better than its neighbors in 2020 due to moderate containment measures against the COVID-19 pandemic. The market grew strongly last year, with the Swedish building and the Norwegian transport infrastructure sector driving growth in the Scandinavian construction sector throughout the current year.
- Growth was supported by public and private sector investments in both building and civil engineering works, with positive developments in the residential and infrastructure sectors. The Swedish economy was resilient through the pandemic, with several sectors experiencing growth, including the construction sector. However, increasing material costs and supply chain constraints are putting pressure on budgets and programs.
- One of the most promising markets in Sweden is the construction and infrastructure sector. Expanded item costs and significantly high prices for building sites in Sweden negatively affect the construction sector's development. Investments in public construction (chiefly infrastructure) are expected to increase. During the review period, residential construction was the largest market in the Scandinavian construction sector. The government's push to improve the nation's infrastructure to continue developments in the manufacturing sector and extend civil utilities will increase construction spending.
- Expanding government expenditure toward sustainable framework improvements with interest in energy-effective and naturally manageable resources is advancing interest in the market studied in Norway's construction sector. The Norwegian construction and infrastructure industries have a growing demand for building information modeling, modular development, and building materials industries. Investment in large-scale foundation ventures is one of the key strategies of Norway to fuel economic development.
- Growth is expected to be fueled by various commercial, infrastructure, and renewable energy projects investments. Rising individual salary levels, family unit development, and populace relocation from rustic to urban regions will boost the region's requirement for better construction facilities and road infrastructure.
