Prior to the Coronavirus (COVID-19) outbreak, the Norwegian construction industry had been growing at a healthy pace, recording an annual average growth rate of 4.1% between 2016 and 2019. However, the industry was adversely affected by the disruption caused due to COVID-19. The country’s construction industry contracted by 3.1% in 2020, as construction activity was brought to a standstill across many parts of the country, due to the impact of COVID-19 containment measures.
The industry is expected to recover in 2021 and register growth of 1.6% in real terms that year, supported by the government’s focus on upgrading the country’s transport infrastructure. In the 2021 budget, the government allocated NOK80 billion (US$7.7 billion) for the development of transport infrastructure. The government expects that investments on these projects will help boost the road and hydraulic engineering sector, thereby contributing to the overall economy and construction industry. The government’s focus on renewable energy is also expected to support industry’s output. Under the “green transition package”, the government plans to spend NOK3.5 billion (US$384.5 million) to develop the country’s renewable energy infrastructure by 2023. Over the remaining part of the forecast period (2021-2025), GlobalData expects industry output to register an average annual growth of 2.2%.
However, with the number of new cases rising again in March 2021, on 16th March, the government announced fresh lockdown restrictions in Oslo. Under this, the government shut down all non-essential shops and in-restaurant dining in 52 municipalities surrounding the capital. The uncertain economic conditions, as well as the slowdown in projects owing to renewed containment measures, is expected to weigh on growth in the first half of the year.
This 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.
This report provides a comprehensive analysis of the construction industry in Norway. It provides -
- Historical (2016-2020) and forecast (2021-2025) 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.