Scandinavia Construction Market Size (2024 - 2029)

Scandinavian Construction Market Analysis

The Scandinavia Construction Market size is estimated at USD 234.90 billion in 2024, and is expected to reach USD 282.40 billion by 2029, growing at a CAGR of 3.75% during the forecast period (2024-2029).

By 2030, the EU Commission estimated that there could be an additional 160,000 green jobs in the construction sector. In addition to current trends and developments in the industry, national legislation and policy focus have shown that sustainable buildings are now a priority construction area in Denmark.

In 2023, Sweden's economy was indicated to shrink with increasing interest rates and inflation, reducing private consumption, falling house prices, and a sharp slowdown in construction activity. In 2022, when real GDP growth slowed to 2.6%, the economy started to feel the impact of higher energy prices and inflation. In line with the evolution of the European electricity market, Sweden's electricity prices have increased despite a high share of domestic renewable energy production.

In Norway, formal regulations governing the reuse of building materials include the documentation of construction products (DOK) and the technical requirements for construction works (TEK17). The DOK and TEK17 set out construction structure requirements for building material turnover. The National Strategy for a Green and Circular Economy seeks to double secondary raw material use in the next 10 years to contribute to the UN's sustainable development goals. The approach is still experimental, given the methodological and cost considerations, although some pilot projects in Norway have shown high material reuse. To systematically map, dismantle, store, and prepare materials for reuse in existing buildings, it is essential to design new buildings. To this end, significant changes in the treatment of current structures and materials and the design and procurement of new buildings are needed.

Scandinavian Construction Industry Segmentation

Construction is the installation, maintenance, and repair of buildings and other stationary structures, as well as the construction of roadways and service facilities that form fundamental components of structures and are required for their operation. Construction encompasses the processes involved in constructing buildings, infrastructure, industrial facilities, and related operations from start to finish. A complete background analysis of the Scandinavian construction market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact, is covered in the report.

The Scandinavian construction market is segmented by sector (residential, commercial, industrial, infrastructure (transportation), and energy and utilities) and country (Denmark, Sweden, and Norway). The report offers market size and forecasts for all the above segments in value (USD).