Market Size of Scandinavia Self-Storage Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 7.19 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Scandinavia Self-Storage Market Analysis
The Scandinavia Self-Storage Market is expected to register a CAGR of 7.19% during the forecast period.
Self-storage was introduced in Scandinavian countries such as Norway in the early 1990s and grew slowly before it started to really bloom in previous few years. The industry is growing rapidly, with new facilities all over the region.
- The industry is now proliferating in Norway, with new facilities popping up all over the country, with its first self-storage operator, Self Storage Group ASA. According to Inside Self-Storage Inc., in terms of development, there are some sizable sites with 300-400 units, but the huge majority contain 20 to 50 units.
- The leaning is for small, independent operators to emerge with 1 facility or perhaps 10 to 20 shipping containers or mobile-storage units. Though Norway is still a less developed self-storage market, the prospect looks bright, as customer awareness grows alongside the development of small apartments all over the country.
- The self-storage industry is growing in Norway, as it has less storage space per capita compared to other countries such as the United Kingdom and the United States. However, the urbanization rate, buying power, and cost of property raise the revenue higher. This indicates strong growth potential, making Norway a widely untapped market.
- Furthermore, with the arrival of technology, the self-storage industry is also anticipated to be positively influenced. For instance, self-storage software presents features, such as specialized payment options, facility maps, online access for customers, and gate access integration. The cloud-based self-storage software, which has a centralized database hosted online, is gaining popularity among the enterprises because of its numerous advantages.
- Moreover, the supply of raw material to self storage has been limited due to a lack of staff and raw materials; in turn negatively affecting market growth.
Scandinavia Self-Storage Industry Segmentation
The self-storage industry is a sub-part of the commercial real estate market. Self-storage incorporates renting a storage place, also recognized as storage units to tenants, usually on a short-term basis. Self-storage tenants involve businesses and individuals.
The scandinavia self-storage market is segmented by country (norway, denmark, sweden). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
Scandinavia Self-Storage Market Size Summary
The Scandinavia self-storage market is experiencing significant growth, driven by increasing urbanization and a shift towards smaller living spaces. Introduced in the early 1990s, the industry has seen a gradual expansion, particularly in Norway, where it is still in a nascent stage compared to other regions. The market is characterized by the emergence of small, independent operators and the proliferation of automated facilities that leverage technology for enhanced customer experience. The demand for self-storage is bolstered by factors such as limited storage space per capita, rising property costs, and the growing trend of downsizing among homeowners. The sector is also benefiting from advancements in cloud-based software, which offers features like online access and integrated payment options, although challenges such as limited raw material supply and staffing issues persist.
Norway stands out as a promising market within Scandinavia due to its high urbanization rate and developed economic outlook, which are expected to drive further growth in the self-storage industry. The presence of major players like OK Minilager and Self Storage Group ASA, along with strategic acquisitions and expansions, underscores the market's potential. The increasing popularity of eCommerce and the high rate of online shopping in Norway further contribute to the demand for self-storage solutions. The market remains fragmented, with numerous smaller operators, but is witnessing consolidation and direct investments in real estate assets. Overall, the Scandinavia self-storage market is poised for positive growth, supported by evolving consumer needs and technological advancements.
Scandinavia Self-Storage Market Size - Table of Contents
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1. MARKET INSIGHTS - SCANDINAVIA SELF-STORAGE INDUSTRY
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1.1 Current Market Scenario
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1.2 PESTEL Analysis - Scandinavia Self-Storage Industry
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1.3 Market Positioning Analysis - Scandinavia vs Rest of Europe
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1.4 Assessment of the impact of COVID-19 on Self-Storage Industry
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Scandinavia Self-Storage Market Size FAQs
What is the current Scandinavia Self-Storage Market size?
The Scandinavia Self-Storage Market is projected to register a CAGR of 7.19% during the forecast period (2024-2029)
Who are the key players in Scandinavia Self-Storage Market?
Self-Storage Group, Shurgard Self Storage, Pelican Self Storage, 24Storage and Servistore are the major companies operating in the Scandinavia Self-Storage Market.
