Norway Facility Management Market - Growth, Trends, COVID-19 Impact, Forecasts (2022-2027)

Market Overview

The Norway Facility Management Market is expected to grow at a CAGR of 2.5% over the forecast period 2022 to 2027. Norway is supposed to be one of the most mature and sophisticated outsourced markets for facility management services.

• Norway is one of the significant outsourced markets for facility management services in terms of development and sophistication. The country's facility management industry operates with integrated contracts provided by significant vendors across continents and nations, and small local players focus on single contracts and single-service solutions. However, they are increasing opportunities to leverage facility management and corporate real estate in new ways.
• Moreover, facility management (FM) includes management methods and techniques for building management, infrastructure management for an organization, and overall harmonization of the work environment in an organization. This system standardizes services and streamlines processes for an organization.
• ISS Facility Services in Norway has announced an agreement with energy giant Equinor to provide services to its office locations on July, 2021. The deal is for five years, with the possibility of a five-year extension.
• Nordic IoT Networks (Niot) was built to deliver quick LoRa network coverage across Sweden, Norway, and Denmark to address the growing demand for IoT connection spurred by the increasing number of IoT projects and sensors deployed. For instance, In 2021, Netmore Group, a specialist IoT operator, acquired Nordic IoT Networks. Netmore connects properties, offers private and open 5G networks, and uses LoRaWAN to enable massive IoT connectivity.
• Facilities management organizations have experienced a diverse response to the COVID-19 outbreak. The restrictions on people's movement resulted in a drop in project work and a slowdown in activity at numerous client sites. The pandemic lockdown had a negative impact on significant industry participants such as ISS Facility Services, Coor Service Management, Presis Vegdrift AS, Toma Facility Services AS, Sodexo, and others.

Scope of the Report

Facility management (FM) is a profession that incorporates many disciplines to ensure functionality, safety, comfort, and efficiency of the built environment by integrating people, process, place, and technology. FMs contribute to the business's bottom line through their responsibility for maintaining what is often an organization's most significant and most valuable assets, such as property, equipment, buildings, and other environments that house personnel, productivity, inventory, and other elements of the operation. The objective of professional FM as an interdisciplinary business function is to coordinate the demand and supply of facilities and services in both public and private organizations.

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Key Market Trends

Industrial Sector is Expected to Witness Significant Growth

• The gaining interest in establishing smart buildings, comprehensive climate solutions for controlling the temperature and humidity of a building, and manufacturing environment provide various opportunities for the vendors in the market to introduce industrial-based facility management and accelerate the growth of commercial properties and equipment in Norway. For instance, in June 2021, Kaph Entreprenor AS ("Kaph"), a Norwegian company, has agreed to be acquired by Polygon Group. Kaph and Polygon are both claims remediation firms specializing in Project Management and repairing building damage caused by floods, fire, and other weather events.
• In Norway, investment companies usually decide to specialize either in the residential or commercial property market. As commercial investments suggest higher cash flow potential and often provide better returns on investment, the commercial buildings segment offers lucrative opportunities, making them an attractive form of investment in the country, consequently boosting the Facility Management Market's growth during the forecast period.
• According to an E.U. observer report, Norway is a significant oil producer, with a strong economy and low unemployment. The oil and gas industry is booming. As the largest oil producer in Western Europe, Norway has numerous oil firms such as Equinor ASA, Aker BP AS, Total S.A., Exxon Mobil Corporation, Lundin Energy Norway, and others. These oil firms generate billions in revenue, which creates opportunities for Facility Management services in Norway.
• Equinor, Norway's largest energy business, opened a representative office in Hanoi in May 2022 to leverage the country's growth potential.
• Norway's security and safety in the oil and gas industry create opportunities for service businesses, equipment suppliers, and other third parties to perform specialized on-site operations.

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