Market Size of Norway Power Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Norway Power Market Analysis
The Norwegian power market is expected to record a CAGR of more than 2% during the forecast period.
The Norway power market was negatively impacted by the COVID-19 pandemic due to regional lockdowns and decreased power demand. However, the market rebounded in 2022.
Over the medium term, factors like a rising population, and the development of power generation systems, are spurred by increasing demand for electricity in the country. The phasing out of coal-based power plants in the country, which had a major effect on demand for power plants, continues to promote the use of renewable power sources. However, stringent government regulations and project delays are expected to hinder the growth of the market studied during the forecast period.
The rapidly increasing generation capacity, mostly from hydropower, is expected to increase grid connectivity. This, in turn, is expected to provide significant opportunities for the power sector in the country in the future.
