Scandinavia Construction Market - Growth, Trends, And Forecast (2022-2028)

The Scandinavian Construction Market is segmented by Sector (Residential, Commercial, Industrial, Infrastructure [Transportation], and Energy and Utilities) and by Country (Denmark, Norway, Sweden). The report offers market sizes and forecasts in value (USD billion) for all the above segments.

Scandinavia Construction Market Size

Scandinavia Construction Market Summary
Study Period: 2019 - 2028
CAGR: > 5 %

Major Players

Scandinavia Construction Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Scandinavia Construction Market Analysis

The size of Scandinavia Construction Market is USD 189.1 billion in the current year and is anticipated to register a CAGR of over 5% during the forecast period.

  • The market is driven by the government’s plans to upgrade infrastructure. The Scandinavian construction sector fared better than its neighbors in 2020 due to moderate containment measures against the COVID-19 pandemic. The market grew strongly last year, with the Swedish building and the Norwegian transport infrastructure sector driving growth in the Scandinavian construction sector throughout the current year.
  • Growth was supported by public and private sector investments in both building and civil engineering works, with positive developments in the residential and infrastructure sectors. The Swedish economy was resilient through the pandemic, with several sectors experiencing growth, including the construction sector. However, increasing material costs and supply chain constraints are putting pressure on budgets and programs.
  • One of the most promising markets in Sweden is the construction and infrastructure sector. Expanded item costs and significantly high prices for building sites in Sweden negatively affect the construction sector's development. Investments in public construction (chiefly infrastructure) are expected to increase. During the review period, residential construction was the largest market in the Scandinavian construction sector. The government’s push to improve the nation's infrastructure to continue developments in the manufacturing sector and extend civil utilities will increase construction spending.
  • Expanding government expenditure toward sustainable framework improvements with interest in energy-effective and naturally manageable resources is advancing interest in the market studied in Norway's construction sector. The Norwegian construction and infrastructure industries have a growing demand for building information modeling, modular development, and building materials industries. Investment in large-scale foundation ventures is one of the key strategies of Norway to fuel economic development.
  • Growth is expected to be fueled by various commercial, infrastructure, and renewable energy projects investments. Rising individual salary levels, family unit development, and populace relocation from rustic to urban regions will boost the region's requirement for better construction facilities and road infrastructure.

Scandinavia 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, and industrial facilities, as well as related operations, from start to finish.

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

A complete assessment of the Scandinavia Construction Market includes an assessment of the economy and the contribution of sectors to the economy, a market overview, market size estimation for key segments, and emerging trends in the market segments in the report. The report sheds light on market trends like growth factors, restraints, and opportunities in this sector. The competitive landscape of the Scandinavia Construction Market is depicted through the profiles of active key players. The report also covers the impact of COVID-19 on the market and future projections.

By Sector
Infrastructure (Transportation)
Energy and Utilities
By Country

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Scandinavia Construction Market Trends

This section covers the major market trends shaping the Scandinavia Construction Market according to our research experts:

Ongoing Demand for Infrastructure

Acceleration of infrastructural investment is a focus for the government and the readiness of existing infrastructure pipelines is key to this acceleration. There is continued growth in the transport infrastructure sector in Denmark. Road investment is slow, while railways investment growth is predicted to remain strong throughout the forecast period. In Denmark, demand for construction increased over the past five years.

While the recent change of government in Denmark may result in some revision of adopted plans, transport infrastructure looks set to remain a priority. In recent years, construction investments in Denmark have increased compared to the previous year. Apart from roads, streets, and railways, power stations and district heating plants, water and wastewater treatment plants, structural engineering activities linked to transportation, and post and telecommunications are included in the construction sector. Considerable resources are used to maintain and repair facilities in the construction market.

Scandinavia Construction Market - Total Turnover of Construction Industry of Denmark

Increase in Demand for Residential Building Construction

In Scandinavia, investment in renovation increased by 4% in 2021, the main reason being an increase in the reconstruction of one- or two and multi-family dwelling buildings. This positive development for rebuilding is expected to continue in 2022. Total investment in housebuilding increased by 2% in 2021. 

The drop in GDP the previous year was mainly due to a significant fall in the service sectors and household consumption. Surprisingly, the construction sector had only a minimal negative impact on GDP growth in 2021. Much is due to a relatively good level of housing demand during the last year. As the region’s population is increasing, there has been an increase in demand for residential building construction across the region. The number of residential units with a registered population in Denmark increased over the period from 2017 to 2021. As of 2021, there were nearly 2.75 million residential buildings in the country.

Scandinavia Construction Market - Number of Residential Buildings in Denmark from 2017 to 2021, in Units

Scandinavia Construction Industry Overview

The report covers the major players operating in the Scandinavian construction market. The market studied is highly competitive, with a few players occupying the major share of the market. The market is consolidated, with the major players being Skanska Sverige AB, NCC Sverige AB, PEAB Sverige AB, Serneke Sverige AB, and Per Aarsleff A/S. Further, the market is expected to grow during the forecast period due to the increase in construction investments and upcoming major projects in the country.

Scandinavia Construction Market Leaders

  1. Veidekke ASA

  2. Skanska Sverige AB

  3. NCC Sverige AB

  4. YIT Suomi Oy

  5. PEAB Sverige AB

*Disclaimer: Major Players sorted in no particular order

Scandinavia Construction Market Concentration

Scandinavia Construction Market News

  • October 2022: Sitowise strengthens its construction and infrastructure expertise in Sweden by acquiring Convia. Further, This acquisition will strengthen Sitowise’s existing skills and add services to its portfolio of products and services.
  • August 2022: Green Landscaping Group AB (publ) has signed an agreement to acquire Braathen Landskapsentreprenør AS, which has a turnover of approximately NOK 300 Million (USD 30 Million). This acquisition will lead Green Landscaping to strengthen its presence in Norway.

Scandinavia Construction Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study


    1. 2.1 Analysis Methodology

    2. 2.2 Research Phases



    1. 4.1 Current Economic and Construction Market Scenario

    2. 4.2 Technological Innovations in the Construction Sector

    3. 4.3 Insights into Costs Related to Construction and Building Materials

    4. 4.4 Impact of Government Regulations and Initiatives on the Industry

    5. 4.5 Spotlight on Prefabricated Buildings Market in Scandinavia

    6. 4.6 Brief on Real Estate Market and Key Real Estate Players

    7. 4.7 Insights into Services allied to Construction (Design and Engineering, Fit-out Services, Facility management, etc.)

    8. 4.8 Insights into Key Distributors/Traders of Construction Materials

    9. 4.9 Value Chain/Supply Chain Analysis

    10. 4.10 Impact of COVID-19 on the Market


    1. 5.1 Drivers

    2. 5.2 Restraints

    3. 5.3 Opportunitites

    4. 5.4 Industry Attractiveness- Porter's Five Forces Analysis

      1. 5.4.1 Bargaining Power of Suppliers

      2. 5.4.2 Bargaining Power of Consumers/Buyers

      3. 5.4.3 Threat of New Entrants

      4. 5.4.4 Threat of Substitute Products

      5. 5.4.5 Intensity of Competitive Rivalry


    1. 6.1 By Sector

      1. 6.1.1 Residential

      2. 6.1.2 Commercial

      3. 6.1.3 Industrial

      4. 6.1.4 Infrastructure (Transportation)

      5. 6.1.5 Energy and Utilities

    2. 6.2 By Country

      1. 6.2.1 Denmark

      2. 6.2.2 Sweden

      3. 6.2.3 Norway


    1. 7.1 Overview (Market Concentration and Major Players)

    2. 7.2 Company Profiles

      1. 7.2.1 Veidekke ASA

      2. 7.2.2 Skanska Sverige AB

      3. 7.2.3 NCC Sverige AB

      4. 7.2.4 YIT Suomi Oy

      5. 7.2.5 PEAB Sverige AB

      6. 7.2.6 JM AB

      7. 7.2.7 Obos Bbl

      8. 7.2.8 Skanska Oy

      9. 7.2.9 Skanska Norge AS

      10. 7.2.10 Icop Norway

      11. 7.2.11 SRV Yhtiot Oyj

      12. 7.2.12 Skanska Talonrakennus Oy*

    3. *List Not Exhaustive

  9. 9. APPENDIX

    1. 9.1 Marcroeconomic Indicators (GDP breakdown by Sector, Contribution of Construction to Economy, etc.)

    2. 9.2 Key Production, Consumption, Exports & Import Statistics of Construction Materials

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Scandinavia Construction Market Research FAQs

The Scandinavia Construction Market is studied from 2019 - 2028.

The Scandinavia Construction Market is growing at a CAGR of >5% over the next 5 years.

Veidekke ASA, Skanska Sverige AB, NCC Sverige AB, YIT Suomi Oy, PEAB Sverige AB are the major companies operating in Scandinavia Construction Market.

Scandinavia Construction Industry Report

Statistics for the 2023 Scandinavia Construction market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Scandinavia Construction analysis includes a market forecast outlook to (2022to2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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