Market Size of Scandinavia Construction Industry
| Study Period | 2024 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 234.90 Billion |
| Market Size (2029) | USD 282.40 Billion |
| CAGR (2024 - 2029) | 3.75 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
