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 | 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 was valued at USD 247.2 million in the previous year and is expected to grow at a CAGR of 7.19%, reaching USD 365.98 million by the next five years.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.
- Owing to COVID-19, companies like Self Storage Group operated in 112 sites across Scandinavia and have implemented several safety routines, such as travel restrictions for all employees, remote offices, and many facility disinfection. A management task force is continuously monitoring the latest development and is implementing mitigating measures on a day-to-day basis.
