Norway Construction Market Size, Trends and Forecasts Report 2022: Industry is Projected to Expand by 1.8% in Real Terms this Year - Forecasts to 2026 - ResearchAndMarkets.com

The "Norway Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The construction industry in Norway is projected to expand by 1.8% in real terms this year, following an annual growth of 1.2% in 2021.

The industry's output in 2022 will be supported by greater investments in the oil and gas sector, as companies seek to benefit from the temporary tax breaks, higher oil prices, and Europe-wide gas shortages, which have been triggered by the Russia-Ukraine crisis.

According to a survey conducted by the national statistics office Statistisk sentralbyra (SSB) in late May 2022, oil and gas companies are expected to invest NOK167.2 billion ($19.4 billion) in Norway in 2022 - up from an earlier (February 2022) forecast of NOK159.5 billion ($18.5 billion) in investments this year.

However, rising inflation and surging construction material prices could pose a significant downside risk to the industry's output in 2022. According to the SSB, the average construction cost index for residential buildings rose by 11.7% year on year (YoY) in the first five months of this year; this growth is attributed to a rise in prices of both materials (24% YoY) and labor (3.5% YoY).

In addition to this, the recent (late June 2022) increase in the benchmark interest rate and the possibility of further rate hikes throughout the year could weigh on investor and consumer confidence, and impact on investments in the residential sector over the coming quarters.

The Norwegian construction industry is expected to record an annual average growth rate of 2.3% from 2023 to 2026, supported by investments in the transport and renewable energy sectors. In February 2022, the Norwegian Public Roads Administration (Statens Vegvesen) announced that it will invest NOK207.6 billion ($24.1 billion) in developing the country's road network from 2022 to 2027. Moreover, in late June 2022, the government unveiled a roadmap to drive green industrial growth in the country.

The roadmap aims to facilitate faster development of projects within seven areas, including offshore wind, hydrogen, batteries, and the maritime industry. As part of the roadmap, the government will develop coherent and profitable battery and hydrogen value chains, and provide 30GW in offshore wind capacity by 2040

Scope

• Historical (2017-2021) and forecast (2022-2026) valuations of the construction industry in the Norway, featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

• Identify and evaluate market opportunities using the publisher's standardized valuation and forecasting methodologies.
• Assess market growth potential at a micro-level with over 600 time-series data forecasts.
• Understand the latest industry and market trends.
• Formulate and validate strategy using the publisher's critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Context

3.1 Economic Performance

3.2 Political Environment and Policy

3.3 Demographics

3.4 COVID-19 Status

3.5 Risk Profile

4 Construction Outlook

4.1 All Construction

• Outlook
• Latest news and developments
• Construction Projects Momentum Index

4.2 Commercial Construction

• Outlook
• Project analytics
• Latest news and developments

4.3 Industrial Construction

• Outlook
• Project analytics
• Latest news and developments

4.4 Infrastructure Construction

• Outlook
• Project analytics
• Latest news and developments

4.5 Energy and Utilities Construction

• Outlook
• Project analytics
• Latest news and developments

4.6 Institutional Construction

• Outlook
• Project analytics
• Latest news and developments

4.7 Residential Construction

• Outlook
• Project analytics
• Latest news and developments

5 Key Industry Participants

5.1 Contractors

5.2 Consultants

6 Construction Market Data

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/ppwip4

View source version on businesswire.com: https://www.businesswire.com/news/home/20220930005458/en/