Norway Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2036

Norway Construction Market by Type (Renovation and New Construction), and by Sector (Real Estate, Infrastructure, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2036

The Norway Construction Market size was valued at USD 65.98 billion in 2023, and is predicted to reach USD 101.70 billion by 2030, at a CAGR of 7.7% from 2024 to 2030.

The construction sector in Norway is experiencing significant growth, driven by rising infrastructure investments and supportive government measures. Notably, NCC, a leading construction firm, secured a contract from the Norwegian Public Roads Administration to develop a new road and tunnel in Aalesund Municipality, valued at approximately USD 0.14 billion in 2024. This major project exemplifies the positive trend toward stability and expansion within Norway's construction industry, highlighting a promising outlook for sector growth.

However, the construction industry faces significant challenges arising from the intricate web of government regulations and permitting processes, that often require a multitude of approvals from various levels of authority, including local, regional, and national bodies. These regulatory hurdles encompass a wide range of requirements such as zoning regulations, environmental assessments, adherence to building codes, safety standards, and other prerequisites. Delays in obtaining permits, bureaucratic inefficiencies, and inconsistencies in regulations across different jurisdictions can considerably extend project timelines and inflate costs. Furthermore, fluctuations in regulations or sudden policy changes can disrupt ongoing projects and deter potential investments. For instance, the United States Environmental Protection Agency (EPA) oversees numerous aspects of the construction sector, including air quality, waste disposal, and water regulations, providing compliance assistance resources for environmental responsibilities during various construction phases.

On the otherhand, the construction sector is witnessing a transformative shift driven by digitalization and the adoption of Building Information Modeling (BIM), that are revolutionizing project management processes by integrating advanced technologies to improve efficiency, accuracy, and collaboration. BIM, an advanced 3D modeling tool, empowers stakeholders to create and manage digital representations of structures and infrastructure, facilitating enhanced coordination and communication among project teams. For example, in September 2022, the National Institute of Building Sciences (NIBS) launched the U.S. National Building Information Management (BIM) Program, aiming to modernize the construction industry and achieve unprecedented levels of industrial efficiency through digitalization. This initiative aims to address the lack of digitalization in the U.S. construction sector, that hampers the optimization of work processes to enhance efficiency, cost-effectiveness, resilience, and safety in construction and maintenance activities.

KEY BENEFITS

The Norway construction industry is segmented based on type, and sector.
Based on type, the market is segmented renovation and new construction.
Based on sector, the market is divided into real estate, infrastructure, and industrial.

Key Market Players

Leading players operating in the Norway construction industry include:
• China State Construction Engineering Corp. Ltd. (CSCEC)
• China Railway Group Ltd. (CREC)
• China Railway Construction Corp. Ltd. (CRCC)
• China Communications Construction Group Ltd. (CCCC)
• Metallurgical Corporation of China Ltd. (MCC)
• Power Construction Corp. of China
• Vinci SA
• China Energy Engineering Corp. (CEEC)
• Shanghai Construction Group (SCG)
• Bouygues Group

KEY BENEFITS
• The Norway construction market report provides a quantitative analysis of the current market and estimations through 2024-2030 that assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
• The competitive analysis of the market players along with their market share in the Norway construction market.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.