| Study Period | 2024 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 243.71 Billion |
| Market Size (2030) | USD 292.96 Billion |
| CAGR (2025 - 2030) | 3.75 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Scandinavian Construction Market Analysis
The Scandinavia Construction Market size is estimated at USD 243.71 billion in 2025, and is expected to reach USD 292.96 billion by 2030, at a CAGR of 3.75% during the forecast period (2025-2030).
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.
Scandinavian Construction Market Trends
Ongoing Demand For Infrastructure
The government focuses on accelerating infrastructural investment, and the readiness of existing infrastructure pipelines is critical to this acceleration. There is continued growth in Denmark's transport infrastructure sector. Road investment is slow, while railway 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. Construction investments in Denmark have recently 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.
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Fluctuating Demand For Residential Building Construction
The average dealing price on owner-occupied flats for sale increased slightly by 0.3% Y-o-Y to DKK 33,674 (USD 4,886) per square meter. But when inflation is taken into account, prices fall by 1.9%. However, in the third quarter of 2023, prices increased by only 3.4% every quarter.
Holiday home prices dropped by 1.6% Y-o-Y to an average of DKK 21,270 (USD 3,086) per square meter. The prices during the latest quarter have decreased by 1.5% compared to the previous quarter.
Statistics Denmark demonstrated the price index of one-family houses in Denmark fell by 3% in Q2 2023 from a year earlier, observing Y-o-Y declines of 5.9% in Q1 2023, 5.7% in Q4 2022, and 2.1% in Q3 2022. Although quarterly, nationwide home prices increased by a modest 2.5% in Q2 2023, indicating a decelerated fall rate.
There was also a sharp decline in housing construction activity. In the first three quarters of 2023, housing permits fell by more than 39% yearly. Housing starts and completions also fell by 36% and 2.3%, respectively. The number of houses in construction decreased by 48.5% annually to 27,362 from September 2023, the least since March 2002.
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Scandinavia Construction Industry Overview
The market studied is highly competitive, with a few players occupying a significant market share. 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.
Scandinavian Construction Market Leaders
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Veidekke ASA
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Skanska Sverige AB
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NCC Sverige AB
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YIT Suomi Oy
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PEAB Sverige AB
- *Disclaimer: Major Players sorted in no particular order
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Scandinavia Construction Market News
June 2023: Sweden announced it was setting a record in construction. It announced plans to build the world's largest wooden city. Stockholm Wood City, the project will be constructed in Sickla, south of the Swedish capital. In 2025, construction will begin on a 250,000-square-metre site. Upon completion in 10 years, it will comprise 2,000 homes, 7,000 offices, restaurants, and shops
May 2023: PFA Ejendomme, the investment department of the pension company PFA Pension, developed Nordo, a mixed-use development located in Nordhavn, Copenhagen, Denmark, previously known as Redmolen. New private homes, hotels, office buildings, leisure, and parking facilities will be part of the 55,000-meter square development.
Scandinavian 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, industrial facilities, and related operations from start to finish. A complete background analysis of the Scandinavian construction market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact, is covered in the report.
The Scandinavian construction market is segmented by sector (residential, commercial, industrial, infrastructure (transportation), and energy and utilities) and country (Denmark, Sweden, and Norway). The report offers market size and forecasts for all the above segments in value (USD).
| By Sector | Residential |
| Commercial | |
| Industrial | |
| Infrastructure (Transportation) | |
| Energy and Utilities | |
| By Country | Denmark |
| Sweden | |
| Norway |
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Scandinavian Construction Market Research FAQs
How big is the Scandinavia Construction Market?
The Scandinavia Construction Market size is expected to reach USD 243.71 billion in 2025 and grow at a CAGR of 3.75% to reach USD 292.96 billion by 2030.
What is the current Scandinavia Construction Market size?
In 2025, the Scandinavia Construction Market size is expected to reach USD 243.71 billion.
Who are the key players in Scandinavia Construction Market?
Veidekke ASA, Skanska Sverige AB, NCC Sverige AB, YIT Suomi Oy and PEAB Sverige AB are the major companies operating in the Scandinavia Construction Market.
What years does this Scandinavia Construction Market cover, and what was the market size in 2024?
In 2024, the Scandinavia Construction Market size was estimated at USD 234.57 billion. The report covers the Scandinavia Construction Market historical market size for years: 2024. The report also forecasts the Scandinavia Construction Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Scandinavian Construction Industry Report
The Scandinavian construction market, encompassing Denmark, Norway, and Sweden, is experiencing significant growth driven by urbanization, infrastructure development, and a focus on sustainable building practices. This market is divided into residential, commercial, industrial, and infrastructure sectors, with a strong demand for sustainable and smart buildings in the residential and commercial segments. The market share and market size are expanding as population growth and urbanization increase the need for new properties. Government initiatives promoting sustainable construction methods further support this growth.
Industry analysis reveals that intense competition within the market necessitates collaboration among stakeholders, including construction companies in Sweden, to foster innovation and deliver high-quality projects. The industry research and industry reports provide detailed insights into the market value, market forecast, and market growth, highlighting the ongoing investments in infrastructure and sustainable development.
The market segmentation includes various sectors such as residential, commercial, industrial, and infrastructure, each contributing to the market's overall growth. The market trends indicate a shift towards sustainable and innovative construction practices, supported by industry statistics and market data. The industry outlook remains positive, with a continuous upward trend expected in the coming years.
In summary, the Scandinavia construction market is poised for significant growth, driven by key factors such as urbanization, government initiatives, and a commitment to sustainability. The market overview, market review, and industry information provide a comprehensive understanding of the market dynamics, ensuring that stakeholders are well-informed and prepared to capitalize on the opportunities within this thriving industry.
