Sweden Construction Market Size, Trends, and Forecasts Market Analysis, 2023-2027: Swedish Construction Market Forecast to Shrink by 3.9% in 2024, Following Decline of 5% in 2023
Saturday, March 9, 2024
DUBLIN, March 1, 2024 /PRNewswire/ -- The "Sweden Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
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The construction industry in Sweden is expected to shrink by 3.9% in real terms in 2024, following a decline of 5% in 2023, with high interest rates driving a sharp decline in residential construction work. The Swedish economy entered a technical recession in the third quarter of 2023, due to a fall in household consumption, household real disposable income, and gross fixed capital formation; this is likely to weigh on consumer and investor confidence in the residential sector, which is projected to be the most affected sector in 2024, plummeting by 9.3% in real terms that year.
Reflecting the gloomy outlook for the residential sector, according to the Statistiska Central Byran (SCB), the total floor area of permits approved for one- or two-dwelling buildings fell by 54.7% year-on-year (YoY) in the first three quarters of 2023, while that for multi-dwelling buildings fell by 56.3% YoY over the same period. Similarly, the number of new housing starts in Sweden fell by 55% YoY during the first three quarters of 2023.
Investment in the transport and energy sector will provide some support to overall construction activity. The government aims to achieve 100% renewable electricity by 2040 and increase wind-generated electricity from 27.4TWh in 2021 to 46.9TWh in 2024, with a long-term goal of 70-90TWh by 2040. In mid-October 2023, the Danish wind turbine manufacturer Vestas received an order from the Swedish renewable energy developer OX2 Construction AB to provide 18 V162-6.2MW wind turbines to support the construction of the 115MW Anglarna wind project in Sweden, which is scheduled to commence operations in Q4 2026.
In another recent development, the French independent power producer (IPP) Neoen and the Swedish solar developer and IPP Alight commenced construction on 100 MW Hultsfred solar PV project in Smaland, Sweden, in late October 2023. The facility is expected to be the country's largest solar farm, upon commencing operation in 2025. Over the long term, the Swedish construction industry's growth will be supported by the government's allocation of SEK876 billion ($83.1 billion) under the 10-year transport infrastructure budget for 2022-33.
The report provides detailed market analysis, information, and insights into the Swedish construction industry, including:
-- The Swedish construction industry's growth prospects by market, project
type and construction activity
-- Critical insight into the impact of industry trends and issues, as well
as an analysis of key risks and opportunities in the Swedish
construction industry
-- Analysis of the mega-project pipeline, focusing on development stages
and participants, in addition to listings of major projects in the
pipeline.
This report provides a comprehensive analysis of the construction industry in Sweden. It provides:
-- Historical (2018-2022) and forecast (2023-2027) valuations of the
construction industry in Sweden, 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
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 Risk Profile
4. Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5. Key Industry Participants
5.1 Contractors
5.2 Consultants
6. Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/4zazk8
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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