Dublin, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The "Sweden Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
Following annual growth of 2.2% in real terms in 2022, the Swedish construction industry is expected to shrink by 7.8% in 2023, owing mainly to a sharp drop in the residential sector amid high interest rates and weak investor sentiment. According to the Statistics Sweden (SCB), the total number of approved building permits declined by 22.1% in 2022; of which residential building permits declined by 22.5% while non-residential building permits declined by 20.6% during the same period. The Sweden's central bank, Sveriges Riksbank, raised its policy interest rate by 50 basis points in April 2023, bringing it up to 3.5% from 3% in February 2023 as it attempts to contain inflationary pressures.
The Swedish construction industry is expected to start to pick up from 2024, but it will not fully recover to 2022 levels until 2026. While the residential and commercial building sectors are set to remain sluggish, overall construction activity will be supported by investment in transport and energy infrastructure.
The forecast period will be supported by the government's allocation of SEK876 billion ($83.1 billion) under the 10-year transport infrastructure budget for 2022-33. As part of the Klimatklivet investment program launched in 2015 with a vision to reduce greenhouse gas emissions, the Nordic energy company Gasum began the construction works of a new biogas plant project in Gotene, in February 2023. Moreover, the government is focusing on the development of the renewable energy sector in line with its aim to generate 100% of its electricity from renewable energy sources by 2040. The renewable energy investment firm, Renewable Power Capital is undertaking the Vaesternorrland Wind Farm Development Program that involves the construction of wind farms with a combined capacity of 561MW in Kramfors and Solleftea municipalities.
This 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
For more information about this report visit https://www.researchandmarkets.com/r/qrzqo7
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