The Scandinavian markets

The Scandinavian markets share many similarities in culture and demographics, while small differences set them apart.
They are relatively small individually, but with a total of 20 million consumers with a purchasing power above most other countries.

High tax rates support big government spending on healthcare, infrastructure and tools to advance and facilitate the digital evolution in many sectors. The Scandinavian countries’ role as early adopters of new technologies makes way for big opportunities to test out new innovations. The ecosystems in terms of research institutes, clusters and science parks interconnected with the public sector makes Scandinavia a hotbed for the digital transformation.

The Scandinavian governments are competing towards sustainable low-carbon societies and sustainability has become a way of life in Scandinavia.
This focus can be seen in sectors such as construction, manufacturing, transportation and renewable energy to name a few.


Sweden

The Swedish culture is focused on problem solving and is always open to new ideas and innovations from foreign suppliers. Well known to be an early adopter of new technologies and innovative solutions through a wide range of sectors.

Sweden is a sophisticated marketplace where consumers take on trends quickly. It’s the home of 10 million consumers with resources and purchasing power above most other European countries.

These consumer demographics together with its position as an early adopter of technology makes Sweden a great country to test a product or service as the start of a long-term plan approaching other markets in Europe.


Denmark

Denmark is continuously ranked as one of the best countries in the world to conduct business in. Low bureaucracy and a safe business environment makes Denmark an easily accessible market.

Denmark has one of the most advanced telecommunication infrastructures in Europe and the government has a vision to become a leader in industrial digitisation which opens up for many new technologies.

Copenhagen offers a close proximity and excellent connections to many important markets in Europe. The workforce is also highly educated which makes the capital a great choice for setting up a regional business hub.






Norway

Norway has a predictable business climate with high productivity rates and an open economy. The country has a skilled and multilingual population and rich energy resources as the owners of the world’s largest sovereign wealth fund.

Norway makes big public investments to transform their infrastructure. They are very open to foreign contractors and subcontractors who are often involved in the projects that are in many ways demanding due to the country’s richness in mountains and fjords.

Norway is also one of the countries in the world that spends most of their GDP per citizen on healthcare, including recent upgrades on hospitals. This is driving the continuous advancements of MedTech and Life Science in the country.






We want to keep you updated on opportunities involving these sectors below which arise from either government investments, increased public demand or global developments that are pushing for a change in the Scandinavian markets.

If you have specific questions regarding your sector or vertical don’t hesitate to contact us for information that is relevant to your company.



Medical

Medical
The Scandinavian countries have some of the best healthcare systems in the world due to the substantial investments made by the governments and well functioning ecosystems. New state of the art hospitals have been built in the region, while others have been upgraded to facilitate the ongoing digitalisation of healthcare and the latest in MedTech. Both Sweden and Denmark have been vocal in their aim to become world leaders in using innovative eHealth solutions, while Norway is also investing heavily in bringing their healthcare into the future.
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Manufacturing
The manufacturing industry is one of the most important sectors for these export dependent countries where new machinery and components are often in demand. The competitiveness in Scandinavia has recently slipped behind other countries, due much to a higher labour cost and a slow implementation of Industry 4.0 technologies. This transition for Scandinavian manufacturing companies is expected to pick up pace in the coming years and the advanced ICT infrastructure of Scandinavia will facilitate the implementation of these technologies.
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Urbanisation is in full stride in Scandinavia where a majority of people now live in cities. This has led to a housing crisis in the major cities while there is a lack of competition in the construction sector and a cement crisis on the horizon in Sweden. The Scandinavian governments have at the same time set ambitious targets for the construction sector to become climate neutral, with aims for zero emissions of pollutants. This is making way for products, materials and technical solutions that can decrease the environmental impact on the construction industry.
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Infrastructure
Both Sweden and Norway are elongated countries with many industries in the north, while the population is mostly centered in the south. The long distances to important markets both inside and outside these countries place high demands on the infrastructure for both people and goods. Continuous investments are therefore made in these countries to improve railways, roads, harbours and airports to connect the north with the south through a well functioning infrastructure that can facilitate the movement of people and goods.
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The Scandinavian countries are export-dependent and the transportation industry is an important part of their industrial structure which needs to work as efficiently as possible. Investments in technological innovations are today one of the most important drivers to increase efficiency and reduce costs in the Scandinavian markets. Smart Mobility is therefore an interesting sector where the Scandinavian governments are facilitating this transformation through investments and a number of science parks that function as testbeds for new technologies.
Security

The Swedish physical security sector consists of 1441 companies with a total turnover of €8.5 billion. Sweden is now one of the EU countries with the highest proportion of reported crime, violence and vandalism. In response, the total turnover of security companies has increased by 50% in the last 10 years. The Norwegian market has recently grown a lot with 3.3 million alarms processed last year, an increase of 18% from the previous year. The Danish security sector is relatively small and consists of 375 companies with a turnover of €2 billion, while Denmark has far more burglaries compared to their neighbouring countries.


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