Industry revenue of »installation of industrial machinery and equipment« in Norway 2011-2023

Over the past few years, industrial machine manufacturing has been declining in Norway, owing to the rising labor and production costs, high tariff rates and lack of technological innovation. As a result, majority of the operations have shifted to other low-cost manufacturing bases such as China, Japan and India which are amongst the leading producers of machine tools. Therefore, revenues are projected to decline from 1.9 billion U.S. dollars in 2014 to 845 million U.S. dollars by 2023.

Most of the domestic demand is now fulfilled through imports. In fact, in 2018, construction machinery worth 1.8 billion euros was imported whilst the export value of the same amounted to only 612 million euros. Additionally, crane lorry imports witnessed a seven-year high in 2017, valued at 64.1 million euros. The country’s major import partners include Germany, China, the U.S., Sweden and South Korea, to name a few.

Industry revenue of »installation of industrial machinery and equipment« in Norway from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Norway. The industry “installation of industrial machinery and equipment“ has the code “C332“.

Details on the methodology can be found here.

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