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.
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.
