In the period between 2022 and 2024, supplier exports grew by around 60 percent, to NOK 178 billion. An additional NOK 14 billion came from the export of technology and services within carbon capture and storage, hydrogen, solar, and hydropower – markets that are expected to continue growing.
2024 was a record year for the Norwegian supplier industry, driven by high activity both abroad and at home. Demand from the domestic market was well driven by the activity package adopted in 2020 to secure the industry through the corona pandemic.
As the effect of the activity package wears off, there are few new projects on the Norwegian continental shelf that can provide assignments to Norwegian supplier companies.
According to Norwegian Energy Partners (NORWEP), many suppliers have thinner order books after 2026, posing a risk for Norwegian jobs. Nevertheless, there are good opportunities for the Norwegian supplier industry.
“If we succeed in doubling exports by 2030, we will be able to maintain activity in the Norwegian supplier industry,” says Ann Christin Andersen, CEO of NORWEP.
She lists three drivers for further growth:
1. High activity levels in the global oil and gas market, combined with a low exchange rate, create high demand for Norwegian technology and services.
2. Strong growth in demand for renewable energy, especially offshore wind. Deliveries to renewable energy increased by 80 percent from NOK 22 billion in 2022 to around NOK 40 billion in 2024.
3. Geopolitical uncertainty and the need for better control over value chains give Norwegian suppliers an advantage.
NORWEP partners can download a full report on these issues here
