Within the 2018-2023 timeframe, our forecast models predict growth from 2.9% p.a. in a low scenario to 3.4% p.a. in a high scenario. Accordingly, the industry in Sweden is expected to achieve revenues of between $522m to $534m by 2023.
The Swedish industrial gas market generated revenues of approximately $452m in 2018. This was up from $440m in 2008, indicating an average annual growth rate of 0.4% p.a. for the decade.
Between 2008 and 2018 GDP grew by an average of 3.5% p.a.,when adjusted for inflation. The country enjoyed the whole of the 20th century without conflict and has benefitted from the sustained period of stability. Timber, hydropower and iron ore make up the resource base of an economy substantially geared towards foreign trade. Privately-owned companies are responsible for a high percentage of industrial output, of which the engineering sector accounts for about 50% of output and exports. The rate GDP growth has experienced multiple periods of growth over the course of the last decade. The past decade has had lows of -2.8% in 2009 and highs of 6.4% in 2015. In 2018 the rate was recorded at 4.5%.
Going forward, gasworld business intelligence forecast strong growth being driven by added capacity, increased demand and captive-to-onsite conversion.
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