the Scandinavian markets

Sweden is a highly developed country with a strong knowledge-based service sector that accounts for approximately 80% employment of the Swedish workforce. Sweden is one of the world-leading nations in research, in areas such as biotechnology, medical innovations, microelectronics, and also has internationally leading companies and technology in areas like ICT (Information Technology & Communication) and green technology like waste management and renewable energy.

From the invention of the thermometer to the founding of startup unicorns like Spotify, Klarna & Notrhvolt, Sweden is one of the most innovative countries in the world. Stockholm is also building a global reputation as a tech hub of entrepreneurial activity, with almost one-fifth of the entire workforce working in tech, the highest compared to any other city in Europe.  

The ongoing ‘Fourth Industrial Revolution’ of connected machines, reconfigurable systems, advanced robotics and seamless information flows, creates many diverse opportunities. Through a recently launched ‘Smart Industry’ strategy, Sweden is aiming to strengthen its capacity and competitiveness in a rapidly changing environment for digital technologies in manufacturing and production. Solutions that can add to this strategy are in demand.  

As new technologies revolutionise vehicles and how they are manufactured, more manufacturers are taking advantage of the benefits of localising production in Sweden, where highly skilled expertise in mobile communications systems, connectivity and automation is readily available. With a target of having a zero-carbon vehicle fleet by 2030, Sweden offers interesting opportunities for green vehicle development.  

Sweden has actively invested in creating a robust smart city ecosystem, resulting in products and solutions such as electric and biogas buses, district heating, fibre cables, smart grids and energy efficient buildings. Companies that can help to facilitate smart city developments are very much on trend.

Norway opted out of joining the EU in a referendum in November 1994. However, as a member of the European Economic Area,  it still makes a sizeable contribution to the EU budget, as a member of the Single Market. 

The country is richly endowed with natural resources – oil and gas, hydropower, fish, forests, and minerals. The Norwegian state has large ownership positions in key industrial sectors.  The petroleum industry is Norway’s largest industry, pumping around four million barrels of oil equivalent per day, and deriving half its export revenues from hydrocarbons. 

The service and supply industry is Norway’s second-largest industry measured in terms of turnover, after the oil and gas industry, and includes more than 1,250 companies. 

The offshore sector has suffered considerably since the oil price plunge in 2015, and then the subsequent coronavirus pandemic, with a drop in oil prices. The growing threat of climate change is also leading to increasing opposition to Norway’s role in the oil and gas industry, questioning its sustainability, given the damaging environmental impact.  That being said, this is also leading to opportunities appearing to build on Norway’s skills and infrastructure within ocean tech. 

Ocean-based clusters along Norway’s extensive coastline are looking at the questions posed by sustainability and cross-sector innovation, to spearhead efforts within areas such as offshore floating wind and fish farms, carbon capture utilisation and storage (CCUS), and zero emission transport at sea.  

Green Shipping Programme – the Norwegian government is aiming to create the world’s most environmentally-friendly fleet, with investment in all-electric and hybrid ferries.  

New, innovative solutions are constantly being sought related to the efficient, secure storage of data. Data centres need vast quantities of energy, which is a perfect match for Norway, with its cold climate 98% of its electricity production coming from renewable sources (particularly hydropower).

A modern economy that has a high-tech agricultural sector, advanced industry with world-leading firms in pharmaceuticals, and one of the strongest Life Sciences clusters in the world – Medicon Valley. One part of this is expertise in the design, engineering and clinical aspects of medical technology. 

Denmark is home to over 1,000 companies that operate in the medtech field. Many world-leading players are based here, including Coloplast, GN ReSound, Invacare, Oticon, Philips Healthcare, Widex, and William Cook Europe. This cluster offers opportunities in several areas, including research and development collaborations, design and innovation expertise, test and demonstration facilities, public-private partnerships, and high-tech production possibilities.  Denmark is number two in the world for developing biotechnology and number one in Europe with the number of clinical trials per capita, due to this strong life science industry, which employs more than 40,000 people.  

Around 50 research institutes focus on Cleantech R&D alone, giving an indication of the scale of public and private resources being allocated here. Denmark is a world leader in wind power technology. Offshore and onshore developers, turbine manufacturers and suppliers, research institutions, engineering companies and test centres are all in the innovative value chain.  

The Danish smart grid is one of the most reliable grids in the world. The volumes of renewable energy in the Danish grid are supported by the interconnectivity of the nation’s electricity, gas and district heating systems. This is continuously optimised through the introduction of new technologies for measuring, remote control, automatic response and communication equipment.

The structure of the Danish economy is slightly different compared to the other Nordic countries, being dominated by SMEs. Greater Copenhagen is Scandinavia’s logistics capital, linking Scandinavia with Europe. With 10 countries bordering the Baltic Sea, it is possible to reach 100 million consumers within 24 hours.