SAS, Norwegian and Finnair. The Nordic three continue to carve out separate niches

Three years ago, CAPA suggested in an analysis report that the Nordic region might be ripe for airline consolidation. This has not happened. The region - Finland, Sweden, Norway and Denmark - remains the only corner of Europe to be home to three significant airlines that are not owned by one of Europe's three major legacy airline groups. SAS, Finnair and Norwegian Air Shuttle have all grown over the past three years and have sharpened the differences between them.

This report analyses seat capacity growth in the Nordic region over the past 10 years. In that time, SAS has retained its capacity leadership in the region, while LCC Norwegian has usurped Finnair's second position. However, overall share of seats in the Nordic region operated by LCCs has been falling since 2013.

Ryanair, in particular, has cut Nordic capacity in recent years although it is growing once more in Denmark, and easyJet has never made a big impression on the region (although Wizz Air is enjoying strong growth in Nordic markets from a low starting point). Norwegian is growing more rapidly in markets elsewhere.