The man was reported missing at 7pm on Saturday, with police putting the search on hold overnight.
The search will continue on Sunday.
Erik Hiding, duty officer with Örebro county police told news agency TT that divers and sonar would be used in an effort to locate the man.
Temperatures of several degrees below freezing mean that, despite initially being optimistic, police now believe the man is unlikely to be found alive.
“We hope he has not fallen into the water. We are searching on the ice as well as on land. Emergency services have followed tracks in the snow made by running and it is possible that he managed to get up on to land and has not fallen through the ice,” Hiding said to local newspaper Nerikes Allehanda on Saturday.
But Hiding told TT Sunday that the man is “unfortunately not” expected to be found safe.