Denmark Renewable Energy Market Size (2024 - 2029)

The renewable energy market in Denmark is poised for significant expansion, driven by supportive government policies and a strategic shift towards reducing reliance on fossil fuels. Despite challenges such as the impact of the COVID-19 pandemic and limited land availability for new installations, the market's capacity is expected to grow, particularly in the wind energy sector. The Danish government's ambitious goals for a fossil-free environment and energy independence are anticipated to create substantial opportunities for market participants, contributing to the overall increase in market size.

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Market Size of Denmark Renewable Energy Industry

Denmark Renewable Energy Market Overview
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 8.00 %
Market Concentration Low

Major Players

Denmark Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Denmark Renewable Energy Market Analysis

The offshore wind installation market in Denmark is expected to record a CAGR of more than 8% in the forecast period of 2020-2025. The COVID-19 pandemic is expected to impede the growth of the market, as the country is expected to decrease by 4.4% of its gross domestic product (GDP) in 2020. Some estimates of 2021 have shown a positive growth of 5.5% of GDP, which may bring the economic activity back to the pre-covid level. This, in turn, is expected to have a positive impact on the overall renewable energy market in the country during the forecast period. Factors such as supportive government policies and efforts to meet power demand using renewable energy sources and decrease dependency on fossil fuel-based power generation are expected to act as significant contributors to the market's growth. On the other hand, the absence of any new initiatives and limited land availability for solar and wind farm installations are expected to restrain the market's growth in the coming years.

  • Wind energy has shown robust growth in Demark, reaching more than 6000 MW installed capacity in 2019, and it is expected to continue the same trend in the forecast period.
  • The Danish government is aiming to create a fossil-free vehicle environment by 2030 and later complete independence from fossil fuels for energy generation, which makes the renewable energy sector the future of Denmark. Such ambitious goals of the government are expected to create a significant opportunity for the market players in the near future.
  • With the Danish government's continuous efforts and ambitious policies, following Renewable Energy outlook 2019, Denmark is expected to witness considerable growth in the renewable market.

Denmark Renewable Energy Industry Segmentation

The Danish renewable energy market report includes:

Type
Solar
Wind
Other Types
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Denmark Renewable Energy Market Size Summary

The renewable energy market in Denmark is poised for significant growth, driven by the country's ambitious goals to transition away from fossil fuels. The government's commitment to creating a fossil-free vehicle environment by 2030 and achieving complete energy independence from fossil fuels underscores the strategic importance of renewable energy. This shift is expected to open up substantial opportunities for market players, particularly in the wind energy sector, which has already demonstrated robust growth with a substantial installed capacity. Despite challenges such as limited land availability for solar and wind farm installations, supportive government policies and initiatives are anticipated to bolster the market's expansion.

Denmark's renewable energy landscape is characterized by a strong focus on wind energy, with numerous projects underway to enhance capacity further. The Danish government's proactive measures, including subsidies and policy frameworks, are designed to facilitate the growth of renewable energy sources. The construction of an artificial island as a wind energy hub, along with significant offshore projects, highlights Denmark's commitment to becoming a global leader in renewable energy. Key industry players such as Vestas Wind Systems, Orsted, and Siemens Gamesa Renewable Energy are integral to this transformation, contributing to the country's ambitious energy and climate goals.

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Denmark Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, 2019

    3. 1.3 Installed Capacity and Forecast, in MW till 2026

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Solar

      2. 2.1.2 Wind

      3. 2.1.3 Other Types

Denmark Renewable Energy Market Size FAQs

The Denmark Renewable Energy Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)

Vestas Wind Systems A/S, Orsted A/S, Arcon-Sunmark A/S, Vattenfall A/S and Better Energy A/S are the major companies operating in the Denmark Renewable Energy Market.

Denmark Renewable Energy Market Report Snapshots

Denmark Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)