Finland Renewable Energy Market Size (2024 - 2029)

The Finland renewable energy market is poised for growth, driven by government policies aimed at reducing greenhouse gas emissions and increasing the share of renewable energy in the energy mix. Key sources of renewable power generation in the country include hydropower, wind, bioenergy, and solar. Despite challenges such as solar energy intermittency and high installation costs, the market is expected to expand, particularly due to rising wind energy installations. The National Energy and Climate Strategy for 2030 further supports this growth by setting ambitious targets for renewable energy adoption and emissions reduction. Hydropower currently holds a significant portion of the market and is expected to maintain its dominance through the renovation of existing plants and the development of new energy storage projects.

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Market Size of Finland Renewable Energy Industry

Finland Renewable Energy Market - Market Summary
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

Finland Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Finland Renewable Energy Market Analysis

Finland's renewable energy market is expected to register an estimated CAGR of more than 8% during the forecast period 2020-2025. Finland's renewable energy market includes hydropower, wind, bioenergy, and solar as the major sources of renewable power generation.

  • The primary driver of the market includes government policies that are emphasizing on reducing greenhouse gas emissions by using renewable energy. Emphasis on renewable energy makes Finland self-reliant and also helps to increase employment in the country. However, factors such as intermittency of available solar energy in the country coupled with high installation costs are expected to hinder the growth of the market studied.
  • Increasing wind energy installations are likely to drive the Finland renewable energy market during the forecast period.
  • With the intention of increasing its renewable energy share in the energy mix, Finland has adopted the National Energy and Climate Strategy for 2030. The strategy outlines concrete actions and objective of fulfilling its objective of increasing the share of renewable energy by more than 50% by 2030. Moreover, the strategy also outlines the action of reducing the emission of greenhouse gas to around 80-90% by 2050. Thus, the initiative is expected to create an opportunity for the market to grow in the near future.
  • Hydropower held a significant market share in 2019, and it is likely to dominate the market with renovation and modernization of existing hydro power plants and installation of new pump hydro energy storage (PHES) project in the country.

Finland Renewable Energy Industry Segmentation

The Finland renewable energy market report include:

Type
Hydropower
Wind
Bioenergy
OtherTypes
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Finland Renewable Energy Market Size Summary

Finland's renewable energy market is experiencing significant growth, driven by government policies aimed at reducing greenhouse gas emissions and increasing self-reliance through renewable sources. The market encompasses major energy sources such as hydropower, wind, bioenergy, and solar power. Despite challenges like the intermittency of solar energy and high installation costs, the market is poised for expansion, particularly with the increasing installations of wind energy. The National Energy and Climate Strategy for 2030 plays a crucial role in this growth, setting ambitious targets to enhance the share of renewable energy in the national energy mix and reduce emissions substantially by 2050. This strategy is expected to create substantial opportunities for market development in the coming years.

Hydropower remains the dominant force in Finland's renewable energy sector, accounting for a significant portion of the installed capacity. The sector is set to benefit from renovation and modernization efforts, alongside new projects like Pump Hydro Energy Storage (PHES) in the Pyhäsalmi mine. Wind energy, the second-largest renewable source, is also expected to drive market growth, supported by the installation of new projects aimed at reducing dependency on energy imports from neighboring countries. The market is characterized by fragmentation, with key players including Fortum Oyj, Pohjolan Voima Oyj, and Vattenfall AB, among others, contributing to the competitive landscape.

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Finland Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Finland Renewable Energy Installed Capacity and Forecast in GW, till 2025

    3. 1.3 Finland Renewable Energy Mix, 2019

    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 Hydropower

      2. 2.1.2 Wind

      3. 2.1.3 Bioenergy

      4. 2.1.4 OtherTypes

Finland Renewable Energy Market Size FAQs

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

Fortum Oyj, Pohjolan Voima Oyj, Vattenfall AB, ABO Wind AG and SGS AG are the major companies operating in the Finland Renewable Energy Market.

Finland Renewable Energy Market Report Snapshots

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