North Europe Renewable Energy Market Size (2024 - 2029)

The North Europe Renewable Energy Market is anticipated to experience growth driven by environmental concerns, supportive government policies, and advancements in technology that reduce manufacturing costs and enhance power generation efficiency. Despite the challenges posed by high initial capital expenditures, the market has rebounded to pre-pandemic levels. The shift towards clean energy from conventional sources presents significant opportunities for market expansion, with Norway leading due to its favorable policies.

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Market Size of North Europe Renewable Energy Industry

North Europe Renewable Energy Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 4.00 %
Market Concentration Low

Major Players

North Europe Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

North Europe Renewable Energy Market Analysis

The North Europe Renewable Energy Market is expected to grow at a CAGR of more than 4% during the forecast period.

COVID-19 negatively impacted the market in 2020. Currently, the market has reached pre-pandemic levels.

  • Over the medium term, factors such as rising environmental concerns, government policies for incentives and tax benefits for renewable project development, and the high cost of grid expansion are expected to drive the market. Also, advancement in technology, leading to renewable energy technology manufacturing cost reduction and an increase in power generation efficiency, is a significant factor in the growth of the North Europe renewable energy market.
  • On the other hand, high initial CAPEX is likely to restrain the growth of the North Europe renewable energy market in the coming years.
  • However, the increasing focus on producing clean energy and the gradual shift from energy generation from conventional sources such as coal and natural gas to clean energy is expected to create an excellent opportunity for the renewable energy players in the region.
  • Norway has dominated the renewable energy market in the region due to supportive government policies.

North Europe Renewable Energy Industry Segmentation

Renewable energy is collected from renewable resources that are naturally replenished on a human timescale. It includes sources such as sunlight, wind, water movement, and geothermal heat.

The North European Renewable Energy Market is segmented by type and geography. By type, the market is segmented into wind, hydro, solar, and others. The report also covers the market size and forecasts for the renewable energy market in major countries. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).

Type
Wind
Hydro
Solar
Others
Geography
Sweden
Norway
United Kingdom
Rest of North Europe
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North Europe Renewable Energy Market Size Summary

The North Europe Renewable Energy Market is poised for significant growth, driven by increasing environmental concerns and supportive government policies that offer incentives and tax benefits for renewable project development. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Technological advancements have further bolstered the sector by reducing manufacturing costs and enhancing power generation efficiency. Despite the challenge of high initial capital expenditure, the shift from conventional energy sources like coal and natural gas to cleaner energy alternatives presents substantial opportunities for renewable energy stakeholders in the region. Norway stands out as a leader in this market, benefiting from its robust government support and a long history of hydropower development.

Hydropower remains the dominant force in the North European renewable energy landscape, with Norway and Sweden leading the charge due to their substantial hydropower capacities. This sector's prominence is attributed to its cost-effective electricity supply, resilience against price volatility, and reliable energy provision. Norway, in particular, boasts one of the cleanest electricity production systems globally, with a significant portion of its energy derived from hydropower. The country is also expanding its wind power capabilities, exemplified by the recent launch of the world's largest floating offshore wind farm. The market is characterized by fragmentation, with key players such as √òrsted AS, Vestas Wind Systems AS, and Statkraft AS actively contributing to its development.

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North Europe Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in MW, till 2027

    3. 1.3 Installed Total Renewable Energy Capacity, in MW, by Country, 2021

    4. 1.4 Recent Trends and Developments

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Wind

      2. 2.1.2 Hydro

      3. 2.1.3 Solar

      4. 2.1.4 Others

    2. 2.2 Geography

      1. 2.2.1 Sweden

      2. 2.2.2 Norway

      3. 2.2.3 United Kingdom

      4. 2.2.4 Rest of North Europe

North Europe Renewable Energy Market Size FAQs

The North Europe Renewable Energy Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Ørsted AS , Vestas Wind Systems AS, Statkraft AS, E-CO Energi Holding As and Vattenfall AB are the major companies operating in the North Europe Renewable Energy Market.

North Europe Renewable Energy Market Report Snapshots

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