Market Size of Sweden Geothermal Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sweden Geothermal Energy Market Analysis
The geothermal energy market in Sweden is expected to grow at a CAGR of more than 2.5% during the forecast period. The primary driver for the market includes the government initiatives to reduce the dependency on fossil fuel and thereby to have a cheaper form of heat source for space heating and hot water heating (HWH) applications. However, an increase in temperature over the years coupled with the availability of other alternatives for space heating applications are expected to reduce the uses of district heating in the country and thereby is expected to hinder the market to grow during the forecast period.
- An increase in investment and financial incentives from the government is expected to drive the market during the forecast period.
- In the Swedish crystalline bedrock, which has a moderate geothermal gradient, very large borehole depths are required to reach sufficiently high geothermal temperatures. In Skane in the south of Sweden, where the geothermal gradient in the sedimentary rock is approximately 30°C/km, temperatures above 100°C may be reached at a depth of 3-3.5 km. Government participation and technological advancement are expected to produce both heat and electricity from Skane,and this, in turn, is expected to create an opportunity for the market to grow in the near future.
- Increasing deployment of bioenergy as a district heating solution is likely to restrict market growth during the forecast period.
Sweden Geothermal Energy Industry Segmentation
The Sweden geothermal energy market report includes:
Sweden Geothermal Energy Market Size Summary
The geothermal energy market in Sweden is poised for growth, driven primarily by government initiatives aimed at reducing reliance on fossil fuels and providing a cost-effective heat source for space and hot water heating applications. Despite this positive outlook, the market faces challenges due to rising temperatures and the availability of alternative heating solutions, which may limit the use of district heating. The Swedish crystalline bedrock, with its moderate geothermal gradient, necessitates deep boreholes to access high geothermal temperatures, particularly in Skane, where government involvement and technological advancements are expected to facilitate both heat and electricity production. This development presents opportunities for market expansion, although the increasing deployment of bioenergy as a district heating solution may pose a constraint.
Investment in Sweden's geothermal energy sector is anticipated to receive a boost as the country aims to enhance its renewable energy share and reduce CO2 emissions. Significant financial commitments have been made, including the issuance of green bonds and plans for new geothermal power plants. However, the dominance of biomass and waste in the district heating systems, which account for a substantial portion of Sweden's heat demand, may hinder the growth of geothermal energy. The government's focus on increasing the renewable share in district heating, particularly through bioenergy, is expected to further impact the market's expansion. The geothermal energy market in Sweden is consolidated, with key players such as WSP Global Inc., Climeon AB, MalmbergGruppen AB, Mincon Group Plc, and E.ON SE actively participating.
Sweden Geothermal Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Sweden Geothermal Energy Installed Capacity in MW, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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Sweden Geothermal Energy Market Size FAQs
What is the current Sweden Geothermal Energy Market size?
The Sweden Geothermal Energy Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in Sweden Geothermal Energy Market?
WSP Global Inc., Climeon AB, MalmbergGruppen AB, Mincon Group Plc and E.ON SE are the major companies operating in the Sweden Geothermal Energy Market.
