Market Size of Sweden Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sweden Renewable Energy Market Analysis
The Swedish renewable energy market is expected to register a CAGR of over 3.5% during the forecast period of 2022-2027. The Swedish renewable energy market was relatively less affected by the COVID-19 pandemic than other European countries due to the country's no-lockdown strategy during the pandemic, which reduced the overall economic impact on the population. Factors such as government initiatives to decrease the emission of greenhouse gas in the country are likely to drive the Swedish renewable energy market. Additionally, refurbishment and maintenance of large hydroelectricity projects are expected to be a significant driving factor for the market. However, difficulties in the maintenance of renewable power plants are expected to restrain the Swedish renewable energy market.
- Hydro energy remained the major source of power generation in Sweden in 2021, and it is likely to dominate the market.
- Sweden targets to achieve 100% renewable energy power generation by 2040 and reduce the emissions of greenhouse gases to 0% by 2045. These targets are likely to act as an opportunity for the Swedish renewable energy market in the future.
- Increasing renewable energy installed capacity and upcoming projects in the country are likely to drive the Swedish renewable energy market. The Europen Union has set targets to reduce its carbon footprint, for which Sweden is increasing its renewable installation capacity.
Sweden Renewable Energy Industry Segmentation
The Swedish renewable energy market report includes:
Sweden Renewable Energy Market Size Summary
The Swedish renewable energy market is poised for steady growth, driven by government initiatives aimed at reducing greenhouse gas emissions and achieving a fully renewable energy system by 2040. The market's resilience during the COVID-19 pandemic, due to Sweden's no-lockdown approach, has positioned it favorably compared to other European nations. Hydropower remains the dominant energy source, supported by ongoing refurbishment and maintenance projects to enhance the safety and efficiency of existing facilities. The integration of battery energy storage systems into hydropower plants further underscores the market's commitment to improving energy reliability and capacity. Despite challenges in maintaining renewable power plants, the market is expected to benefit from increased installed capacity and new projects, aligning with the European Union's carbon reduction targets.
Sweden's renewable energy sector is characterized by a diverse range of sources, including wind, bioenergy, and solar power, with significant investments planned to expand these capacities. The government's focus on offshore wind energy development, alongside the potential of bioenergy from the country's extensive forest coverage, presents substantial opportunities for market growth. Key industry players, such as Vattenfall AB and Fortum Oyj, are actively involved in various projects, including wind farms and biogas plants, to meet the country's ambitious renewable energy goals. The market's moderate fragmentation is evident in the numerous projects underway, such as Cloudberry Clean Energy's wind farm developments and Scandinavian Biogas's biogas plant initiatives, which are supported by both domestic and international partnerships.
Sweden Renewable 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 Renewable Energy Installed Capacity Forecast, in Megawatts (MW), till 2027
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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 Renewable Energy Market Size FAQs
What is the current Sweden Renewable Energy Market size?
The Sweden Renewable Energy Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Sweden Renewable Energy Market?
Vattenfall AB , Fortum Oyj, General Electric Company, Swedish Biofuels AB and RES Group are the major companies operating in the Sweden Renewable Energy Market.
