Market Size of Sweden Solar Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 23.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sweden Solar Energy Market Analysis
The Swedish solar energy market is expected to have an installed capacity of 2,178 MW by the end of the base year. It is expected to register a CAGR of more than 23.3% during the forecast period.
Though the COVID-19 pandemic negatively impacted the market in 2020, it has reached pre-pandemic levels.
- Over the short term, soaring electricity prices incentivized installing solar PV systems for self-consumption, which is expected to be a significant factor driving the market.
- On the other hand, rising investments in alternative renewable energy sources, such as offshore wind energy and hydropower, are expected to restrain the growth of the Swedish solar energy market during the forecast period.
- Nevertheless, Sweden's target of achieving 100% renewable energy generation by 2040 is expected to create several opportunities for the Swedish solar energy market during the forecast period.
Sweden Solar Energy Industry Segmentation
Solar energy is a type of renewable energy in which solar panels are used to generate electricity. Solar panels deployed on rooftops or mounted on the grounds are utilized effectively by end users, including residential, commercial & industrial (C&I), and utilities. Solar energy has become the fastest-growing renewable energy source owing to the country's supporting government initiatives and surging investments in renewable energy projects.
The Swedish solar energy market is segmented by location of deployment (rooftop, ground-mounted) and end user (residential, commercial, and industrial (C&I), utility). The report offers the market size and forecasts in terms of installed capacity in MW for all the above segments.
Sweden Solar Energy Market Size Summary
The Swedish solar energy market is poised for significant growth, driven by increasing electricity prices that encourage the installation of solar photovoltaic (PV) systems for self-consumption. Despite the initial setbacks caused by the COVID-19 pandemic, the market has rebounded to pre-pandemic levels and is expected to continue expanding. The government's ambitious target of achieving 100% renewable energy generation by 2040 presents numerous opportunities for the solar sector. However, the growth of solar energy may face challenges from rising investments in other renewable sources like offshore wind and hydropower. The market is predominantly dominated by rooftop installations, but there is a notable increase in interest and activity in ground-mounted solar PV parks, which are expected to grow significantly during the forecast period.
The demand for electricity in Sweden is on the rise, particularly in the residential and industrial sectors, exacerbated by the geopolitical tensions from the Russia-Ukraine conflict, which have led to soaring energy prices across Europe. This situation, coupled with the decline in nuclear power generation due to the phasing out of nuclear plants and the lack of policies for nuclear waste storage, is expected to drive the demand for solar energy. The market is moderately fragmented, with key players such as HPSolartech AB, ABB Ltd, and Vattenfall AB actively participating. Notable projects, including large-scale solar parks by European Energy and Ilmatar Solar AB, highlight the growing investment and development in Sweden's solar energy landscape.
Sweden Solar 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 Solar Energy Installed Capacity and Forecast, in Megawatt (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 Solar Energy Market Size FAQs
What is the current Sweden Solar Energy Market size?
The Sweden Solar Energy Market is projected to register a CAGR of 23.30% during the forecast period (2024-2029)
Who are the key players in Sweden Solar Energy Market?
Exeger Sweden AB , InnoVentum AB , Vattenfall AB , HPSolartech and ABB Ltd are the major companies operating in the Sweden Solar Energy Market.
