Sweden Wind Energy Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 6.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sweden Wind Energy Market Analysis
Sweden's wind energy market is projected to register a CAGR of over 6% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, increasing wind energy installed capacity and upcoming projects in the country will likely drive the Sweden wind energy market during the forecast period.
- On the other hand, wind turbines' maintenance or replacement cost is expected to restrain the Swedish wind energy market.
- Nevertheless, Sweden targets to achieve 100% renewable energy consumption by 2040 and 0% emissions of greenhouse gases by 2045. These targets will likely create an excellent opportunity for Sweden's wind energy market in the future.
Sweden Wind Energy Market Trends
This section covers the major market trends shaping the Sweden Wind Energy Market according to our research experts:
Onshore Wind Energy Segment Dominates the Market
- Onshore wind energy power generation technology has evolved over the last five years to maximize electricity produced per megawatt capacity installed and to cover more sites with lower wind speeds. Besides this, in recent years, wind turbines have become more extensive with taller hub heights, broader diameters, and larger wind turbine blades.
- 81% of the new wind installations in Europe were onshore wind, with 14.05 GW. Sweden, Germany, and Turkey are building the most onshore wind installations.
- During the past year, Sweden has seen a record number of wind installations as onshore installations have more than doubled year-over-year. Sweden now has the most onshore wind capacity in Europe, with 2.1 GW of new onshore installations.
- Sweden holds 11.9 GW of onshore wind energy installed in 2021, and the wind-generated electricity in Sweden accounted for 27.1 TWh in 2021. As energy demand rises, Sweden is adopting renewable energy as a sustainable and clean form of energy. Embracing onshore wind energy and higher wind potential and energy demand attract companies to increase investment.
- In July 2022, a project was announced in Sweden to build a new 277 MW wind farm starting in 2025. Three companies will be in charge of the project, Siemens Gamesa, Arise, and Foresight is likely to collaborate on a new scheme in Sweden.
- Therefore, owing to the above points, the onshore wind energy segment is expected to dominate the market during the forecast period.
Increasing Wind Energy Installations Likely to Drive the Market
- The share of renewable energy in Sweden keeps growing. Already in 2012, the country reached its 2020 target of 50 percent. By 2040, Sweden will produce 100 percent renewable electricity. Out of the total electricity produced, some 16 percent comes from wind power.
- A steady increase in wind turbines has been observed in Sweden between 2009 and 2021, with a significant increase in 2021, when there were 4,754 wind turbines.
- Going forward, In 2021, Sweden added 2,104 MW of wind power generation capacity, all onshore. The addition took Sweden's cumulative wind power generation capacity to 12.1 GW in 2021. In terms of new installations, the country accounted for approximately 8% of the newly installed capacity in Europe in 2021. Further, according to the Swedish Energy Agency, the electricity generated from wind is likely to rise from 27.4 TWh in 2021 to 46.9 TWh in 2024 in Sweden. This is mainly due to the expansion of installed wind turbine capacity.
- In February 2022, A proposal was submitted by Sweden for the construction of wind power plants that will generate 20-30 terawatt hours (TWh) per year to reach 120 TWh at a later stage. These areas are located both east and west of the country.
- In June 2022, Renewable Power Capital (RPC), a UK-based energy investment firm, signed an agreement to connect four wind farms in Sollefte and Kramfors municipalities with E.ON Energy Distribution. Under this agreement, four wind facilities are expected to produce 561 MW of clean energy for regional and national systems. Among the four wind farms included in the agreement are the Sörlidberget wind farm, with a capacity of 132 MW, and the Knäsjöberget wind farm, with a capacity of 92.4 MW. There are also two wind farms included in the agreement, Vitberget and Storhöjden, with capacities of 171.6MW and 165MW, respectively.
- Moreover, for Sweden to meet a political goal of generating all power from renewables by the year 2040, installed onshore capacity may need to almost triple in the next 20 years.
- In addition to the rapidly growing onshore wind power market in Sweden, various new offshore wind power projects are also under various development stages in Sweden. For instance, in February 2022, Sweden-based renewable project developer OX2 submitted a permit application to build 1.8 gigawatts of an offshore wind farm off the coast of Skane in the south of Sweden under the act of the Exclusive Economic Zone of Sweden.
- Hence, owing to the above points, increasing wind energy installations is expected to drive Sweden's wind energy market during the forecast period.
Sweden Wind Energy Industry Overview
The Swedish wind energy market is moderately consolidated. Some key players (in no particular order) in this market include Vattenfall AB, General Electric Company, Vestas Wind Systems A/S, E.ON SE ADR, and Axpo Holding AG.
Sweden Wind Energy Market Leaders
-
Vattenfall AB
-
Vestas Wind Systems A/S
-
E.ON SE ADR
-
Axpo Holding AG
-
General Electric Company
*Disclaimer: Major Players sorted in no particular order
Sweden Wind Energy Market News
- In October 2022, Bjornberget, an onshore wind farm operated by Enlight Renewable Energy, completed all regulatory requirements necessary for commercialization. Project Bjornberget is among Europe's largest wind farms, with a capacity of 372MW, making it Enlight Renewable Energy's largest operational project to date. The first turbine has begun commercial operation, and Enlight anticipates the entire wind farm will be commercialized during the first quarter of 2023.
- In August 2022, the Ingka Group, owner of most IKEA stores worldwide, agreed to purchase a 49% stake in three wind development projects offshore Sweden from the renewable energy company OX2 for USD 57.5 million.
Sweden Wind Energy Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Sweden Wind Energy Installed Capacity Forecast, in Gigawatts (GW), till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
-
4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
5. MARKET SEGEMENTATION
-
5.1 Location of Deployment
- 5.1.1 Onshore
- 5.1.2 Offshore
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Collaborations, and Joint Ventures
- 6.2 Strategies Adopted by Key Players
-
6.3 Key Companies Profile
- 6.3.1 Vattenfall AB
- 6.3.2 Vestas Wind Systems A/S
- 6.3.3 E.ON SE ADR
- 6.3.4 Nordex SE
- 6.3.5 Green Investment Group (Macquarie Group)
- 6.3.6 Axpo Holding AG
- 6.3.7 RES Group
- 6.3.8 Siemens Gamesa Renewable Energy SA
- 6.3.9 General Electric Company
7. MARKET OPPORTUNITIES and FUTURE TRENDS
** Subject To AvailablitySweden Wind Energy Industry Segmentation
The wind produces electricity by converting the kinetic energy of air in motion into electricity. By rotating the rotor blades, wind transforms kinetic energy into rotational energy. The rotational energy is transferred to the generator through a shaft, generating electrical power.
Sweden's wind energy market is segmented by location of deployment, and the market is segmented into onshore and offshore. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).
Sweden Wind Energy Market Research FAQs
What is the current Sweden Wind Energy Market size?
The Sweden Wind Energy Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Sweden Wind Energy Market?
Vattenfall AB , Vestas Wind Systems A/S, E.ON SE ADR, Axpo Holding AG and General Electric Company are the major companies operating in the Sweden Wind Energy Market.
What years does this Sweden Wind Energy Market cover?
The report covers the Sweden Wind Energy Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Sweden Wind Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wind Energy in Sweden Industry Report
Statistics for the 2024 Wind Energy in Sweden market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wind Energy in Sweden analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
