Market Size of Sweden Wind Energy Industry
| 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 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 Size Summary
The wind energy market in Sweden is experiencing significant growth, driven by an increase in installed capacity and the development of new projects. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Sweden's commitment to achieving 100% renewable energy consumption by 2040 and zero greenhouse gas emissions by 2045 is a major catalyst for the wind energy sector. The onshore wind energy segment is expected to dominate the market, supported by advancements in wind turbine technology that enhance electricity production and expand the range of viable installation sites. Despite the high costs associated with the maintenance and replacement of wind turbines, the overall outlook for Sweden's wind energy market remains positive, with substantial opportunities for growth.
Sweden's wind energy market is characterized by a steady increase in wind turbine installations, particularly onshore, which have more than doubled year-over-year. The country now boasts the highest onshore wind capacity in Europe, with significant contributions to its electricity generation. The expansion of wind power capacity is further supported by various projects, including a notable collaboration involving Siemens Gamesa, Arise, and Foresight to build a new wind farm. Additionally, offshore wind projects are also in development, reflecting Sweden's broader strategy to meet its renewable energy targets. The market is moderately consolidated, with key players such as Vattenfall AB, General Electric Company, and Vestas Wind Systems A/S playing significant roles in the sector's growth.
Sweden Wind 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 Wind Energy Installed Capacity Forecast, in Gigawatts (GW), 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 Wind Energy Market Size 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.
