North Europe Renewable Energy Market Size Report Analysis, S...| MENAFN.COM

Friday, 09 December 2022 06:25 GMT

North Europe Renewable Energy Market Size Report Analysis, Share, Revenue, Growth Rate With Forecast Overview 2022-2031


(MENAFN- America News Hour)

The North Europe renewable energy market is expected to grow at a CAGR of more than 4% over the period. Factors such as rising environmental concerns, government policies for incentives and tax benefits for renewable project development, and the high cost of grid expansion are expected to be major drivers driving the market. Also, advancement in technology, leading to renewable energy technology manufacturing cost reduction and an increase in power generation efficiency has been a major factor for the growth of North Europe renewable energy market. High initial CAPEX is likely to restrain the growth of North Europe renewable energy market in the coming years.

– The hydropower sector is expected to dominate the market during the forecast period, owing to factors like energy supply without the direct CO2 emission and excellent energy pay-back period.
– Norway is expected to dominate the market in the forecast period, supported by its highest demand and the highest share of electricity generation from renewable energy resources in the region.
– The increasing focus on producing clean energy and gradual shift from energy generation from conventional sources such as coal and natural gas to clean energy is expected to create excellent opportunity for the renewable energy players in the region.

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Key Market Trends

Hydro Power to Dominate the Market

– Hydropower is expected to dominate the renewable energy market in the region. The sector is expected to be led by countries like Norway and Sweden having a capacity of 32.6 GW and 16.4 GW of hydropower capacity in 2019, respectively.
– North Europe holds around 25% share of the region's hydropower capacity at 56.9 GW as of 2019. Hydropower also makes up over 63% share of the region's renewable energy capacity.
– Despite the fact that electricity generation from hydropower in the region saw a drop of around 10% from around 240.9 TWh in 2017 to around 217.3 TWh in 2018, the sector still dominates the market with 72% share in total electricity generation from renewable energy and 48% share of the total electricity generation in the region as of 2018.
– The main reasons behind such extensive usage of hydropower are the cost-efficient supply of electricity, independence from price spikes in volatile wholesale electricity markets, and security of supply. The hydropower sector provides a sense of reliability to the countries and consumers by providing a flexible and reliable capacity that can be called upon when needed.
– Therefore, the aforementioned factors are expected to help the market dominate in the forecast period.

Norway to Dominate the Market

– Norway has dominated the renewable energy market in the region in recent years and is expected to continue to do so in the forecast period too. The country has one of the cleanest electricity production systems in place, with over 97% of its electricity generated from renewable energy.
– The development of renewable energy in Norway started as early as the 1800s, with the harvest of hydropower from the rivers cascading the country.
– The country produced 142.7 TWh electricity from renewable energy in 2018 opposed to 147 TWh of total electricity generation. The majority of the electricity generation from renewable resources comes from hydropower. Norway is the second-largest producer of hydropower in the region as well as Europe and the seventh-largest producer in the world.
– Apart from hydropower, the country has been very active in the wind power sector with a number of utility size in both its onshore and offshore regions. The country's largest onshore wind farm, the Roan Wind Farm with a capacity of 255.6 MW, went operational in June 2019.
– The country is likely to maintain its dominance in the region during the forecast period, supported by its favorable policies and awareness for more and more usage of renewable energy.

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Competitive Landscape

The North Europe renewable energy market is fragmented. Some of the key players in this market include Ørsted AS, Vestas Wind Systems AS, Statkraft AS, E-CO Energi Holding As, and Vattenfall AB.

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 Installed Capacity and Forecast in MW, till 2025
4.3 Installed Total Renewable Energy Capacity, in MW, by Country, 2019
4.4 Recent Trends and Developments
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

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