Denmark Renewable Energy Market Size

Denmark Renewable Energy Market Analysis

The offshore wind installation market in Denmark is expected to record a CAGR of more than 8% in the forecast period of 2020-2025. The COVID-19 pandemic is expected to impede the growth of the market, as the country is expected to decrease by 4.4% of its gross domestic product (GDP) in 2020. Some estimates of 2021 have shown a positive growth of 5.5% of GDP, which may bring the economic activity back to the pre-covid level. This, in turn, is expected to have a positive impact on the overall renewable energy market in the country during the forecast period. Factors such as supportive government policies and efforts to meet power demand using renewable energy sources and decrease dependency on fossil fuel-based power generation are expected to act as significant contributors to the market's growth. On the other hand, the absence of any new initiatives and limited land availability for solar and wind farm installations are expected to restrain the market's growth in the coming years.

• Wind energy has shown robust growth in Demark, reaching more than 6000 MW installed capacity in 2019, and it is expected to continue the same trend in the forecast period.
• The Danish government is aiming to create a fossil-free vehicle environment by 2030 and later complete independence from fossil fuels for energy generation, which makes the renewable energy sector the future of Denmark. Such ambitious goals of the government are expected to create a significant opportunity for the market players in the near future.
• With the Danish government's continuous efforts and ambitious policies, following Renewable Energy outlook 2019, Denmark is expected to witness considerable growth in the renewable market.