Denmark Wind Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Denmark Wind Energy Market Analysis
The Denmark wind energy market is expected to grow at a CAGR of around 5% during the forecast period. The primary driver for the market includes the government efforts to have a low-cost, sustainable, and a cleaner form of energy and thereby to have control over the growing carbon emissions. However, inadequate land masses available to install renewable facilities, including wind farms, is likely to hinder the market growth during the forecast period.
- With significant installed capacity, in 2019, onshore wind energy is likely to dominate the market during the forecast period.
- With the objective of transforming Denmark to a low carbon society by 2050, the country is expected to generate 55% of its total energy required from renewable energy by 2030. The increase in renewable energy share in the country's energy mix is likely to create an opportunity for the wind energy market to expand in the near future.
- Increasing electricity consumption, along with increasing government initiatives for renewable energy growth, is likely to drive the wind energy market during the forecast period.
Denmark Wind Energy Market Trends
This section covers the major market trends shaping the Denmark Wind Energy Market according to our research experts:
Onshore Wind Energy to Dominate the Market
- Onshore wind energy is the prominent segment under the Danish wind energy sector that holds nearly 4.4 GW of installed capacity, in 2019. With an increase in demand for cleaner energy, the segment is expected to grow further with the implementation of new onshore wind projects.
- Onshore wind turbines are easier to install, and are low in investment, as compared to the offshore. According to the Energy Information Administration (EIA), offshore wind is 2.6 times more expensive than onshore wind power and is 3.4 times more expensive than power produced by a natural gas combined-cycle plant.
- As of 2019, the country has several onshore wind projects. Thorup-Sletten, the largest onshore windfarm, is one of the prominent upcoming projects. The project is likely to have nearly 77 MW installed capacity and is expected to get commission during the forecast period.
- Moreover, Denmark awarded a 165 MW onshore wind energy project, in 2018. The completion of the project is expected to expand the onshore wind energy market of the country in the near future.
Increasing Electricity Consumption is Likely to Drive the Market
- Consumption of electricity in Denmark is expected to get an increase at a rate of around 2.1% per annum, which is likely to increase the total consumption of electricity to nearly 310 TWh by 2025.
- With government participation and the target of reducing the uses of fossil fuel completely by 2050, it is obvious to have expansion in the renewable form of electricity in the country.
- As in 2018, almost 6408 GWh of electricity gets produced from coal, and it is estimated that with increasing investment in renewables, especially in wind and solar PV, electricity generation from renewables is likely to get increase during the forecast period.
- It is expected that by 2030, the government is planning to complete the shutdown of coal-fired power plants, which in turn is expected to increase the country's dependency on renewable sources. By 2030, electricity consumption is estimated to grow up to 480 terawatt hour (TWh) and is expected to reduce CO2 emission to nearly 99g/KWh.
Denmark Wind Energy Industry Overview
The Denmark wind energy market is moderately fragmented. The key players in the market include Orsted AS, Vattenfall AB, Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Suzlon Energy Ltd, and MHI Vestas Offshore Wind A/S among others.
Denmark Wind Energy Market Leaders
Orsted AS
Vattenfall AB
Vestas Wind Systems A/S
Siemens Gamesa Renewable Energy SA
Suzlon Energy Ltd
*Disclaimer: Major Players sorted in no particular order
Denmark 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 Denmark Wind Energy Installed Capacity and Forecast in MW, till 2025
-
4.3 Denmark Renewable Energy Mix, 2019
-
4.4 Recent Trends and Developments
-
4.5 Government Policies and Regulations
-
4.6 Market Dynamics
-
4.6.1 Drivers
-
4.6.2 Restraints
-
-
4.7 Supply Chain Analysis
-
4.8 PESTLE Analysis
-
-
5. MARKET SEGMENTATION
-
5.1 Type
-
5.1.1 Onshore
-
5.1.2 Offshore
-
-
-
6. COMPETITIVE LANDSCAPE
-
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
-
6.2 Strategies Adopted by Leading Players
-
6.3 Company Profiles
-
6.3.1 Orsted AS
-
6.3.2 Vattenfall AB
-
6.3.3 Vestas Wind Systems A/S
-
6.3.4 Siemens Gamesa Renewable Energy SA
-
6.3.5 Suzlon Energy Ltd
-
6.3.6 MHI Vestas Offshore Wind A/S
-
- *List Not Exhaustive
-
-
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Denmark Wind Energy Industry Segmentation
The Denmark wind energy market report include:
| Type | |
| Onshore | |
| Offshore |
Denmark Wind Energy Market Research FAQs
What is the current Denmark Wind Energy Market size?
The Denmark Wind Energy Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Denmark Wind Energy Market?
Orsted AS, Vattenfall AB, Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA and Suzlon Energy Ltd are the major companies operating in the Denmark Wind Energy Market.
What years does this Denmark Wind Energy Market cover?
The report covers the Denmark Wind Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Denmark Wind Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Denmark Wind Energy Industry Report
Statistics for the 2024 Denmark Wind Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Denmark Wind Energy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
