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Europe Renewable Energy Market Size (2024 - 2029)

The market size of renewable energy in Europe is projected to expand significantly over the next few years, driven by an increase in environmental awareness and regulations and a decrease in the cost per kilowatt of electricity generated from renewables. Despite the COVID-19 pandemic, the renewable energy market has experienced growth, particularly in the solar and wind power sectors. However, the high cost of renewable energy storage could pose a challenge to the market's expansion. The wind energy segment, bolstered by numerous wind farms in South Europe and investments in offshore wind projects, is expected to dominate the market. Additionally, advancements in technologies and materials, such as perovskites, could enhance the efficiency of solar cells and offer further opportunities for market growth. Germany is anticipated to have a dominant share of the solar energy market in Europe.

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Market Size of Europe Renewable Energy Industry

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Europe Renewable Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 7.00 %
Market Concentration Low

Major Players

Europe Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Europe Renewable Energy Market Analysis

The Europe renewable energy market is expected to grow at a CAGR of more than 7% over the period of 2022-2027. The COVID-19 pandemic had a negligible effect on the renewable energy market in the nation, as many countries in the Europe such as Germany, United Kingdom and Italy has witnessed an upsurge in solar and wind power share in power production in 2021, even after a slowed industrial activity during the lockdown. Factors such as an increase in environmental awareness and regulations and decreasing cost per kilowatt of electricity generated from renewables are expected to provide a boost to the market. However, the high price of the storage of renewable energy is expected to restrain the market.

  • Wind Energy segment is expected to dominate the market as many wind farms have been built across South Europe. Large coastal borders with the Mediterranean Sea in Southern Europe with the peninsular regions like Italy and Iberia also provide for fertile ground for investments in offshore wind projects.
  • New technologies and materials like the latest research going on the perovskites are expected to increase the efficiency of the solar cells, which is likely to act as an opportunity for the market players.
  • Germany is expected to have largest share of solar energy among the nations, which is inturn expected to dominate the Europe renewable energy market during the forecast period.

Europe Renewable Energy Industry Segmentation

The scope of Europe renewable energy market report includes:

Type
Hydropower
Solar
Wind
Others
Geography
Germany
United Kingdom
Italy
Spain
France
Rest of Europe

Europe Renewable Energy Market Size Summary

The Europe renewable energy market is expected to witness significant growth in the coming years. The market's expansion is primarily driven by an increase in environmental awareness and regulations, coupled with the decreasing cost per kilowatt of electricity generated from renewables. Despite the COVID-19 pandemic's impact on industrial activity, countries like Germany, United Kingdom, and Italy have seen a surge in the share of solar and wind power in power production. However, the high cost of renewable energy storage may pose a challenge to the market's growth. Key trends in the Europe renewable energy market include the dominance of the wind energy segment, particularly in South Europe, due to the construction of numerous wind farms and the region's large coastal borders with the Mediterranean Sea. Moreover, advancements in technology and materials, such as the ongoing research on perovskites, are expected to increase solar cell efficiency, providing opportunities for market players. Germany, in particular, is anticipated to have a significant share of solar energy, thereby dominating the Europe renewable energy market during the forecast period.

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Europe Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Installed Capacity Forecast in GW, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Hydropower

      2. 2.1.2 Solar

      3. 2.1.3 Wind

      4. 2.1.4 Others

    2. 2.2 Geography

      1. 2.2.1 Germany

      2. 2.2.2 United Kingdom

      3. 2.2.3 Italy

      4. 2.2.4 Spain

      5. 2.2.5 France

      6. 2.2.6 Rest of Europe

Europe Renewable Energy Market Size FAQs

The Europe Renewable Energy Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

ContourGlobal PLC, Enel Green Power S.p.A., Acciona SA, Abengoa SA and EDF SA are the major companies operating in the Europe Renewable Energy Market.

European Renewable Energy Market Report Snapshots

European Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)