Market Size of Finland Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 8.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Finland Renewable Energy Market Analysis
Finland's renewable energy market is expected to register an estimated CAGR of more than 8% during the forecast period 2020-2025. Finland's renewable energy market includes hydropower, wind, bioenergy, and solar as the major sources of renewable power generation.
- The primary driver of the market includes government policies that are emphasizing on reducing greenhouse gas emissions by using renewable energy. Emphasis on renewable energy makes Finland self-reliant and also helps to increase employment in the country. However, factors such as intermittency of available solar energy in the country coupled with high installation costs are expected to hinder the growth of the market studied.
- Increasing wind energy installations are likely to drive the Finland renewable energy market during the forecast period.
- With the intention of increasing its renewable energy share in the energy mix, Finland has adopted the National Energy and Climate Strategy for 2030. The strategy outlines concrete actions and objective of fulfilling its objective of increasing the share of renewable energy by more than 50% by 2030. Moreover, the strategy also outlines the action of reducing the emission of greenhouse gas to around 80-90% by 2050. Thus, the initiative is expected to create an opportunity for the market to grow in the near future.
- Hydropower held a significant market share in 2019, and it is likely to dominate the market with renovation and modernization of existing hydro power plants and installation of new pump hydro energy storage (PHES) project in the country.
