France Renewable Energy Market Size

France Renewable Energy Market Analysis

The French renewable energy market is expected to witness a CAGR of greater than 7.4% during the forecast period, 2022-2027. France has been one of the worst affected countries due to the COVID-19 pandemic and was the first to implement large-scale lockdowns and enact bans on the freedom of movement. As a result, renewable energy manufacturers and service providers reduced output significantly, and manufacturers further slowed down the value chain and felt the economic impact of the pandemic. Even though the country did not meet its specified renewable energy targets in 2020, there was an increase of 2 GW of renewable energy installed capacity. However, in October 2021, the French Recovery Plan from COVID-19 was formulated, and the government announced a EUR 30 billion investment plan for 2030, including EUR 8 billion dedicated to energy technology investment in the decarbonization of industry. This has made a positive impact on the renewable energy market in the country. Major factors driving the market include declining lithium-ion battery prices and rapid adoption of electric vehicles due to the growing renewable sector. On the other hand, electricity generation from nuclear is likely to hinder the growth of renewable energy.

• The solar energy segment is expected to dominate the market during the forecast period, owing to increasing solar PV installations across the country.
• Plans to integrate renewable energy with the national grids are expected to create a significant amount of opportunity for the renewable energy market in the near future.
• Electricity generation from nuclear energy is expected to restrain France's renewable energy market during the forecast period.