Germany Renewable Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Volume (2024) | 170.56 gigawatt |
| Market Volume (2029) | 241.36 gigawatt |
| CAGR (2024 - 2029) | 7.27 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Germany Renewable Energy Market Analysis
The Germany Renewable Energy Market size in terms of installed base is expected to grow from 170.56 gigawatt in 2024 to 241.36 gigawatt by 2029, at a CAGR of 7.27% during the forecast period (2024-2029).
- Over the medium term, factors such as supportive government policies and efforts to meet the rising power demand using renewable energy sources are expected to grow significantly and drive the Germany renewable energy market during the forecast period.
- On the other hand, factors like harsh climatic conditions and using other conventional energy are restraining factors for the German renewable energy market.
- Nevertheless, by 2050, solar PV, wind, and hydro are estimated to produce approximately 85% of Germany's electricity generation, which in turn is expected to create an opportunity for the market during the forecast period.
Germany Renewable Energy Market Trends
Wind Energy Segment is Expected to Dominate the Market
- The installation of wind energy is increasing across the country owing to the increasing demand for electricity and the pledge to reduce dependency on fossil fuels for power generation.
- In 2022, the country installed around 2,745 MW of new wind capacity increased from 1,925 MW. With the new installation, the total wind energy capacity reached around 66,315 MW, including onshore and offshore installations in 2022.
- Germany aims to reach 20 GW installed capacity from offshore wind farms by 2030; Germany has already attained around 8055 MW of offshore wind power capacity in 2022. Offshore wind speeds are faster than land, proving higher efficiency than onshore wind energy.
- Out of the total 233.9 TWh generated from renewable in Germany, wind farms (onshore and offshore) accounted for a share of 25.9% in 2022. The ongoing developments and the current growth in the offshore wind energy market compared to the onshore wind energy market justifies their potential in the future.
- In September 2022, Mercedes-Benz, a German luxury and commercial vehicle automotive manufacturer, announced its plan to build a wind farm in the northwestern German state of Lower Saxony by the year 2025, which will likely be able to produce a hundred megawatts of electricity, equivalent to over 15 percent of the carmaker's annual demand in Germany.
- Government policies and targets play a crucial role in wind power development. As countries become increasingly concerned about climate change and the role of renewable energy in curtailing it, wind power, along with other renewable energy types, is expected to have more focus from the country during the upcoming years.
- Owing to the above points, the wind energy segment is expected to dominate the market during the forecast period.
Reducing Dependence on Fossil Fuel Imports to Drive the Market
- The German government has announced offering a subsidy to reduce imports through acts like - The Renewable Energy Sources Act (EEG), which outlines the support for renewable electricity production, offering a feed-in tariff scheme for plants.
- Germany has few oil and gas resources to supply its energy consumption demand and is trying to reduce its dependence upon imports. The country is trying to transition from fossil fuels to renewable energy.
- In October 2022, Germany passed legislation to end coal-based power generation by 2038. The energy demand and supply gap are expected to be filled with renewable energy, with a large share taken up by wind and solar energy.
- In 2022, the contribution of renewable energy generation increased to 48.3% from 42.7% in 2021. Wind energy contributed 25.9%, whereas solar contributed around 11.4% in the energy mix.
- Hence, the government of Germany is utilizing acts like subsidies, innovation, and laws to reduce the dependence on imports and provide energy security to the country.
Germany Renewable Energy Industry Overview
The German renewable energy market is semi-fragmented. Some of the key players in the market (not in particular order) include Siemens Gamesa Renewable Energy SA, General Electric Company, SunPower Corporation, Centrotherm International AG, and Senvion S.A.
Germany Renewable Energy Market Leaders
Siemens Gamesa Renewable Energy SA
General Electric Company
SunPower Corporation
Centrotherm International AG
Senvion S.A.
*Disclaimer: Major Players sorted in no particular order
Germany Renewable Energy Market News
- May 2023: A Germany-based power producer, RWE, announced to acquire 49% stake in Nordseecluster, a 1.6 GW cluster of offshore wind farms from Northland Power, for around USD 37.5 million. The other 2.6 GW of operating capacity lies with Northland Power. The Nordseecluster offshore wind farm was a joint venture by RWE and Northland before this transaction. The total gross capacity comprises 1,560 MW of offshore wind projects, including Nordsee-2, Nordsee-3, Delta Nordsee, and Godewind.
- May 2023: A German automotive giant, Mercedes-Benz, unveiled plans to develop a 120 MW wind farm at its test track in Papenburg, Germany. The company has awarded a long-term contract to Umweltgerechte Kraftanlagen (UKA). The company source around 20% of the annual electricity requirements from the wind farm in Germany, which 20 countries will power.
Germany Renewable Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Installed Capacity Forecast, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Supportive Government Policies for Renewable Energy installation
4.5.1.2 Rising Efforts to Reduce Dependency over Fossil Fuel Sources of Power Generation
4.5.2 Restraints
4.5.2.1 Harsh Climatic Conditions and the Use of Other Conventional Energy
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Source
5.1.1 Solar
5.1.2 Wind
5.1.3 Hydro
5.1.4 Bioenergy
5.1.5 Other Renewable Energy Sources
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 Siemens Gamesa Renewable Energy SA
6.3.2 General Electric Company
6.3.3 SunPower Corporation
6.3.4 Centrotherm International AG
6.3.5 Senvion S.A.
6.3.6 Enercon GmbH
6.3.7 Hanwha Q Cells Co., Ltd.
6.3.8 Energie Baden-Wurttemberg AG
6.3.9 Enel Green Power S.p.A.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Ambitious Renewable Energy Targets to Meet Rising Electricity Demand By 2050
Germany Renewable Energy Industry Segmentation
Renewable energy is the energy collected from renewable resources such as sunlight, wind, water movement, and geothermal heat that are naturally replenished.
The German renewable energy market is segmented by source. The market is segmented by source into solar, wind, hydro, bioenergy, and other types. For each segment, the market size and forecasts have been done based on installed capacity.
| Source | |
| Solar | |
| Wind | |
| Hydro | |
| Bioenergy | |
| Other Renewable Energy Sources |
Germany Renewable Energy Market Research FAQs
How big is the Germany Renewable Energy Market?
The Germany Renewable Energy Market size is expected to reach 170.56 gigawatt in 2024 and grow at a CAGR of 7.27% to reach 241.36 gigawatt by 2029.
What is the current Germany Renewable Energy Market size?
In 2024, the Germany Renewable Energy Market size is expected to reach 170.56 gigawatt.
Who are the key players in Germany Renewable Energy Market?
Siemens Gamesa Renewable Energy SA, General Electric Company, SunPower Corporation, Centrotherm International AG and Senvion S.A. are the major companies operating in the Germany Renewable Energy Market.
What are key trends shaping the Germany Renewable Energy Market?
The key trends shaping the Germany Renewable Energy Market are a) Rising Efforts to Reduce Dependency over Fossil Fuel Sources of Power Generation b) Supportive Government Policies for Renewable Energy installation
Germany Renewable Energy Industry Report
The Germany renewable energy market is experiencing significant transformations, with a notable shift towards renewable energy sources driven by environmental concerns, technological advancements, and supportive government policies. While fossil fuels remain important, there is a growing emphasis on diversifying energy sources to enhance sustainability and reduce import dependency. The renewable energy sector, led by solar, wind, and hydropower, is seeing robust growth. Germany is setting ambitious targets to increase its renewable energy capacity, with wind energy poised to dominate the market due to its efficiency and the government's commitment to reducing carbon emissions. German renewable energy companies are significantly contributing to this transformation, reinforcing the country's position as a leader in sustainable energy development. Comprehensive statistics and analysis from Mordor Intelligence™ Industry Reports highlight Germany's renewable energy market share, size, and revenue growth, offering insights into the market's forecast outlook and historical overview. For a deeper understanding, a free report PDF download is available, providing a sample of this detailed industry analysis.
