Market Size of Nordic Countries Renewable Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nordic Countries Renewable Energy Market Analysis
The Nordic Countries' Renewable Energy Market is expected to register a CAGR of above 5% during the forecast period.
- Over the medium term, supportive government policies and efforts to meet power demand using renewable energy sources and decrease dependency on fossil fuel-based power generation are expected to contribute significantly to the market's growth.
- On the other hand, the absence of any new initiatives and limited land availability for solar and wind farm installations are expected to restrain the market's growth in the coming years.
- Nevertheless, the Nordic countries are aiming to achieve 100% renewable energy power generation by 2040 and reduce the emissions of greenhouse gases to zero by 2045. These targets are likely to act as an opportunity for the Nordic countries' renewable energy market in the future.
- Norway has the highest renewable capacity among other Nordic countries and is expected to dominate the market during the forecast period.
