Market Size of North Europe Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North Europe Renewable Energy Market Analysis
The North Europe Renewable Energy Market is expected to grow at a CAGR of more than 4% during the forecast period.
COVID-19 negatively impacted the market in 2020. Currently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as rising environmental concerns, government policies for incentives and tax benefits for renewable project development, and the high cost of grid expansion are expected to drive the market. Also, advancement in technology, leading to renewable energy technology manufacturing cost reduction and an increase in power generation efficiency, is a significant factor in the growth of the North Europe renewable energy market.
- On the other hand, high initial CAPEX is likely to restrain the growth of the North Europe renewable energy market in the coming years.
- However, the increasing focus on producing clean energy and the gradual shift from energy generation from conventional sources such as coal and natural gas to clean energy is expected to create an excellent opportunity for the renewable energy players in the region.
- Norway has dominated the renewable energy market in the region due to supportive government policies.
