Norway Renewable Energy Market- Growth, Trends, and Forecasts (2020 - 2025)
The market is segmented by Source Type (Wind, Hydro, and Other Renewable Energy Sources).
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
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The renewable energy market in Norway is expected to grow at a CAGR of more than 2.92% in the forecast period of 2020-2025. Factors such as supportive government policies and efforts to meet the rising power demand using renewable energy sources are expected to be significant contributors to the growth of the market. With the commitment of the government to obtain maximum energy from renewable and to reduce carbon emissions, the share of renewable is expected to grow significantly, in turn, driving the renewable energy market further. On the other hand, factors like harsh climatic conditions and the use of other conventional energy sources like coal and natural gas are few restraining factors for the Norway renewable energy market.
Hydropower energy in Norway is expected to dominate the market as the country is trying to increase the share of its energy needs from a renewable source like hydro energy during the forecast period.
In 2018, more than 95% of all electricity production in Norway came from renewable sources. This puts the country in a unique position in both a European and global perspective. Electricity production in Norway is for the most part based on flexible hydropower, but both wind and thermal energy contributes to the Norwegian electricity production.
Moreover, the rapid transition from fossil to renewable across the country is likely to create an ample amount of opportunities for renewable energy companies in the near future.
Scope of the report
The Norway renewable energy market report includes:
Other Renewable Energy Sources
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Key Market Trends
Hydropower to Dominate the Market
As of 2019, Norway is the seventh-largest hydropower nation in the world and the largest in Europe. Norway has 1,166 hydroelectric generating stations.
Hydropower installations were kickstarted by the introduction of renewable energy certificates. Over 350 projects have been commissioned since 2003 and this is expected to keep growing until 2020 when the certificate scheme ends.
Norway commissioned 35 new hydropower stations in 2016, totalling 154 MW. Notable projects include the 27 MW Govddesaga station, which was commissioned in 2016.
In 2020, 96% of Norwegian hydropower production is concentrated at 1 500 plants dotting the country from north to south. These cover roughly 60% of Norway’s energy needs.
New hydropower plants continue to come online. The company Lyse recently opened Lysebotn 2 – a new, flexible, technologically advanced hydropower plant – in Southern Norway. The plant will generate enough to supply 75 000 households with electricity each year, and can be adapted to the power market as it evolves.
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Rising Renewable Energy Demand to drive the market
The hydropower produced the highest amount of electricity in Norway in 2018, which amounted to around 140 terawatt-hours. The second highest production source was wind power, by around 3.9 terawatt-hours.
The Windpower production comprises only a small segment of Norway’s renewable energy production, developments have come fast. At the end of 2018, Norwegian onshore wind power plants had a total installed capacity of 1 695 MW, for a total annual production of 5.3 TWh.
Total installed capacity was 1,188 MW at the end of 2017, and wind-generated electricity production totalled 2.850 TWh, compared to 2.125 TWh in 2016.
Statkraft is constructing a new wind power facility in Norway. Fosen Vind comprises six wind farms, with a total capacity of 1 000 MW and total annual production of 3 400 GWh. Once completed in 2020, the facility will be Europe’s largest of its kind and will nearly double Norway's installed capacity.
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Norway Renewable Energy Market is moderately fragmented. Some of the key players are Norsk Hydro ASA, Agder Energi AS, Siemens Gamesa Renewable Energy SA, Equinor ASA, Berkshire Hathaway Energy Co.