Market Size of Sweden Geothermal Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sweden Geothermal Energy Market Analysis
The geothermal energy market in Sweden is expected to grow at a CAGR of more than 2.5% during the forecast period. The primary driver for the market includes the government initiatives to reduce the dependency on fossil fuel and thereby to have a cheaper form of heat source for space heating and hot water heating (HWH) applications. However, an increase in temperature over the years coupled with the availability of other alternatives for space heating applications are expected to reduce the uses of district heating in the country and thereby is expected to hinder the market to grow during the forecast period.
- An increase in investment and financial incentives from the government is expected to drive the market during the forecast period.
- In the Swedish crystalline bedrock, which has a moderate geothermal gradient, very large borehole depths are required to reach sufficiently high geothermal temperatures. In Skane in the south of Sweden, where the geothermal gradient in the sedimentary rock is approximately 30°C/km, temperatures above 100°C may be reached at a depth of 3-3.5 km. Government participation and technological advancement are expected to produce both heat and electricity from Skane,and this, in turn, is expected to create an opportunity for the market to grow in the near future.
- Increasing deployment of bioenergy as a district heating solution is likely to restrict market growth during the forecast period.
