Sweden Renewable Energy Market - Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by Source (Hydro, Bio- Energy, Wind, Solar, and Others)
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Scope of the report
Key Market Trends
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The Sweden renewable energy market is expected to grow at a CAGR of over 2% during the forecast period of 2020-2025. Factors such as government initiatives to decrease the emission of greenhouse gas in the country are likely to drive the Sweden renewable energy market. However, difficulties in the maintenance of renewable power plants are expected to restrain the Sweden renewable energy market.
The hydro energy remains the major source of power generation in Sweden, in 2018, and is likely to dominate the market.
Sweden targets to achieve 100% renewable energy power generation by 2040 and reduce the emissions of greenhouse gases to 0%, by 2045. These targets are likely to act as an opportunity for Sweden renewable energy market in the future.
Increasing renewable energy installed capacity and upcoming projects in the country are likely to drive the Sweden renewable energy market. Europen Union has set targets to reduce their carbon footprint for which Sweden is increasing its renewable installation capacity.
Scope of the report
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Key Market Trends
Hydro Energy to Dominate the Market
In 2018, approximately 68% of the total renewable energy generation was from hydro energy, producing 61,605 Gigawatt-Hour (GWh) of electricity. This makes hydro energy the largest renewable energy generation source in the country.
In 2018, Fortum announced to deploy 5MW/6.2MWh batteries to the Forshuvund hydro plant to increase its energy storage capacity to cope with the further increase in demand for power in the future, which was installed, in May 2019.
In 2019, government owned Vattenfall announced to upgrade the existing hydro plants and to increase their combined capacity by 600 megawatts (MW) by 2023. In 2017, Vattenfall got permission from the Land & Environment Court to increase the diversion of water to Lasele and Långbjörn Power Stations. This enabled them to increase output from these stations by 27 megawatts (MW).
Therefore, owing to the upgradation and expansion activities of existing hydro energy plants is likely to drive the market during the forecast period.
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Increasing Renewable Energy Installations Expected to Drive the Market
In 2018, more than 50% of the energy generated in the country was from renewable energy sources, amounting to 89,306 gigawatt-hours (GWh). Further, the government of Sweden has planned to double its renewable energy generation, by 2030.
In 2018, the total renewable energy power generation plant installed capacity was 28,880 megawatt (MW), which was higher than the installation capacity of 2017, 28,033 megawatts (MW).
In December 2019, General Electric Company announced to supply wind turbines to Holmen for the Blåbergsliden wind farm in Sweden. The new wind energy installation capacity in 2018 was 7,644 megawatt (MW). In 2019, 20 terawatt-hours (TWh) electricity was produced using wind energy, which contributed 10% of the total electric power generated in the country.
The largest source of bioenergy in Sweden is the forest. Sweden has more forest coverage than most other countries, 63% of land cover. Bioenergy is primarily used for heating, both in private homes and in district heating, as well as for electricity production and industrial processes. This shows huge potential of bio-energy in the country which in future is likely to increase the installation capacity of renewable.
Hence, the above points indicate that increasing renewable energy installed capacity is expected to drive the Sweden renewable energy market during the forecast period.
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Sweden renewable energy market is moderately consolidated. Some of key players in this market include Vattenfall AB, Fortum Oyj, Swedish Biofuels AB, General Electric Company, and RES Group, amongst others.