Market Size of Sweden Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Sweden Renewable Energy Market Analysis
The Swedish renewable energy market is expected to register a CAGR of over 3.5% during the forecast period of 2022-2027. The Swedish renewable energy market was relatively less affected by the COVID-19 pandemic than other European countries due to the country's no-lockdown strategy during the pandemic, which reduced the overall economic impact on the population. Factors such as government initiatives to decrease the emission of greenhouse gas in the country are likely to drive the Swedish renewable energy market. Additionally, refurbishment and maintenance of large hydroelectricity projects are expected to be a significant driving factor for the market. However, difficulties in the maintenance of renewable power plants are expected to restrain the Swedish renewable energy market.
- Hydro energy remained the major source of power generation in Sweden in 2021, and it 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 the Swedish renewable energy market in the future.
- Increasing renewable energy installed capacity and upcoming projects in the country are likely to drive the Swedish renewable energy market. The Europen Union has set targets to reduce its carbon footprint, for which Sweden is increasing its renewable installation capacity.
