Market Size of Sweden Solar Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 23.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sweden Solar Energy Market Analysis
The Swedish solar energy market is expected to have an installed capacity of 2,178 MW by the end of the base year. It is expected to register a CAGR of more than 23.3% during the forecast period.
Though the COVID-19 pandemic negatively impacted the market in 2020, it has reached pre-pandemic levels.
- Over the short term, soaring electricity prices incentivized installing solar PV systems for self-consumption, which is expected to be a significant factor driving the market.
- On the other hand, rising investments in alternative renewable energy sources, such as offshore wind energy and hydropower, are expected to restrain the growth of the Swedish solar energy market during the forecast period.
- Nevertheless, Sweden's target of achieving 100% renewable energy generation by 2040 is expected to create several opportunities for the Swedish solar energy market during the forecast period.
Sweden Solar Energy Industry Segmentation
Solar energy is a type of renewable energy in which solar panels are used to generate electricity. Solar panels deployed on rooftops or mounted on the grounds are utilized effectively by end users, including residential, commercial & industrial (C&I), and utilities. Solar energy has become the fastest-growing renewable energy source owing to the country's supporting government initiatives and surging investments in renewable energy projects.
The Swedish solar energy market is segmented by location of deployment (rooftop, ground-mounted) and end user (residential, commercial, and industrial (C&I), utility). The report offers the market size and forecasts in terms of installed capacity in MW for all the above segments.
Sweden Solar Energy Market Size Summary
The Swedish solar energy market is on a growth trajectory, with a projected increase in installed capacity over the forecast period. This growth is primarily driven by rising electricity prices, which are encouraging the installation of solar PV systems for self-consumption. However, the market could face some constraints due to increasing investments in other renewable energy sources such as offshore wind energy and hydropower. Despite this, Sweden's goal of achieving 100% renewable energy generation by 2040 is likely to create ample opportunities for the solar energy market. In terms of market trends, the ground-mounted segment in the Swedish solar energy sector is expected to see significant growth. This is due to increased interest and activity in this market segment since 2020. The growth is anticipated to be fueled by private investments and declining costs of PV systems. Furthermore, the rising demand for electricity from the residential and industrial sectors, coupled with escalating electricity prices, is expected to incentivize the installation of solar PV systems for self-consumption, thus driving the demand for solar energy. The Swedish solar energy market is moderately fragmented with several major players contributing to the industry.
Explore MoreSweden Solar Energy Market Size - Table of Contents
Sweden Solar Energy Market Size FAQs
What is the current Sweden Solar Energy Market size?
The Sweden Solar Energy Market is projected to register a CAGR of 23.30% during the forecast period (2024-2029)
Who are the key players in Sweden Solar Energy Market?
Exeger Sweden AB , InnoVentum AB , Vattenfall AB , HPSolartech and ABB Ltd are the major companies operating in the Sweden Solar Energy Market.
