Europe Renewable Energy Market Size (2024 - 2029)

The European renewable energy market is anticipated to experience significant growth, driven by factors such as increased environmental awareness, regulatory support, and declining costs of renewable energy generation. Despite challenges like the high cost of energy storage, the market's expansion is supported by the dominance of wind energy, particularly in Southern Europe, where favorable geographic conditions enhance offshore wind investments. Additionally, advancements in solar technology, such as research on perovskites, present new opportunities for market participants. Germany is projected to lead in solar energy share, further influencing the overall market landscape in Europe.

Market Size of Europe Renewable Energy Industry

Europe Renewable Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 7.00 %
Market Concentration Low

Major Players

Europe Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe Renewable Energy Market Analysis

The Europe renewable energy market is expected to grow at a CAGR of more than 7% over the period of 2022-2027. The COVID-19 pandemic had a negligible effect on the renewable energy market in the nation, as many countries in the Europe such as Germany, United Kingdom and Italy has witnessed an upsurge in solar and wind power share in power production in 2021, even after a slowed industrial activity during the lockdown. Factors such as an increase in environmental awareness and regulations and decreasing cost per kilowatt of electricity generated from renewables are expected to provide a boost to the market. However, the high price of the storage of renewable energy is expected to restrain the market.

  • Wind Energy segment is expected to dominate the market as many wind farms have been built across South Europe. Large coastal borders with the Mediterranean Sea in Southern Europe with the peninsular regions like Italy and Iberia also provide for fertile ground for investments in offshore wind projects.
  • New technologies and materials like the latest research going on the perovskites are expected to increase the efficiency of the solar cells, which is likely to act as an opportunity for the market players.
  • Germany is expected to have largest share of solar energy among the nations, which is inturn expected to dominate the Europe renewable energy market during the forecast period.

Europe Renewable Energy Industry Segmentation

The scope of Europe renewable energy market report includes:

Type
Hydropower
Solar
Wind
Others
Geography
Germany
United Kingdom
Italy
Spain
France
Rest of Europe
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Europe Renewable Energy Market Size Summary

The European renewable energy market is poised for significant growth, driven by increasing environmental awareness, regulatory support, and declining costs of renewable energy technologies. The market is characterized by a strong focus on wind and solar energy, with countries like Germany, the United Kingdom, and Italy leading the charge in expanding their solar and wind power capacities. The wind energy segment, in particular, is expected to dominate the market due to the extensive development of wind farms across Southern Europe, supported by favorable coastal conditions for offshore projects. Innovations in solar technology, such as advancements in perovskite materials, are anticipated to enhance solar cell efficiency, presenting new opportunities for market participants.

Germany is projected to hold a substantial share of the European renewable energy market, largely due to its robust solar energy installations and supportive government policies. The German government has implemented various laws to promote renewable energy, contributing to a significant increase in solar power's share in the energy mix. The European Union's legislative efforts to reduce greenhouse gas emissions further bolster the market, with plans to expand solar and wind power in regions like the North Sea. The market remains fragmented, with key players such as Enel Green Power, ContourGlobal, and Acciona actively participating in the sector. Recent investments and agreements, such as those by RWE, BASF, and Orsted, highlight the ongoing commitment to expanding renewable energy infrastructure across Europe.

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Europe Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Installed Capacity Forecast in GW, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Hydropower

      2. 2.1.2 Solar

      3. 2.1.3 Wind

      4. 2.1.4 Others

    2. 2.2 Geography

      1. 2.2.1 Germany

      2. 2.2.2 United Kingdom

      3. 2.2.3 Italy

      4. 2.2.4 Spain

      5. 2.2.5 France

      6. 2.2.6 Rest of Europe

Europe Renewable Energy Market Size FAQs

The Europe Renewable Energy Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

ContourGlobal PLC, Enel Green Power S.p.A., Acciona SA, Abengoa SA and EDF SA are the major companies operating in the Europe Renewable Energy Market.

European Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)