Nordic Countries Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Nordic Countries Renewable Energy Market is segmented by type (solar, wind, hydro, bioenergy, and other types) and geography (Denmark, Norway, Sweden, Finland). The report offers the installed capacity and forecasts in gigawatts (GW) for all the above segments.

Nordic Countries Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Nordic Countries Renewable Energy Market Size

Nordic Countries Renewable Energy Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2019 - 2023
CAGR 5.00 %
Market Concentration Medium

Major Players

Nordic Countries Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Nordic Countries Renewable Energy Market Analysis

The Nordic Countries Renewable Energy Market is expected to register a CAGR of greater than 5% during the forecast period.

  • Over the medium term, supportive government policies and efforts to meet power demand using renewable energy sources and decrease dependency on fossil fuel-based power generation are expected to contribute significantly to the market's growth.
  • On the other hand, the absence of any new initiatives and limited land availability for solar and wind farm installations are expected to restrain the market's growth in the coming years.
  • Nevertheless, the Nordic countries are aiming to achieve 100% renewable energy power generation by 2040 and reduce the emissions of greenhouse gases to zero by 2045. These targets are likely to act as an opportunity for the Nordic countries' renewable energy market in the future.
  • Norway has the highest renewable capacity among other Nordic countries and is expected to dominate the market during the forecast period.

Nordic Countries Renewable Energy Industry Overview

The Nordic countries' renewable energy market is moderately fragmented. Some of the key players in the market (in particular order) include Vattenfall AB, RES Group, Siemens Gamesa Renewable Energy SA, Svea Renewable Solar AB, and Fortum Oyj, among others.

Nordic Countries Renewable Energy Market Leaders

  1. Vattenfall AB

  2. RES Group

  3. Siemens Gamesa Renewable Energy SA

  4. SveaRenewable Solar AB

  5. Fortum Oyj

  6. *Disclaimer: Major Players sorted in no particular order
Nordic Countries Renewable Energy Market Concentration
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Nordic Countries Renewable Energy Market News

  • October 2022: Enlight Renewable Energy Ltd., an Israeli renewable energy developer, announced the start of commercial production on the first of 60 wind turbines that compose the 372-MW Bjornberget wind farm in Sweden. The wind farm uses Siemens Gamesa 6.2-MW turbines.
  • June 2022: SveaSolar's subsidiary, SveaSolar Utility, signed a long-term strategic partnership agreement with CarValInvestors to expand the company's utility-scale solar park business. Under the agreement, CarVel will provide the company with USD 106 million, which will enable the company to become an independent power producer and develop and build 500 MW of solar projects.
  • December 2021: Eolus Vind AB expanded an existing wind power off-take deal bundle at home to 117 MW and announced the construction of a 400-MW onshore wind farm for Aquila Capital in Norway.

Nordic Countries Renewable Energy Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD billion, till 2028
  • 4.3 Renewable Energy Mix, 2022
  • 4.4 Recent Trends and Developments
  • 4.5 Government Policies and Regulations
  • 4.6 Market Dynamics
    • 4.6.1 Drivers
    • 4.6.2 Restraints
  • 4.7 Supply Chain Analysis

5. Porter's Five Forces Analysis

  • 5.1 Bargaining Power of Suppliers
  • 5.2 Bargaining Power of Consumers
  • 5.3 Threat of New Entrants
  • 5.4 Threat of Substitute Products and Services
  • 5.5 Intensity of Competitive Rivalry

6. MARKET SEGMENTATION

  • 6.1 By Type
    • 6.1.1 Solar
    • 6.1.2 Wind (incl. Onshore & Offshore)
    • 6.1.3 Hydro
    • 6.1.4 Bioenergy
    • 6.1.5 Other Types (Geothermal, Tidal, etc.)
  • 6.2 Geography
    • 6.2.1 Norway
    • 6.2.2 Sweden
    • 6.2.3 Denmark
    • 6.2.4 Finland

7. COMPETITIVE LANDSCAPE

  • 7.1 Mergers, Acquisitions, Collaboration, and Joint Ventures
  • 7.2 Strategies Adopted by Key Players
  • 7.3 Company Profiles
    • 7.3.1 Vattenfall AB
    • 7.3.2 Fortum Oyj
    • 7.3.3 Swedish Biofuels AB
    • 7.3.4 General Electric Company
    • 7.3.5 InnoVentum AB
    • 7.3.6 Axpo Holding AG
    • 7.3.7 RES Group
    • 7.3.8 Siemens Gamesa Renewable Energy SA
    • 7.3.9 Svea Renewable Solar AB
  • *List Not Exhaustive

8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Nordic Countries Renewable Energy Industry Segmentation

Renewable energy is energy derived from natural sources that are replenished at a faster rate than they are consumed. Sunlight and wind, for example, are such sources that are constantly replenished.

The Nordic Countries Renewable Energy Market is segmented by type. By type, the market is segmented into solar, wind, hydro, bioenergy, and other types. The report also covers the market size and forecasts for the Nordic Countries Renewable Energy Market across major countries. For each segment, the market sizing and forecasts have been done based on installed capacity in gigawatts (GW).

By Type Solar
Wind (incl. Onshore & Offshore)
Hydro
Bioenergy
Other Types (Geothermal, Tidal, etc.)
Geography Norway
Sweden
Denmark
Finland
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Nordic Countries Renewable Energy Market Research FAQs

What is the current Nordic Countries Renewable Energy Market size?

The Nordic Countries Renewable Energy Market is projected to register a CAGR of greater than 5% during the forecast period (2025-2030)

Who are the key players in Nordic Countries Renewable Energy Market?

Vattenfall AB, RES Group, Siemens Gamesa Renewable Energy SA, SveaRenewable Solar AB and Fortum Oyj are the major companies operating in the Nordic Countries Renewable Energy Market.

What years does this Nordic Countries Renewable Energy Market cover?

The report covers the Nordic Countries Renewable Energy Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Nordic Countries Renewable Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Nordic Countries Renewable Energy Industry Report

Statistics for the 2025 Nordic Countries Renewable Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nordic Countries Renewable Energy analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.