Market Size of West Europe Renewable Energy
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
West Europe Renewable Energy Market Analysis
The renewable energy market in West Europe is expected to register a CAGR of more than 6% during the forecast period.
The market was mildly impacted by the COVID-19 pandemic. However, the market has since recovered and is expected to grow steadily during the forecast period.
- Over the long term, the increasing power demand in different countries of the region is the primary factor for the estimated growth of the market during the forecast period.
- On the flip side, rising investments in gas-fired capacity and LNG import capabilities are expected to restrain the market during the forecast period.
- Nevertheless, the commercialization of energy generation from new and novel renewable energy sources, such as marine and tidal energy, is expected to provide several opportunities for the market during the forecast period.
- France is dominating West Europe with more than 65 GW of installed renewable energy capacity in 2022 and is expected to continue its dominance during the forecast period.
West Europe Renewable Energy Industry Segmentation
Renewable energy is energy that is generated from sources that are naturally replenished and can be sustained over long periods of time without depleting the resource. These sources of energy are often referred to as "renewable" because they are not finite, like fossil fuels, and can be replenished through natural processes.
The West European renewable energy market is segmented by type and geography (the United Kingdom, Germany, France, Ireland, and the rest of West Europe). By type, the market is segmented into solar, wind, hydro, and others. The report also covers the market size and forecasts for the renewable energy market across major countries in the region. For each segment, the market size and forecasts have been done based on installed capacity (GW).
| Source | |
| Solar | |
| Wind | |
| Bioenergy | |
| Other Sources |
| Geogrpahy | |
| The United Kingdom | |
| Germany | |
| France | |
| Ireland | |
| Rest of West Europe |
West Europe Renewable Energy Size Summary
The renewable energy market in Western Europe is poised for steady growth, driven by increasing power demand across the region. Despite the mild impact of the COVID-19 pandemic, the market has rebounded and is expected to expand at a robust pace. The rise in global fossil fuel prices, exacerbated by the Russia-Ukraine conflict, has shifted investor focus towards utility-scale renewable projects, particularly wind farms. This shift is supported by favorable government policies and financial incentives that make renewable energy investments more attractive compared to traditional fossil fuels. However, the market faces challenges from rising investments in gas-fired capacity and LNG imports, which could potentially restrain growth. Nonetheless, the commercialization of innovative renewable energy sources, such as marine and tidal energy, presents significant opportunities for market expansion.
France and the United Kingdom are key players in the West European renewable energy market, with substantial installed capacities and ambitious government targets. France leads with a dominant position in renewable energy capacity, while the UK is making significant strides in wind and solar energy, supported by its British Energy Security Strategy. This strategy aims to significantly increase offshore wind capacity and solar PV installations, alongside boosting low-carbon hydrogen production. The market is moderately fragmented, with major companies like Renewable Energy Systems Ltd., Vestas Wind Systems A/S, and Siemens Gamesa Renewable Energy SA playing pivotal roles. Ongoing projects and government initiatives in both countries are expected to further strengthen their positions in the renewable energy sector during the forecast period.
West Europe Renewable Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Capacity and Forecast in GW, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Source
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2.1.1 Solar
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2.1.2 Wind
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2.1.3 Bioenergy
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2.1.4 Other Sources
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2.2 Geogrpahy
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2.2.1 The United Kingdom
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2.2.2 Germany
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2.2.3 France
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2.2.4 Ireland
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2.2.5 Rest of West Europe
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West Europe Renewable Energy Market Size FAQs
What is the current West Europe Renewable Energy Market size?
The West Europe Renewable Energy Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in West Europe Renewable Energy Market?
Renewable Energy Systems Ltd, Vestas Wind Systems A/S , Electricite de France SA , Siemens Gamesa Renewable Energy SA and Engie SA are the major companies operating in the West Europe Renewable Energy Market.
