Europe Renewable Energy Market Report and Forecast 2024-2032

Europe Renewable Energy Market Outlook

The Europe renewable energy market is supporting the growth of the global renewable energy market, which attained a market size of nearly 2455 gigawatts in 2020.

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The global renewable energy industry is expected to grow at a CAGR of 7.6% between 2021 and 2026 and is expected to reach 3812 gigawatts by 2026. The Europe renewable energy market is driven by the diverse fuel sources distributed across the continent. The industry is expected to be driven by the phasing out of nuclear plants on the continent, which is leading to arising shift towards alternative and renewable power sources. The growing demand for electricity is also pushing the industry growth. Resources, including wind and hydro, have been further developed in Europe, while the solar potential is yet to be explored and tapped. The solar capacity is expected to increase in the forecast period in the region. The capacity installation of solar power in Europe is highest in Germany, Spain, and France. Currently, hydropower accounts for the largest capacity in Europe, accounting for 39% of the industry.

Germany, Italy, the United Kingdom, and Spain are the significant regional markets on the continent. In Germany, nearly 33% of the power was generated through renewable sources. Onshore and offshore wind capacity in Germany accounts for nearly half the renewable electricity generation in the country. The country aims to produce 100% of its electricity from renewable resources by 2050, which is expected to support the growth of the renewable energy industry in Europe. In the United Kingdom, almost 32% of the total electricity generated was from renewable resources in 2018. Wind, wave, and solar photovoltaics, together, account for over half the renewable electricity generation in the United Kingdom.

Properties and Applications

Renewable energy is extracted from sustainable sources, which are naturally replenishable; that is, it cannot be exhausted completely. It offers energy to be used in the production of electricity, transport, air and water cooling or heating and other energy services.

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On the basis of types, the Europe renewable energy market can be divided into:

• Hydropower 
• Onshore Wind 
• Solar 
• Bio Energy 
• Others

Based on the fuel source, the industry can be segmented into:

• Natural Gas
• Coal
• Nuclear
• Renewables
• Others

The EMR report also covers the regional markets like Germany, France, Italy, and the United Kingdom, among others.

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Market Analysis

The Europe renewable energy market is driven by the significant demand from the hydropower and onshore wind energy in the region. Due to advancements in technology, the cost has been reduced, making it an attractive option in terms of investment. Markets such as France, Italy, and Spain largely depend on hydropower as the source for generating electricity, further invigorating the industry growth for alternative power sources. Countries such as Sweden, Austria, France, and Norway offer highly suitable geography and growth potential for hydropower, further enhancing the industry growth. France and Germany provide a growth potential for biomass.

Solar is expected to be the preferred technology due to a decrease in the system cost, thus, enhancing the market growth for alternative energy sources. Several economies in Europe are adopting renewables instead of fossil fuels, further propelling the growth of the industry forward. The decrease in the consumption of fossil fuel, along with the dwindling nuclear power plants, has resulted in the rise of investments in renewables, which is supporting the growth of the industry. The rising demand from the electricity sector will also aid industry growth. Countries such as Germany, Italy, the United Kingdom, and Spain are the major countries in Europe on the basis of renewable installed capacity and offer healthy growth potential for renewable power resources.

The increasing global awareness regarding environmental pollution and climate changes, resulted by the consumption of conventional power sources such as fossil fuels, oil, coal, and natural gas, are driving the industry growth. The various schemes offered by the government such tax benefits to encourage the use of alternative and sustainable power sources is providing further impetus to the industry growth. The increasing awareness about the positive effects of green energy is also propelling the industry forward. The governments are investing more in the alternative and sustainable power sources to economize electricity and control the environmental hazards, which is giving a boost to the industry growth.

Competitive Landscape

The report gives a detailed analysis of the following key players in the Europe renewable energy market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• The Juwi Holding AG
• WKN GmbH
• ABO Wind
• Neoen
• JinkoSolar Holding Co., Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on Porter’s five forces model, along with giving a SWOT analysis.

Key Highlights of the Report