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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Germany Renewable Energy Market Growth
The Germany renewable energy market value is anticipated to increase significantly over the forecast period due to factors including increasing parity in the prices of alternative energy to conventional energy,increasing awareness and climate changes caused by fossil fuels and conventional energy resources such as oil, coal, and natural gas, growing focus on sustainable development, and encouraging government policies and initiatives to use renewable energy sources to fulfill the country's growing power demand.
The growth of wind power is significantly influenced by government policies and objectives. In the coming years, it is anticipated that the country would place more emphasis on wind power and other forms of renewable energy as concerns over climate change and its mitigating effects grow.
The German government recently announced that it will provide subsidies to lower imports through laws such as the Renewable Energy Sources Act (EEG), which describes support for the production of electricity from renewable sources and provides a feed-in tariff structure for plants. With limited oil and gas supplies to meet its energy needs, Germany is attempting to become less reliant on imports. The country is making an effort to switch from fossil fuels to renewable energy, thus increasing the renewable energy demand. Germany approved laws in October 2022 mandating the phase-out of coal-based electricity generation by 2038. Renewable energy sources, mostly wind and solar energy, are thus, anticipated to bridge the gap between the supply and demand for energy.
In addition, technical advancements are driving down the cost of renewable energy, and rising battery storage system competitiveness is supporting the expansion of the renewable energy sector. Furthermore, finance for renewable energy sources is rising as a result of growing concerns about global climate change and environmental, social, and governance (ESG) challenges.
Germany Renewable Energy Market Report Snapshots
Germany Renewable Energy Market Size
Germany Renewable Energy Market Growth
Germany Renewable Energy Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The renewable energy market in Germany is projected to grow at a CAGR of 4.70% between 2025 and 2034.
The market is categorised according to its type, which includes solar, wind, hydro, biomass, and geothermal.
The key market players are JinkoSolar Holding Co., Ltd., First Solar, Inc., Enel S.p.A., Ørsted A/S, WKN GmbH, Suzlon Energy Ltd., Vestas Wind Systems A/S, ENERCON Global GmbH, EnBW Energie Baden-Württemberg AG, and others.
The market is driven by factors that include a combination of reduced overall electricity consumption and an increase in absolute renewables production, legislative reforms and significant investments, among others.
The market is categorised according to its region, which includes North Rhine-Westphalia, Bavaria, and Baden-Württemberg.
Germany's cabinet has approved a budget allocation of 57.6 billion euros (USD 63.2 billion) for green investments in the coming year, representing a significant increase of 60.2% compared to the target set for 2023. This surge in funding underscores Berlin's commitment to accelerating subsidies and initiatives aimed at achieving net-zero emissions by 2045.
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