France Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The French renewable energy market is expected to witness a CAGR of greater than 7.4% during the forecast period, 2022-2027. France has been one of the worst affected countries due to the COVID-19 pandemic and was the first to implement large-scale lockdowns and enact bans on the freedom of movement. As a result, renewable energy manufacturers and service providers reduced output significantly, and manufacturers further slowed down the value chain and felt the economic impact of the pandemic. Even though the country did not meet its specified renewable energy targets in 2020, there was an increase of 2 GW of renewable energy installed capacity. However, in October 2021, the French Recovery Plan from COVID-19 was formulated, and the government announced a EUR 30 billion investment plan for 2030, including EUR 8 billion dedicated to energy technology investment in the decarbonization of industry. This has made a positive impact on the renewable energy market in the country. Major factors driving the market include declining lithium-ion battery prices and rapid adoption of electric vehicles due to the growing renewable sector. On the other hand, electricity generation from nuclear is likely to hinder the growth of renewable energy.
Key HighlightsThe French Renewable energy market is moderately fragmented. Some of the major companies operating in the market include Engie SA, EDF Renewables, TotalEnergies SE, Vestas, and Siemens Gamesa Renewable Energy SA.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook