Sweden Wind Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Sweden Wind Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Swedish wind energy market is expected to register a CAGR of over 6% during the forecast period, 2020-2025. The increase in the power demand and the constant decline of generation and equipment costs, political commitment and policy targets, are driving the Sweden wind energy market. The cost of wind energy from the wind farms has been falling, which has made the wind power an attractive option for governments aiming towards increasing its power generation sources and setting emission reduction targets. This is likely to drive the Sweden renewable energy market. However, maintenance or replacement cost of wind turbines expected to restrain the Swedish wind energy market.

Key Highlights

• The onshore segment, due to its less cost of investment than the offshore segment, held a significant market share in 2018, and it is likely to dominate the market in the coming years as well.
• Sweden targets to achieve 100% renewable energy consumption by 2040 and 0% emissions of greenhouse gases by 2045. These targets are likely to create an excellent opportunity for Sweden wind energy market in the future.
• Increasing wind energy installed capacity and upcoming projects in the country are likely to drive the Sweden wind energy market during the forecast period.

Key Market TrendsOnshore Wind Energy Segment Dominates the Market

• In 2018, approximately 18% of the total renewable energy generation was from onshore wind energy, producing 16,420 Gigawatt-Hour (GWh) of electricity, which was higher than offshore wind producing 230 Gigawatt-Hour (GWh).
• In 2018, Vattenfall started the construction of the Blakliden & Fäbodberget onshore wind project in northern Sweden. The project is expected to complete and operational by 2022. It is expected to have a total installed capacity of 353 megawatts (MW).
• In 2018, E.ON was awarded a contract to build the Nysater Wind project in Sweden. The project has a total installed capacity of 475 megawatts (MW) and is expected to be completed by 2021. CSEIP will have an 80% share of the joint venture, while E.ON is expected to build and operate the wind farm under a long-term O&M agreement and have a 20% equity stake in the project.
• Therefore, owing to the above points, the onshore wind energy segment is expected to dominate the market during the forecast period.

Increasing Wind Energy Installations Likely to Drive the Market

• In 2018, more than 50% of the energy generated in the country was from renewable energy sources. The government of Sweden has planned to double its renewable energy generation, by 2030. In 2018 the electricity generation from renewable energy was 89,306 gigawatt-hours (GWh).
• In 2018, the wind energy plant installed capacity was 7,644 megawatt (MW), which was higher than the installation capacity of 2017, 6,611 megawatts (MW). In 2019, 20 terawatt-hours (TWh) electricity was produced using wind energy, which contributed 10% of the total electric power generated in the country.
• In December 2019, General Electric Company announced to supply wind turbines to Holmen for the Blåbergsliden wind farm in Sweden. They have the total installed capacity of 143 megawatts (MW) and it is expected to be complete by the end of 2021.
• In 2018, Green Investment Group (GIG) and SCA Energy AB started their Överturingen wind farm. The project comprises of 56 Siemens Gamesa 4.2 MW turbines. The project has a total installed capacity of 235 megawatts (MW).
• Hence, owing to the above points, increasing wind energy installations is expected to drive the Sweden wind energy market during the forecast period.

Competitive Landscape

The Swedish wind energy market is moderately consolidated. Some of key players in this market include Vattenfall AB, General Electric Company, Vestas Wind Systems A/S, E.ON SE ADR, and Axpo Holding AG.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.