Europe Renewable Electricity Market Research Report Information By Type (Hydropower, Solar, Wind and Others) โand Europe Market Forecast Till 2032
ID: MRFR/E&P/14675-HCR | 128 Pages | Author: Garvit Vyas| May 2024
Europe Renewable Electricity Market Overview:
Europe's Renewable Electricity Market Size was valued at USD 970 Billion in 2022. The Europe Renewable Electricity market industry is projected to grow USD 2182.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8% during the forecast period (2023 - 2032). The diversification of energy sources is one of the major market drivers driving the Europe Renewable Electricity market in Europe. Industries are adopting Renewable Electricity due to stricter emission reduction targets and climate commitments.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Renewable Electricity Market Trends
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Growing offshore wind energy projects are driving market growth
The European Renewable Electricity market CAGR is expanding due to the growth of offshore wind energy projects. Offshore wind farms offer several advantages, including higher wind speeds and the availability of larger installation spaces compared to onshore sites. Countries like the United Kingdom and Germany have been at the forefront of offshore wind development. The falling costs of offshore wind technology, driven by advancements in turbine design and installation techniques, have contributed to its widespread adoption. European governments are setting ambitious targets for offshore wind capacity, aiming to harness the vast wind resources in the North Sea and the Atlantic Ocean. This trend enhances energy security and contributes to the transition toward more sustainable energy sources.
Furthermore, the growth of the Renewable Electricity market is influenced by advanced grid technologies and digitalization. The increasing share of intermittent renewable sources, such as wind and solar, necessitates smart grid solutions for effective management and grid stability. Smart grids enable real-time monitoring, control, and optimization of electricity distribution, allowing for better integration of renewable energy sources and improved demand-response mechanisms. Energy storage technologies, including battery storage, mitigate intermittent renewable generation. Additionally, artificial intelligence is employed to forecast energy demand, optimize grid operations, and enhance overall system reliability. The focus on digital solutions facilitates the effective integration of renewables and contributes to developing a more resilient and responsive electricity infrastructure. Thus driving the Renewable Electricity market revenue.
Europe Renewable Electricity Market Segment Insights:
Europe Renewable Electricity Type Insights
The European renewable Electricity market segmentation, based on type, includes Hydropower, Solar, Wind, and Others. The hydropower segment dominated the market. It harnesses the energy of flowing water to generate Electricity. This renewable energy segment plays a crucial role in Europe's sustainable energy landscape, contributing significantly to the region's commitment to deducting carbon emissions and promoting environmental sustainability. The utilization of hydropower underscores Europe's efforts to diversify its energy portfolio and transition towards cleaner, greener power sources.
Figure 1: Europe Renewable Electricity Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Renewable Electricity Country Insights
The rapid expansion of renewable energy technologies has resulted in a boom in demand for Renewable Electricity in Europe in recent years. Germany leads the region with robust renewable energy policies, extensive wind and solar installations, and a strong commitment to phasing out nuclear power. Spain has made significant strides in solar power, implementing large-scale projects. Scandinavia, particularly Denmark and Sweden, excels in wind energy production, emphasizing sustainability. The United Kingdom has embraced offshore wind projects, contributing to its renewable energy portfolio. Meanwhile, France focuses on nuclear power but is increasingly integrating renewables. Eastern European countries like Poland are gradually transitioning, balancing traditional energy sources with renewable investments. Europe's renewable electricity landscape reflects a mosaic of national strategies influenced by geography, policies, and economic considerations as the continent strives to achieve a greener, more sustainable energy future.
Figure 2: Europe Renewable Electricity Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Renewable Electricity Market Key Players & Competitive Insights
Leading market players are investing majorly in research and development to spread their product lines, which will help the Renewable Electricity market grow even more. The participants are also undertaking various strategic activities to spread their footprint with new market developments, including product launches, contractual agreements, mergers and acquisitions, major investments, and collaboration with other organizations. The Renewable Electricity industry must offer cost-effective items to spread and survive in a competitive and rising market climate.
Major players in the Europe Renewable Electricity market are attempting to raise market demand by investing in research and development operations, including Contour Global P.L.C., Enel Green Power S.P.A., Acciona S.A., Abengoa S.A., and E.D.F. SA.
Key Companies in the Europe Renewable Electricity Market include
- Contour Global P.L.C.
- Enel Green Power S.P.A.
- Acciona S.A.
- Abengoa SA
- D.F. SA
Renewable Electricity Industry Developments
September 2022:Mercedes-Benz, a German luxury and commercial vehicle automotive manufacturer, has announced its plan to construct a wind farm in the northwestern German state of Lower Saxony by the year 2025, which will be able to produce Wi a hundred megawatts of Electricity, equivalent to over 15 percent of the carmaker's annual demand in Germany.
Europe Renewable Electricity Market Segmentation:
Renewable Electricity Type Outlook
- Hydropower
- Solar
- Wind
- Others
Renewable Electricity Regional Outlook
- Europe
- US
- Canada
- Mexico
- Rest of Europe
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 970 Billion |
| Market Size 2032 | USD 2182.9 Billion |
| Compound Annual Growth Rate (CAGR) | 8% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type and Region |
| Region Covered | Europe |
| Countries Covered | Germany, France, UK, Italy, Spain, Sweden, Denmark, Luxembourg, Norway, Austria, and Rest of Europe |
| Key Companies Profiled | Contour Global PLC, Enel Green Power S.P.A., Acciona SA, Abengoa SA and EDF SA |
| Key Market Opportunities | Growing advancements in renewable energy technologies |
| Key Market Dynamics | Diversification of energy sources Integration of smart technologies |
Europe Renewable Electricity Market Highlights:
Frequently Asked Questions (FAQ) :
The Europe Renewable Electricity market size was valued at USD 970 Billion in 2022.
The market is projected to grow at a CAGR of 8% during the forecast period, 2023-2032.
The key players in the market are Contour Global P.L.C., Enel Green Power S.P.A., Acciona S.A., Abengoa S.A., and E.D.F. SA.
The hydropower category dominated the market in 2022.
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