Europe Renewable Energy Infrastructure Market Size was valued at USD 2.8 Billion in 2022. The Renewable Energy Infrastructure market industry is projected to grow from USD 3.2 Billion in 2023 to USD 10.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.20% during the forecast period (2024 - 2032). The shift toward low-carbon fuels and the presence of stringent environmental regulations, growing environmental concerns coupled with pressure to reduce the harmful effects of greenhouse gases (GHG) are the main market drivers anticipated to propel the Renewable Energy Infrastructure market in Europe.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe leads the offshore wind sector and hosts the largest operational wind farms globally. The future of achieving the European Green Deal hinges on the widespread deployment of offshore wind energy. By the end of 2021, Europe had amassed a cumulative offshore wind energy capacity of approximately 28 gigawatts. To reach its carbon neutrality goal by 2050, the European Union requires 32 gigawatts of new wind capacity annually until 2030. In 2022, new wind installations in Europe totaled 19.1 gigawatts, with 16.7 gigawatts onshore and 2.5 gigawatts offshore. Solar and wind power collectively generated over a fifth (22%) of Europe's electricity in 2022, surpassing fossil gas (20%) for the first time, as per the European Electricity Review 2023.
The need for renewable energy sources has surged as worries about environmental degradation and climate change have grown, driving the market CAGR. Customers are looking for greener, more sustainable energy sources as they grow more conscious of the effects of their energy use on the environment. By using renewable energy sources, people, companies, and nations may lessen their carbon footprint and lessen the effects of climate change. Other types of environmental deterioration linked to the combustion of fossil fuels, such as air and water pollution, can be lessened with the use of renewable energy. According to a survey conducted by the European Union, protecting the environment is deemed very important by more than half of Europeans (53%), with an additional 41% considering it fairly important. Only a small percentage (6%) believe it is not very or not at all important to them. Additionally, three-quarters of Europeans (76%) view climate change as a very serious problem in their country, with 31% considering it extremely serious. One in six respondents (16%) perceive it as fairly serious, while 7% believe it is not a serious problem. Thus, driving the Renewable Energy Infrastructure market revenue.
The Europe Renewable Energy Infrastructure market segmentation, based on Product Type, includes PV Inverters, Wind Power Converters, Energy Storage Systems, EV Chargers, Energy IoT Devices, High Power Motor Drives, and Others. The PV inverters segment dominated the market. The significance of PV inverters stems from their crucial function in solar energy systems, where they convert the direct current (DC) generated by solar panels into alternating current (AC) suitable for grid integration and household use. The increasing global embrace of solar energy, fueled by cost reductions and supportive governmental initiatives, has notably amplified the need for efficient and dependable PV inverters. Moreover, ongoing technological innovations in these inverters, including enhanced conversion efficiency, grid compatibility, and seamless integration with energy storage solutions, contribute to their growing market demand.
The Europe Renewable Energy Infrastructure market segmentation, based on Application, includes Power Generation, Transportation, Energy Storage, and Others. The power generation segment dominated the market. The prevalence of this sector is evident in the worldwide shift towards renewable energy sources such as solar, wind, and hydro for the generation of sustainable electricity. In 2022, the power sector experienced the highest penetration of renewables, accounting for 40.7% of all electricity generated in the EU. This expansion is propelled by international efforts to decrease carbon emissions, technological progress enhancing installation efficiencies, and a growing global demand for clean energy. Energy storage emerges as a crucial component in managing the variability and enhancing the reliability of renewable energy sources.
Figure 1: Europe Renewable Energy Infrastructure Market, by Application, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
According to Germany’s Federal Network Agency, the proportion of electricity generated from renewable sources rose to 48.3% in 2022, up from 42.7% in 2021. Wind power, including both onshore and offshore installations, contributed 25.9% of the total, while solar photovoltaic (PV) systems accounted for 11.4% and biomass for 8.2%. Hydropower and other renewables comprised the remaining 2.8%. Overall, renewable energy generation in 2022 reached 233.9 TWh, marking an increase of 8.5% compared to 2021. Germany's expanding share of green energy will play a crucial role in the European Union's pursuit of carbon neutrality by 2050, particularly as the EU's largest consumer market endeavors to phase out coal-fired power plants. According to the Energy Efficiency Act, Germany aims to achieve a reduction in energy consumption of approximately 500 TWh by 2030, representing roughly one-fifth of its energy consumption in 2022. Germany's commitment to reducing greenhouse gas emissions and promoting renewable energy is supported by government policies and regulations, providing incentives for the deployment of renewable energy infrastructure projects.
Figure 2: Europe Renewable Energy Infrastructure Market Share By Country 2023 & 2032 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading market players are investing heavily in research and development to expand their product lines, which will help the Renewable Energy Infrastructure market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Renewable Energy Infrastructure industry must offer cost-effective items.
Major players in the Renewable Energy Infrastructure market are attempting to increase market demand by investing in research and development operations, including Delta Electronics, Inc., Panduit Corp, Duke Energy Sustainable Solutions, Ameresco, Enel X S.r.l., HARTING Technology Group, Ramboll, VENA ENERGY, Siemens, Toyota.
April 2020:Engie entered into a partnership with Eocycle-XANT to integrate wind turbines into its product lineup in Belgium. Engie is responsible for managing customer inquiries and specifications, while Eocycle-XANT handles the installation and maintenance of the wind turbines provided to customers.
December 2021:Enerparc entered into a Power Purchase Agreement with RWE, a German power utility, to construct a solar power plant in Lauterbach, Hesse, boasting a capacity of 57 megawatts (MW). Spread across a 54-hectare site, the project will involve the installation of approximately 125,000 solar modules and is scheduled to commence operations in 2022.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.8 Billion |
| Market Size 2023 | USD 3.2 Billion |
| Market Size 2032 | USD 10.8 Billion |
| Compound Annual Growth Rate (CAGR) | 16.20% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Applications, and Region |
| Region Covered | Europe |
| Countries Covered | Germany, France, UK, Italy, Spain, Sweden, Denmark, Luxembourg, Norway, Austria, Rest of Europe |
| Key Companies Profiled | Delta Electronics, Inc., Panduit Corp, Duke Energy Sustainable Solutions, Ameresco, Enel X S.r.l., HARTING Technology Group, Ramboll, VENA ENERGY, Siemens, Toyota |
| Key Market Opportunities | ·        The increasing demand for microgrids, particularly in regions with unreliable grid infrastructure, presents lucrative opportunities for firms specializing in their design and deployment |
| Key Market Dynamics | ·        Rise in demand for renewable energy ·        Increase in energy demand in the residential sector owing to a rise in population |
Frequently Asked Questions (FAQ) :
The Europe Renewable Energy Infrastructure market size was valued at USD 3.2 Billion in 2023.
The market is projected to grow at a CAGR of 16.20% during the forecast period, 2024-2032.
The key players in the market are Delta Electronics, Inc., Panduit Corp, Duke Energy Sustainable Solutions, Delta Electronics, Ameresco, Enel X S.r.l., HARTING Technology Group, Ramboll, VENA ENERGY, Siemens, and Toyota.
The PV Inverters category dominated the market in 2023.
The Power Generation category dominated the market in 2023.
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