Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
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
-
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
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
