Finland Renewable Energy Market Share, Size & Growth 2031

Segments - Finland Renewable Energy Market by Types (Hydropower, Wind, Bioenergy, and Other Types) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Swapnil Hedau

Report Description

Finland Renewable Energy Market Outlook 2031

The Finland Renewable Energy Market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 8% during 2023–2031. The growth of the market is attributed to the government regulations that emphasize decreasing greenhouse gas emissions via the use of renewable energy.

Finland's emphasis on renewable energy makes the country self-sufficient while also helping to boost jobs. However, obstacles such as the inconstancy of accessible solar energy in the nation, as well as high installation prices, are likely to stymie the market's expansion.

Finland has approved the National Energy and Climate Strategy for 2030 intending to boost its renewable energy contribution in the energy mix. The plan lays out specific measures and goals for achieving the goal of increasing renewable energy's share in the energy mix to more than 50% by 2030. Furthermore, the strategy specifies actions to reduce greenhouse gas emissions to about 80-90 per cent by 2050. As a result, the effort is likely to provide the market with a boost shortly.

Wind power is a renewable energy source. After hydropower, Finland is the second-largest source of renewable energy. In terms of power generation, it increased by about 55 percent in 2018. Finland plans to build seven new wind energy projects to meet its 2050 greenhouse emission reduction objective and lessen its reliance on neighboring nations for electricity. The wind project's first installation is expected to be operational in 2020.

The seven wind energy projects are expected to generate 1.36 terawatt-hours (TWh) of electricity annually, reducing the country's dependency on power imports from Sweden and Russia. Furthermore, Finland has a small number of other wind projects in the works, with approximately 13000 MW onshore and 2700 MW offshore projects. The execution of these projects is intended to propel Finland's future renewable energy industry.

Hydropower dominates Finland's renewable energy industry, accounting for about 41% of total renewable energy installed capacity in 2019. One of the most visible projects in Finland's hydropower sector is the expansion of the Kuusankoski hydropower plant's output capacity. The rehabilitation and modernization of the plant resulted in a 94% improvement in plant efficiency and a 19% increase in turbine capacity. By 2022, the plant's annual energy production is expected to grow from 180 to 195-gigawatt hours (GWh).

In addition, Finland intends to build Pump Hydro Energy Storage (PHES) at its Pyhäsalmi mine. The Pyhäsalmi mine, which is located in Pyhäjärvi, is Europe's deepest base metal mine. The feasibility study for the projects is in the works. Renewable energy installation is projected to increase in the near future as a result of the projects' implementation.

Finland Renewable Energy Market Trends, Drivers, Restraints, and Opportunities

Increasing wind energy installations are expected to drive market growth in the coming years.
Growing government and public awareness about the environment and subsequently introduction of environmental-friendly policies is projected to fuel the market expansion during the forecast period.
Factors such as the inconstancy of accessible solar energy in the nation, as well as high installation prices, are likely to hinder the market expansion during the forecast period.

Scope of The Finland Renewable Energy Market Report

The report on the Finland renewable energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Renewable Energy Market - Finland Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Hydropower, Wind, Bioenergy, and Other Types)
Regional Scope	Finland
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Fortum Oyj, Pohjolan Voima Oyj, Vattenfall AB, ABO Wind AG, SGS AG, UPM Kymmene Oyj, ?Valoe Oyj, CPC Finland Oy, and OX2 Group AB

Finland Renewable Energy Market Segment Insights

Wind segment is projected to account for a large market share

In terms of types, the Finland renewable energy market is segregated into hydropower, wind, bioenergy, and other types. The wind segment is expected to account for a key share of the market during the forecast period due to growth in demand for cleaner energy, the depletion of water levels in rivers, and the irregularity of solar energy in the nation. On the other hand, the hydropower segment is anticipated to expand at a rapid pace during the forecast period due to the pace of renovation and modification work on existing power plants.

Segments

The Finland renewable energy market has been segmented on the basis of

Types

Hydropower
Wind
Bioenergy
Other Types

Key Players

Fortum Oyj
Pohjolan Voima Oyj
Vattenfall AB
ABO Wind AG
SGS AG
UPM Kymmene Oyj
Valoe Oyj
CPC Finland Oy
OX2 Group AB

Competitive Landscape

Key players competing in the Finland renewable energy market include Fortum Oyj, Pohjolan Voima Oyj, Vattenfall AB, ABO Wind AG, SGS AG, UPM Kymmene Oyj, Valoe Oyj, CPC Finland Oy, and OX2 Group AB.

Finland Renewable Energy Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Renewable Energy Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Renewable Energy Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Renewable Energy Market - Supply Chain
  4.5. Global Renewable Energy Market Forecast
     4.5.1. Renewable Energy Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Renewable Energy Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Renewable Energy Market Absolute $ Opportunity
5. Global Renewable Energy Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Renewable Energy Market Size and Volume Forecast by Types
     5.3.1. Hydropower
     5.3.2. Wind
     5.3.3. Bioenergy
     5.3.4. Other Types
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Renewable Energy Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Renewable Energy Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Renewable Energy Demand Share Forecast, 2019-2026
7. North America Renewable Energy Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Renewable Energy Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Renewable Energy Market Size and Volume Forecast by Types
     7.4.1. Hydropower
     7.4.2. Wind
     7.4.3. Bioenergy
     7.4.4. Other Types
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Renewable Energy Demand Share Forecast, 2019-2026
8. Latin America Renewable Energy Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Renewable Energy Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Renewable Energy Market Size and Volume Forecast by Types
     8.4.1. Hydropower
     8.4.2. Wind
     8.4.3. Bioenergy
     8.4.4. Other Types
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Renewable Energy Demand Share Forecast, 2019-2026
9. Europe Renewable Energy Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Renewable Energy Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Renewable Energy Market Size and Volume Forecast by Types
     9.4.1. Hydropower
     9.4.2. Wind
     9.4.3. Bioenergy
     9.4.4. Other Types
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Renewable Energy Demand Share Forecast, 2019-2026
10. Asia Pacific Renewable Energy Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Renewable Energy Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Renewable Energy Market Size and Volume Forecast by Types
     10.4.1. Hydropower
     10.4.2. Wind
     10.4.3. Bioenergy
     10.4.4. Other Types
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Renewable Energy Demand Share Forecast, 2019-2026
11. Middle East & Africa Renewable Energy Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Renewable Energy Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Renewable Energy Market Size and Volume Forecast by Types
     11.4.1. Hydropower
     11.4.2. Wind
     11.4.3. Bioenergy
     11.4.4. Other Types
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Renewable Energy Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Renewable Energy Market: Market Share Analysis
  12.2. Renewable Energy Distributors and Customers
  12.3. Renewable Energy Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Fortum Oyj
     12.4.2. Pohjolan Voima Oyj
     12.4.3. Vattenfall AB
     12.4.4. ABO Wind AG
     12.4.5. SGS AG
     12.4.6. UPM Kymmene Oyj