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.
Renewable Energy Market - Finland Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Hydropower, Wind, Bioenergy, and Other Types)
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.
The Finland renewable energy market has been segmented on the basis of
- Other Types
- Fortum Oyj
- Pohjolan Voima Oyj
- Vattenfall AB
- ABO Wind AG
- SGS AG
- UPM Kymmene Oyj
- Valoe Oyj
- CPC Finland Oy
- OX2 Group AB
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.