Europe Renewable Energy Market Size at Electrifying CAGR to Cross USD 476 Billion by 2031

Published | 30 December 2024

Europe Renewable Energy Market is flourishing because of an increasing focus on addressing rising concerns and consciousness toward climate change and depleting fossil fuel reserves.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Europe Renewable Energy Market size at USD 289.1 billion in 2024. During the forecast period between 2025 and 2031, BlueWeave expects Europe Renewable Energy Market size to expand at a CAGR of 7.60% reaching a value of USD 476.4 billion by 2031. Growing energy crises and concerns about the environmental effects of fossil fuels are major growth factors for Europe Renewable Energy Market. Over the forecast period, governments’ favorable policies and investments to reduce net greenhouse gas emissions by at least 55% by 2030 and reduce their reliance on imports of gas and oil are also projected to drive Europe Renewable Energy Market in the coming years.

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Opportunity - Technological Advancements and Cost Reduction

Technological advancements and significant cost reductions in renewable energy technologies are expected to present growth opportunities for companies in Europe Renewable Energy Market during the forecast period. The declining cost of renewable energy technologies and equipment, including solar panels, wind turbines, and energy storage systems, is making them competitive compared to traditional depleting fossil fuel energy sources. Europe Renewable Energy Market is increasingly integrating advanced technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), to collect and analyze vast amounts of data that can be used for various purposes, including predictive maintenance and managing demand fluctuations.

Impact of Escalating Geopolitical Tensions on Europe Renewable Energy Market

Intensifying geopolitical tensions may impact several aspects of Europe Renewable Energy Market, such as supply chain, investments, and installation projects. The disruption of the oil and gas industry and subsequent sanctions against Russia caused by Russia's invasion of Ukraine resulted in global energy crises. As a result, European nations began to reevaluate their reliance on imported fuel and redirect their resources and attention to the clean energy industry. The European Union "spends more than USD 10 on clean energy for energy USD 1 invested in fossil fuels," according to the International Energy Agency. However, rising tensions may disrupt the renewable energy projects and put pressure of inflation on the industry. It is anticipated that the market would effectively absorb these shocks, nevertheless.

Commercial Segment Dominated Europe Renewable Energy Market

The commercial segment accounts for the largest market share of Europe Renewable Energy Market. European nations are investing heavily in renewable energy infrastructure, as they are committed to accelerating the shift from fossil fuels to clean energy in significant sectors, such as transportation. Due to growing environmental concerns among Europeans, the residential segment is anticipated to record a high CAGR over the forecast period. They are investing significantly in rooftop solar panel installations to power their homes and electric vehicles, and the rate of installation is only expected to increase over the period in analysis.

Germany Leads Europe Renewable Energy Market

Germany dominates Europe Renewable Energy Market. The Solar and Hydrogen Research Centre Baden-Wuerttemberg and the German Association of Energy and Water report that 55% of Germany's total power consumption came from renewable sources. The country's increasing use of solar photovoltaics (PVs) is primarily responsible for the rise in the percentage of renewable energy. Spain has a significant market share,  because of its significant investments in the solar energy industry.

Competitive Landscape

The major industry players of Europe Renewable Energy Market include TotalEnergies, EDF, Engie, Orsted, Vestas, Iberdrola, Enel Green Power, Acciona Energía, Fortum, and RWE. The presence of high number of companies intensify the market competition as they compete to gain a significant market share. These companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to further enhance their market share.

Don’t miss the business opportunity in Europe Renewable Energy Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and Europe Renewable Energy Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Renewable Energy Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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