Report Overview

Europe Renewable Energy Market - Industry Trends & Forecast Report, 2031

Europe Renewable Energy Market size was estimated to be worth USD 289.1 billion in 2024. During the forecast period between 2025 and 2031, Europe Renewable Energy Market size is projected to grow at a CAGR of 7.60%, reaching a value of USD 476.4 billion by 2031. Major growth factors for Europe Renewable Energy Market include rising concerns surrounding the negative impact of fossil fuels on the environment and growing energy crises. In addition, favorable government policies and investment to reduce net greenhouse gas emissions by at least 55% by 2030 and curb dependence on oil and gas imports are projected to drive Europe Renewable Energy Market during the forecast period.

Renewable Energy – Overview

Renewable energy is energy generated from renewable sources that will naturally be replenished over a human timescale. Sunlight, wind, rain, tides, and geothermal heat are some of the most common sources of renewable energy. They provide a highly effective alternative to non-renewable energy sources such as fossil fuels. These energy sources are most prominently used for electricity generation, air and water heating/cooling, transportation, and rural (off-grid) energy services. Solar and wind energy are considered extremely economical, which makes them popular.

Europe Renewable Energy Market

Growth Drivers

Favorable Government Initiatives towards Decarbonization

Favorable government policies and initiatives play a crucial role in driving Europe Renewable Energy Market. The European Union has announced that it aims to achieve net-zero emissions by 2050 under its European Green Deal Initiative. According to a report by the European Environmental Agency, the Europeans cut their total net greenhouse gas emissions by 8% from 2022 to 2023 through reduced use of coal and growing use of renewable energy sources. The EEA estimated that the renewable energy accounted for 24% of the EU's total final energy consumption in 2023, up from 10% in 2005.

Challenges

Grid Integration and Infrastructure Challenges

The redundant grid infrastructure in many European countries acts as a major restraining factor for the growth of Europe Renewable Energy Market. The existing grid systems were designed to accommodate centralized fossil fuel-based power plants, due to which they fail to support renewable energy sources, such as wind and solar power. Renewable energy generation is intermittent, meaning it can be challenging to balance supply and demand, particularly in regions with limited energy storage capacity. Therefore, many European countries are facing challenges to upgrade or expand their renewable energy systems, limiting the adoption rate of renewable energy.

Impact of Escalating Geopolitical Tensions on Europe Renewable Energy Market

Escalating geopolitical and military tensions may present significant growth opportunities for Europe Renewable Energy Market in the long run. Russia's invasion of Ukraine, followed by sanctions against Russia, disrupted the oil and gas sector and led to global energy crises. This prompted European countries to reconsider their dependence on imported fuel and shift their focus and resources towards the clean energy sector. According to the International Energy Agency, the European Union “spends more than USD 10 on clean energy for energy USD 1 invested in fossil fuels.” However, the supply chain disruption may halt renewable energy projects and may impose inflation pressure on the sector due to escalating tensions. However, the market is expected to absorb such shocks efficiently.

Europe Renewable Energy Market

Segmental Coverage

Europe Renewable Energy Market – By Product

Based on product, Europe Renewable Energy Market is segmented into hydropower, wind power, solar power, bioenergy, and others. The wind power segment holds the largest share of Europe Renewable Energy Market by product. According to the European Commission, the wind energy sector accounts for more than one-third (37%) of the total renewable energy generated in European countries. Wind energy provides affordable, clean, and reliable energy and reduces dependence on coal. Along with providing environmental benefits to countries, wind energy also offers economic growth with employment generation. Wind energy will provide approximately 300,000 jobs in 2022, and the REPowerEU implementation is projected to favor the growth in the forecast period.

Europe Renewable Energy Market – By Application

On the basis of application, Europe Renewable Energy Market is segmented into industrial, residential, and commercial. The commercial segment accounts for the largest market share of Europe Renewable Energy Market by application. European countries are focused on accelerating the transition from fossil fuels to clean energy in key sectors, including transport, and therefore are making substantial investments in renewable energy infrastructure. The residential segment is projected to register a high CAGR during the forecast period owing to increasing environmental consciousness among European citizens. They are investing in solar panel installations on rooftops to power their houses and electric cars, and the rate of installation is projected to spike only during the forecast period.

Europe Renewable Energy Market – By Country

The in-depth research report on Europe Renewable Energy Market covers the region’s major countries, including Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, The Netherlands, and rest of Europe. Germany dominates Europe Renewable Energy Market. According to the German Association of Energy and Water and the Solar and Hydrogen Research Centre Baden-Wuerttemberg, renewable energy made up 55% of the gross electricity consumption in Germany. The growth in the renewable energy share in the country is mainly attributed to the growing adoption of photovoltaics. Following Germany, Spain also covers a substantial market share owing to high investment in the solar energy sector.

Competitive Landscape

Europe Renewable Energy market is highly competitive, as a number of companies are competing to gain a significant market share. Key players in the market include TotalEnergies, EDF, Engie, Orsted, Vestas, Iberdrola, Enel Green Power, Acciona Energía, Fortum, and RWE. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In December 2024 – Hitachi Energy, a global technology company, won an order to deliver converter stations for two high-voltage direct current (HVDC) links to support Germany’s clean energy transition.

Scope of the Report

By Product

• Hydropower

• Wind Power

• Solar Power

• Bioenergy

• Others

By Application

• Industrial

• Residential

• Commercial

By Country

• Germany

• United Kingdom

• Italy

• France

• Spain

• Belgium

• Russia

• The Netherlands

• Rest of Europe

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Europe Renewable Energy Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Climate Change Concerns
         2. Depleting Fossil Fuel Reserves
         3. Government Policies and Incentives
      2. Restraints
         1. High Initial Costs
         2. Intermittency and Storage
      3. Opportunities
         1. Advancement in Technology
         2. Increasing Energy Demand
      4. Challenges
         1. Grid Integration Challenges
         2. Policy and Regulatory Uncertainty
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Europe Renewable Energy Market: Marketing Strategies
5. Europe Renewable Energy Market Overview
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product
         1. Hydropower
         2. Wind Power
         3. Solar Power
         4. Bioenergy
         5. Others
      2. By Application
         1. Industrial
         2. Residential
         3. Commercial
      3. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Belgium
         7. Russia
         8. The Netherlands
         9. Rest of Europe
6. Germany Renewable Energy Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product
      2. By Application
7. United Kingdom Renewable Energy Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product
      2. By Application
8. Italy Renewable Energy Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product
      2. By Application
9. France Renewable Energy Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product
      2. By Application
10. Spain Renewable Energy Market
    1. Market Size & Forecast, 2019–2031
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Product
       2. By Application
11. Belgium Renewable Energy Market
    1. Market Size & Forecast, 2019–2031
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Product
       2. By Application
12. Russia Renewable Energy Market
    1. Market Size & Forecast, 2019–2031
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Product
       2. By Application
13. The Netherlands Renewable Energy Market
    1. Market Size & Forecast, 2019–2031
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Product
       2. By Application
14. Rest of Europe Renewable Energy Market
    1. Market Size & Forecast, 2019–2031
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Product
       2. By Application
15. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Europe Renewable Energy Company Market Share Analysis, 2024
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
16. Impact of Escalating Geopolitical Tensions on Europe Renewable Energy Market
17. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. TotalEnergies
    2. EDF
    3. Engie
    4. Orsted
    5. Vestas
    6. Iberdrola
    7. Enel Green Power
    8. Acciona Energía
    9. Fortum
    10. RWE
    11. Other Prominent Players
18. Key Strategic Recommendations
19. Research Methodology
    1.  Qualitative Research
       1.  Primary & Secondary Research
    2.  Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Europe Renewable Energy Segmentation     

Figure 2       Europe Renewable Energy Market Value Chain Analysis    

Figure 3       Company Market Share Analysis, 2024

Figure 4       Europe Renewable Energy Market Size, By Value (USD Billion), 2019–2031   

Figure 5       Europe Renewable Energy Market Share, By Product, By Value, 2019–2031  

Figure 6       Europe Renewable Energy Market Share, By Application, By Value, 2019–2031          

Figure 7       Europe Renewable Energy Market Share, By Country, By Value, 2019–2031  

Figure 8       Germany Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Figure 9       Germany Renewable Energy Market Share, By Product, By Value, 2019–2031

Figure 10     Germany Renewable Energy Market Share, By Application, By Value, 2019–2031          

Figure 11     United Kingdom Renewable Energy Market Size, By Value (USD Billion), 2019–2031  

Figure 12     United Kingdom Renewable Energy Market Share, By Product, By Value, 2019–2031  

Figure 13     United Kingdom Renewable Energy Market Share, By Application, By Value, 2019–2031  

Figure 14     Italy Renewable Energy Market Size, By Value (USD Billion), 2019–2031      

Figure 15     Italy Renewable Energy Market Share, By Product, By Value, 2019–2031      

Figure 16     Italy Renewable Energy Market Share, By Application, By Value, 2019–2031 

Figure 17     France Renewable Energy Market Size, By Value (USD Billion), 2019–2031   

Figure 18     France Renewable Energy Market Share, By Product, By Value, 2019–2031   

Figure 19     France Renewable Energy Market Share, By Application, By Value, 2019–2031          

Figure 20     Spain Renewable Energy Market Size, By Value (USD Billion), 2019–2031     

Figure 21     Spain Renewable Energy Market Share, By Product, By Value, 2019–2031    

Figure 22     Spain Renewable Energy Market Share, By Application, By Value, 2019–2031

Figure 23     Belgium Renewable Energy Market Size, By Value (USD Billion), 2019–2031 

Figure 24     Belgium Renewable Energy Market Share, By Product, By Value, 2019–2031 

Figure 25     Belgium Renewable Energy Market Share, By Application, By Value, 2019–2031          

Figure 26     Russia Renewable Energy Market Size, By Value (USD Billion), 2019–2031    

Figure 27     Russia Renewable Energy Market Share, By Product, By Value, 2019–2031   

Figure 28     Russia Renewable Energy Market Share, By Application, By Value, 2019–2031          

Figure 29     The Netherlands Renewable Energy Market Size, By Value (USD Billion), 2019–2031  

Figure 30     The Netherlands Renewable Energy Market Share, By Product, By Value, 2019–2031  

Figure 31     The Netherlands Renewable Energy Market Share, By Application, By Value, 2019–2031 

Figure 32     Rest of Europe Renewable Energy Market Size, By Value (USD Billion), 2019–2031          

Figure 33     Rest of Europe Renewable Energy Market Share, By Product, By Value, 2019–2031  

Figure 34     Rest of Europe Renewable Energy Market Share, By Application, By Value, 2019–2031  

List of Tables

Table 1 Europe Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Table 2 Europe Renewable Energy Market Size, By Product, By Value, 2019–2031

Table 3 Europe Renewable Energy Market Size, By Application, By Value, 2019–2031

Table 4 Europe Renewable Energy Market Size, By Country, By Value, 2019–2031

Table 5 Germany Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Table 6 Germany Renewable Energy Market Size, By Product, By Value, 2019–2031

Table 7 Germany Renewable Energy Market Size, By Application, By Value, 2019–2031

Table 8 United Kingdom Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Table 9 United Kingdom Renewable Energy Market Size, By Product, By Value, 2019–2031

Table 10      United Kingdom Renewable Energy Market Size, By Application, By Value, 2019–2031

Table 11      Italy Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Table 12      Italy Renewable Energy Market Size, By Product, By Value, 2019–2031

Table 13      Italy Renewable Energy Market Size, By Application, By Value, 2019–2031

Table 14      France Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Table 15      France Renewable Energy Market Size, By Product, By Value, 2019–2031

Table 16      France Renewable Energy Market Size, By Application, By Value, 2019–2031

Table 17      Spain Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Table 18      Spain Renewable Energy Market Size, By Product, By Value, 2019–2031

Table 19      Spain Renewable Energy Market Size, By Application, By Value, 2019–2031

Table 20      Belgium Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Table 21      Belgium Renewable Energy Market Size, By Product, By Value, 2019–2031

Table 22      Belgium Renewable Energy Market Size, By Application, By Value, 2019–2031

Table 23      Russia Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Table 24      Russia Renewable Energy Market Size, By Product, By Value, 2019–2031

Table 25      Russia Renewable Energy Market Size, By Application, By Value, 2019–2031

Table 26      The Netherlands Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Table 27      The Netherlands Renewable Energy Market Size, By Product, By Value, 2019–2031

Table 28      The Netherlands Renewable Energy Market Size, By Application, By Value, 2019–2031

Table 29      Rest of Europe Renewable Energy Market Size, By Value (USD Billion), 2019–2031

Table 30      Rest of Europe Renewable Energy Market Size, By Product, By Value, 2019–2031

Table 31      Rest of Europe Renewable Energy Market Size, By Application, By Value, 2019–2031

Table 32      TotalEnergies Company Overview

Table 33      TotalEnergies Financial Overview

Table 34      EDF Company Overview

Table 35      EDF Financial Overview

Table 36      Engie Company Overview

Table 37      Engie Financial Overview

Table 38      Orsted Company Overview

Table 39      Orsted Financial Overview

Table 40      Vestas Company Overview

Table 41      Vestas Financial Overview

Table 42      Iberdrola Company Overview

Table 43      Iberdrola Financial Overview

Table 44      Enel Green Power Company Overview

Table 45      Enel Green Power Financial Overview

Table 46      Acciona Energía Company Overview

Table 47      Acciona Energía Financial Overview

Table 48      Fortum Company Overview

Table 49      Fortum Financial Overview

Table 50      RWE Company Overview

Table 51      RWE Financial Overview