The Sweden solar energy market is expected to grow at a CAGR of more than 15% during the forecast period of 2020-2025. Factor such as supportive government policies and tax exemption on renewable energy to meet more energy is likely to drive the Sweden solar energy market. However, the other alternative of renewable energy, such as wind, is expected to restrain the Sweden solar energy market.

  • Due to a significant decline in the cost of installation, the on-grid segment held a considerable market share in 2019 and is expected to dominate the market during the forecast period.
  • Sweden’s target of 100% renewable energy generation and 0% greenhouse gas emission in the country by 2045 is expected to create several opportunities for the Sweden solar energy market in the future.
  • Upcoming and ongoing projects focused on increasing the share of solar in renewable energy in the country are likely going to drive the Sweden solar energy market during the forecast period.



Key Market Trends

On-Grid Segment Expected to Dominate the Market

  • On-grid means the solar system is connected to the local utility grid. This is what most residential homes are using because if your solar system under or over-produces regarding varying energy needs. This means that the utility system acts as battery space if the system produces more energy with solar panels or systems whichever using. The excess energy is sent to the grid’s power company, allowing one to build credit.
  • In 2019, the total solar installation capacity in the country was 644 megawatts (MW), which was higher than installed in 2018, 492 megawatts (MW).
  • In 2019, Swedish solar developer SVEA Renewable Solar AB commissioned a 5.8 megawatts (MW) solar power plant in the Sj?bo Kommun, in the Sk?ne region of southern Sweden in mid-June.
  • In 2019, A 20 MW solar park was planned near a Stockholm highway to generate power for a tenants association. The project is expected to produce cheaper power than standard grid electricity and expected to trade clean energy certificates on the Swedish-Norwegian market.
  • Therefore, owing to the above projects, the on-grid segment is likely to dominate the Sweden solar energy market during the forecast period.



Increasing Renewable Projects Expected to Drive the Market

  • In 2019, Sweden added 1740 megawatts (MW) of renewable energy installation in the country. This is in accordance with the long term plan of Sweden to rely totally on the clean energy due to the rising air pollution.
  • The increase in renewable energy installation depicts the country’s effort to promote more and more clean energy. Moreover, the government of Sweden launched several policies and subsidies regarding renewable energy, which is likely to attract several investments in the solar energy market also.
  • In 2019, the total renewable energy installation in the country was 30984 megawatts (MW), which was higher than the installed capacity of 2018, 29244 megawatts (MW). More than 50% of the energy generated in the country was from renewable energy sources, amounting to 89,306 gigawatt-hours (GWh).
  • In 2019, renewable energy company Eneo Solutions AB signed a letter of intent for a 20-year power supply deal of a 10 megawatts (MW) solar park that started building in November. The energy buyer is a Swedish financial services provider Swedbank. The plant is expected to be complete by 2020 and will likely meet 30% of Swedbank’s electricity demand.
  • Hence, owing to the above points, 1ncreasing renewable projects in the country is expected to drive the Sweden solar energy market during the forecast period.



Competitive Landscape

Sweden solar energy market is moderately fragmented. Some of the key players in this market include Azelio AB, ABB Ltd., Exeger Sweden AB, InnoVentum AB, and Vattenfall AB.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support