Denmark Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts

Posted by Statzy Market Research on April 19th, 2021

The COVID-19 pandemic is expected to impede the growth of the market as the country is expected to decrease by 4.4% of its Gross Domestic Product (GDP) in 2020, Although some estimates of 2021 have shown a positive growth of 5.5% of GDP which may bring the economic activity back to pre-covid level. This, in turn, is expected to have a positive impact on the overall renewable energy market in the country during the forecast period. Factors, such as supportive government policies and efforts to meet power demand using renewable energy sources and to decrease dependency on fossil fuel-based power generation are expected to act as significant contributors to the growth of the market. On the other hand, the absence of any new initiatives and limited land availability for solar and wind farm installations are expected to restrain the growth of the market in the coming years.

• Wind energy has shown robust growth in Demark, reaching more than 6000 MW installed capacity in 2019, and is expected to continue the same trend in the forecast period.

• The Denmark government is aiming to create a fossil-free vehicle environment by 2030 and later complete independence from fossil fuels for energy generation, which makes renewable energy sector as the future of Denmark. Such ambitious goals of the government are expected to create a significant opportunity for the market players in the near future.

Key Market Trends

Wind Energy to Dominate the Market

• With a capacity of more than 6000 MW (4400 MW onshore and 1700 MW offshore) from Wind Energy by the end of 2019, wind energy holds a significant share in the renewable market of Denmark.

• With the opening of the Horns Rev 3 project with a capacity of 407 MW in August 2019, a surge of 12% in the wind power production is expected in the coming years. The project is expected to supply power to 425,000 homes, increasing the share of wind power further ahead.

Government Initiatives and Policies Driving Renewable Market

• Danish energy policy mandated the complete phase-out of fossil fuels in the energy supply by 2050. In the long term, electricity, heating, industry, and transport energy are to be provided entirely by renewable sources.

• The government is providing subsidies on renewable on a tender basis. In August 2018, The European Commission (EC) approved three different schemes to subsidize electricity production from wind and solar power in Denmark for the rest of this year and 2019.

Competitive Landscape

The Denmark renewable energy market is partially fragmented. Some of the major companies include Vestas Wind Systems A/S, Oersted A/S, Siemens Gamesa Renewable Energy SA, Arcon-Sunmark A/S, Vattenfall A / S, Better Energy A/S, and others

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