The overall renewable power capacity, excluding hydropower, in Sweden is projected to more than double from 14.8 gigawatt (GW) in 2019 to 30.4 GW in 2030, according to GlobalData, a leading data and analytics company.
GlobalData's latest report, ‘Sweden Power Market Outlook to 2030, Update 2019 - Market Trends, Regulations, and Competitive Landscape’, reveals that solar photovoltaic (PV) and wind segments are expected to grow at compound annual growth rates (CAGR) of 16% and 8.3 %, respectively during 2019–2030.
Arkapal Sil, Power Analyst at GlobalData, comments: “Government schemes and incentives such as subsidy for photovoltaic installations, 2018 Solar Rebate Scheme, cancellation of solar tax for commercial PV installations and the removal of building permits for solar systems are specifically aimed to boost the solar sector, which is slated to witness the maximum growth among renewables. In addition, the wind power segment has been identified by the government as a potential area of capacity expansion to achieve 100% renewable energy target by 2040.”
According to GlobalData, the offshore shore wind segment is slated to grow at 15% CAGR from 191 megawatt (MW) in 2019 to 873MW in 2030. The rapid increase reflects upon the great offshore wind potential owing to the country’s long coastline.