The future of the solar energy market in Sweden has been set with ambitious goals for renewable energy and is working to increase its solar power capacity. A target of carbon neutrality has been set by 2045 with solar energy as its key part of achieving this goal.
According to the Swedish Energy Agency (SEA), the solar power capacity of Sweden increased by 45% in 2020 with new installations totaling 880 MW. The agency also forecasted that the solar power capacity installation will reach between 4GW and 8 GW by 2030.
As the solar energy market is growing, more companies are expected to enter the market and also the investment in research and development will increase. It leads to more advanced and efficient solar energy technologies increasing the share of the solar energy market in Sweden’s energy mix.
Another important factor is the decrease in the cost of solar energy accelerating the growth of the market. The solar energy cost also decreased significantly with more affordable for individuals and businesses in investing solar power.
In the future also, the trend is expected to continue with solar energy being more cost-competitive than traditional fossil fuel sources.
The key points showcasing the current trends and government goals supporting the solar energy market in Sweden are:-
- A target has been set by the Swedish Government to become carbon neutral by 2045 and solar energy is also a key part of achieving this goal. The target is expected to drive the growth of the solar energy market in the country.
- The cost of solar energy technology is also expected to decrease with the technology being made more affordable for individuals and businesses to invest in solar power.
- With the current growth in the solar energy market, more companies and research institutes are expected to enter the market.
- Solar energy used in buildings, transportation, and other sectors is expected to improve the technology growth and the cost also decreased.
- The collaboration between research institutes and industry partners also shows the development and commercialization of new solar energy technologies.
The current trends show that the solar energy market in Sweden is expected to grow in the future.
Source: MordorIntelligence, iea, worldeconomicforum, hivepower