Taking advantage of government incentives and declining costs, the share of wind and solar energy combined have reached almost 14% in Sweden. While the country’s solar PV sector is still in a nascent stage, the rising support from the Swedish Government and the country’s push towards clean energy are expected to expand both wind and solar PV sectors over the next decade to support Sweden towards achieving its target of 100% renewable energy (RE) by 2040.
Sweden’s strongest bet towards achieving its ambitious RE target is wind and solar PV, which can complement its hydropower generation. Wind and solar PV will see rapid growth by the end of the decade due to their cost-effectiveness in comparison to other technologies. Currently, wind, solar PV and hydro together represent approximately 55% of the Swedish generation blend, and this is set to reach approximately 66%-67% by the end of 2030.
The existing solar PV projects are small in scale with further small-scale plants in the works. Wind formed 20.6% of the overall capacity with solar PV having 1.7% last year.
To ensure significant growth of the sector, the Swedish Government will need to shift its focus to large-scale installations in the future.
As Sweden plans to shut its nuclear power plants, almost half of the existing capacity will be shut or decommissioned by the end of 2020. Six additional large reactors are scheduled to undergo nuclear decommissioning process over the next decade, removing almost one-third of the nuclear generation from the generation mix.
The void in generation created by the shutdown of nuclear power plants in Sweden is predicted to be bridged by expanding wind and solar PV generation due to their cost-effective nature and speed of installation.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData