Denmark Renewable Energy Market Analysis
The Denmark Renewable Energy Market is expected to register a CAGR of greater than 8% during the forecast period.
- Wind energy has shown robust growth in Demark, reaching more than 6000 MW installed capacity in 2019, and it is expected to continue the same trend in the forecast period.
- The Danish government is aiming to create a fossil-free vehicle environment by 2030 and later complete independence from fossil fuels for energy generation, which makes the renewable energy sector 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.
- With the Danish government's continuous efforts and ambitious policies, following Renewable Energy outlook 2019, Denmark is expected to witness considerable growth in the renewable market.
Denmark Renewable Energy 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 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.
- In August 2019, the Danish Energy Association unveiled more than 12 GW sites in the offshore region of Denmark, which lays the future path for the growth of wind energy in Denmark.
- With upcoming projects like Thor in the North Sea and Krieger's Flak with a capacity of 800 MW and 600 MW, the wind energy share in Denmark is expected to drive at a considerable rate.
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.
- Denmark's Energy and Climate Outlook 2019 agreement ensured financing of three offshore wind farms, relaxation of electricity taxes, new technology-neutral tenders, removal of the co-generation requirement in small-scale district heating areas, new energy-saving efforts, etc.
- The Danish government's bold steps and visionary policies are expected to drive Denmark towards a global leader in renewable.
Denmark Renewable Energy Industry Overview
The Danish renewable energy market is partially fragmented. Some of the major companies include Vestas Wind Systems AS, Oersted AS, Siemens Gamesa Renewable Energy SA, Arcon-Sunmark AS, Vattenfall AS, and Better Energy A/S.
Denmark Renewable Energy Market Leaders
Vestas Wind Systems A/S
Orsted A/S
Arcon-Sunmark A/S
Vattenfall A/S
Better Energy A/S
- *Disclaimer: Major Players sorted in no particular order
Denmark Renewable Energy Market News
- Denmark is expected to construct an artificial island as a wind energy hub. The construction project, believed to be the biggest in Danish history, will link hundreds of wind turbines to deliver enough electricity for millions of households. The first phase of the project is expected to cost around 210 billion Danish crowns.
- Denmark's government has agreed to take a majority stake in a UKP 25 billion artificial 'energy island', which is to be built 50 miles (80km) offshore, in the middle of the North Sea.
- The Alfa Laval Test & Training Centre, Aalborg, Denmark, is taking a key role in cutting the maritime industry's greenhouse gasses by 2050. In the coming years, it will accumulate knowledge that is vital to a carbon-free future. The first biofuel tested at the center will be one produced in India by MASH Energy, which is created through pyrolysis of waste biomass. Sourced from waste in this way, the fuel would be a net positive, removing CO2 from the overall carbon equation, the company explained in a statement.
