Press release
What Is the Forecast for Europe Renewable Energy Market Demand by 2033?
Europe Renewable Energy Market Graph
Market Size in 2024: USD 241.9 Billion
Market Forecast in 2033: USD 445.0 Billion
Market Growth Rate 2025-2033: 7.01%
The Europe renewable energy market is projected to expand from USD 241.9 billion in 2024 to USD 445.0 billion by 2033, registering a CAGR of 7.01%. Ambitious decarbonization targets, falling technology costs, and post-crisis green recovery funds underpin the robust growth trajectory.
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Growth Drivers Powering the European Renewable Energy Market
REPowerEU Plan Unlocks Record Funding
The European Commission allocated EUR 250 billion under REPowerEU to end Russian fossil imports by 2027. National recovery plans earmark EUR 86 billion for wind, solar, and biomass capacity, triggering accelerated permitting and grid expansion. By March 2025, eighteen member states had approved 105 GW of additional renewables, converting policy pledges into concrete project pipelines across the Europe renewable energy market.
Corporate PPAs Bridge Financing Gaps
The European Corporate Renewable PPA Observatory recorded 8.4 GW of new power-purchase agreements in 2024, up 35% year-on-year. Tech, steel, and chemical majors lock in 15-year fixed prices, de-risking bankability for subsidy-free parks. Grid operators now allocate specific connection windows for PPA-backed assets, shortening financial close by six months and accelerating capacity additions.
Green Hydrogen Mandates Create Off-Take Certainty
The 2024 delegated Renewable Energy Directive requires 42% of industrial hydrogen to originate from renewables by 2030. Refineries and ammonia producers must contract electrolytic hydrogen or face blending penalties. This clause underwrites long-term demand for dedicated solar and onshore wind farms, while EU Innovation Fund grants cover up to 60% of electrolyser capex, steering gigawatt-scale announcements in the Europe renewable energy market.
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Europe Renewable Energy Market Segmentation
Type Insights:
• Hydro Power
• Wind Power
• Solar Power
• Bioenergy
• Others
End User Insights:
• Industrial
• Residential
• Commercial
Country Insights:
• Germany
• United Kingdom
• France
• Italy
• Russia
• Spain
• Netherlands
• Switzerland
• Poland
• Others
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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Europe Renewable Energy Market News
• Germany tendered 10 GW of onshore wind capacity in March 2025, attracting bids 30% below reference price thanks to improved turbine efficiency.
• France approved a 1 GW offshore wind farm off Normandy in April 2025, set to power 800,000 homes using 15 MW turbines.
• Spain's grid operator announced in February 2025 that solar output exceeded 50% of national demand for the first time, driven by 29 GW installed capacity.
• The European Investment Bank committed EUR 5 billion in green bonds during January 2025, earmarked exclusively for cross-border renewable grid links.
Key highlights of the Report:
• Market Performance (2019-2024)
• Market Outlook (2025-2033)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
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IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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