Sweden’s renewables capacity is projected to more than double to just over 30GW in 2030, according to new analysis from GlobalData.
Renewables capacity, excluding hydropower, is forecast to increase from 14,800MW in 2019 to 30,400MW in 2030.
GlobalData’s latest report, ‘Sweden Power Market Outlook to 2030, Update 2019 – Market Trends, Regulations, and Competitive Landscape’, expects solar and wind to grow at compound annual growth rates (CAGR) of 16% and 8.3%, respectively during 2019–2030.
Power analyst Arkapal Sil said solar will see the biggest growth, helped by government incentives targeting solar.
“Wind power has been identified by the government as a potential area of capacity expansion to achieve the country’s 100% renewable energy target by 2040,” Sil added.
The offshore shore wind segment is slated to grow at 15% CAGR from 191MW in 2019 to 873MW in 2030, according to the report’s forecast.
The main challenges for Sweden’s power sector include its over-dependence on hydropower plus aging transmission infrastructure, according to the analysis.
In 2018, hydropower accounted for nearly 40% of both installed capacity and generation, exposing the power supply to potential water shortages.
Modernising Sweden’s aging grid infrastructure is needed to accommodate the significant amounts of renewables capacity to be added by 2030 and to cope with wind and solar intermittency, the study found.