Market Size of Austria Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 12.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Austria Renewable Energy Market Analysis
The Austrian renewable energy market is expected to register a CAGR of around 12.5% during the forecast period. The COVID-19 outbreak did not affect the renewable energy market significantly, as the country witnessed hassle-free execution of projects in 2020. In 2020, the solar PV capacity grew by 30% compared to 2019. The other renewable technologies, particularly wind and hydro, also witnessed steady growth in their installed capacities. The Austrian renewable energy market is likely to develop in the future due to the continuous technological developments and the availability of substantial funds by public and private organizations to develop the renewable energy sector. However, the high oil and gas security in the form of oil and gas storage and well-developed value chain infrastructure is expected to hinder the market's growth in the future.
- The wind segment is expected to witness the fastest growth during the forecast period due to low deployment costs.
- The sophisticated bioenergy sector in the country creates a lucrative opportunity for the renewable energy market. Like other European countries, Austria has a huge potential for bioenergy, which can be exploited to serve the heating and power requirements of various end users.
- The favorable government policies to expand renewable energy-based power generation are expected to drive the market in the coming years.
