Austria Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Austria's solar energy market is expected to grow at a CAGR of more than 18.5 % during the forecast period. The primary drivers of the market include the rising demand for renewable energy and electricity, efforts to reduce GHG emissions and to have a sustainable form of energy. The use of effective energy-efficiency law helps not only to cover rising energy demand with solar power but also replacement and phase-out of fossil fuels. The increasing demand for energy on the account of the rising population and increasing industrialization is anticipated to boost the solar energy market in Austria. However, the market is restrained by the expensive nature of solar equipment and batteries and this factor, in turn, is expected to have a negative impact on the market studied.

• The solar PV segment is expected to dominate the market during the forecast period.
• According to federal association Photovoltaic Austria, installation of about 14 to 15 GW of capacity by 2030 in order to reach the government’s targets is likely to correspond to a solar power share of around 20% in Austria, which, in turn, is expected to create an opportunity for the market to grow in the near future.