Austria Solar Energy Market - Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by End-User (Residential, Industrial, and Utility)
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
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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.
Scope of the report
The Austria solar energy market report include:
End-User (Qualitative Analysis Only)
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Key Market Trends
Increasing Demand for Solar PV to Drive the Market
In 2020, Austria’s new government has promised a 1 million photovoltaic roofing program as part of its plan to achieve climate neutrality by 2040. The country pledged to source all its electricity supply from renewable sources and to reduce GHG emissions by 2030.
Photovoltaics in general and the 1 million rooftop programme, in particular, is likely to add substantially to these goals in a world where mobility is to be switched to electric driving and also fossil heating systems have to be replaced speedily during the next decades.
As of 2018, 1.6 TWh of electricity was generated from renewable sources with a growth rate of 24.4% with the previous year, covering 2.5% of Austrian energy demand.
The solar photovoltaic facilities in operation in Austria generated 1438 GWh of electricity in 2018. The total installed capacity of solar energy was 1578 MW in 2019.
According to the association SolarPower Europe, by fitting rooftop with solar panel, up to 7 million tonnes of CO2 can be saved each year and at least 680 TWh of renewable electricity is likely to be produced.
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Rising Renewable Energy Demand is Expected to Drive the Market
Renewable energies are of major importance in Austria. Austria proves to be a dynamic environment, whether with respect to solar energy, wind power, hydropower or Bioenergy.
The total renewable energy generation in Austria reached 12.2 TWh in 2018 and the total installed capacity of renewables was 20,030 MW in the same year.
The electricity generation from hydropower was 41,213 GWh in 2018. The electricity production by Wind power in the year 2018 was 6030 GWh, followed by 1438 GWh by solar PV energy in 2018.
According to the Federal Government's objective, the share of renewable energies is to increase to 65% of electricity consumption by 2030.
According to the Austrian Energy Agency (AEA), the annual generation of electricity from renewable energy sources is expected to reach up to 35 TWh by 2030. Since hydropower in Austria is only possible to a limited extent, additional consumption must be covered by wind power and photovoltaic systems.
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The Austria solar energy market is partially fragmented. Some of the key players in the market include Wien Energie GmbH, KPV Solar GmbH, Energetica Industries GmbH, SOLARenergy Anstalt, and Hilber Solar GmbH.