Market Snapshot
| Study Period: | 2018- 2026 |
| Base Year: | 2020 |
| CAGR: | >12.5 % |
|
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Market Overview
The Austrian solar energy market is expected to register a CAGR of more than 12.5 % during the forecast period. The COVID-19 has altered the Austrian's renewable energy shares in the energy mix during the period starting from May 2020. Since weekly electricity demand decreased by 10-35% due to the lockdown measures, Austria has experienced well above record-high hourly shares of variable renewable energy (VRE) compared to last year in 2020, reaching almost 70% instantaneous VRE penetration. The primary drivers of the market include the rising demand for clean energy and electricity, efforts to reduce GHG emissions, and a sustainable form of energy. The use of effective energy-efficiency law helps cover rising energy demand with solar power and replace and phase-out of fossil fuels. The increasing demand for energy on 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, which is expected to have a negative impact on the market studied.
- The solar PV segment is expected to dominate the Austria solar energy market during the forecast period.
- According to Austria’s National Energy and Climate Plan (NECP), the Austrian government is committed to installing 1 million PV systems by 2030, which is a substantial increase from the target of 100 000 roof-mounted PV systems under the mission2030. This, in turn, is expected to create an opportunity for the solar market to grow in the near future.
- Rising renewable energy demand is expected to drive the Austrian solar energy market during the forecast period.
Scope of the Report
The Austrian solar energy market report includes:
| Technology | |
| Solar Photovoltaic (PV) | |
| Solar Thermal |
| End User | |
| Residential | |
| Industrial |
Key Market Trends
Solar PV Segment is Expected to Dominate the Market
- In 2020, Austria’s new government promised a 1 million photovoltaic roofing program as part of its plan to achieve climate neutrality by 2040. As part of this ambitious target, the country pledged to source all its electricity supply from renewable sources and to reduce GHG emissions by 2030.
- Furthermore, photovoltaics in general and the 1 million rooftop program, 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. Hence, this, in turn, is likely to boost solar PV deployment in the country.
- As of 2019, 1.4 TWh of electricity was generated from solar energy sources, covering 10.3% of Austrian renewable energy demand. Also, the total installed capacity of solar energy was 1,578 MW in 2019.
- According to the National Energy and Climate Plan, Austria's power production target from solar photovoltaic (PV) is expected to be 2 TWh in 2030, 3 TWh in 2040, and 5 TWh in 2050. Hence, this target is likely to proliferate the solar PV installed capacity in the coming years.
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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 13.6 TWh in 2019, and the total installed capacity of renewables was 20,628 MW in the same year. Among the renewable energy installed capacity, hydropower (14,554MW) holds the largest share, rest followed by wind (3,159MW), solar (1,578MW), and bioenergy (1,336MW).
- Austria has a target of a 100% renewable electricity supply by 2030. As part of this target, the deployment of both wind and solar PV has accelerated in the country, driven by feed-in tariffs and falling deployment costs.
- Under Austria’s new government target, the government has declared phasing out all oil- and coal-fired heating systems by 2035 and restricting the use of natural gas for heating in new buildings from 2025 onward. Hence, this is likely to proliferate the use of solar thermal technologies in the coming years.
- According to the International Energy Agency (IEA), the annual generation of electricity from renewable energy sources is expected to reach around 22-27 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. Hence, the rising demand for renewable energy is likely to drive the market studied over the forecast period.
Competitive Landscape
The Austrian solar energy market is partially consolidated. Some of the key players in this market include Wien Energie GmbH, KPV Solar GmbH, Energetica Industries GmbH, Sharp Corporation, and Hilber Solar GmbH.
Recent Developments
- In 2020, Austria's coalition government doubled the budget to EUR 10 million for the residential solar subsidy program. Under this program, consumers installing solar systems with capacities of up to 5 kW are qualified for a rebate of EUR 250 per grid-connected kilowatt installed or EUR 350 per kilowatt of off-grid capacity. However, this program's application period has been extended due to the delays triggered by the COVID-19.
- In December 2020, OMV, an integrated oil and gas company, and VERBUND, Austria's leading electricity provider, started up Austria's largest ground-mounted photovoltaic plant with a capacity of 11.4 MWp in Schönkirchen, Lower Austria. Hence, with this largest solar project in Austria, the country is likely to make a key contribution to meet the renewable target set by Austria's new government.
- As the country is thriving hard to meet the target of producing 100% of its electricity from renewable sources by the year 2030, Austria's last operational coal-fired power plant shut down in April 2020. This, in turn, is likely to boost the share of solar energy in the country in the coming years.
Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Installed Capacity and Forecast in MW, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Solar Photovoltaic (PV)
5.1.2 Solar Thermal
5.2 End User
5.2.1 Residential
5.2.2 Industrial
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Wien Energie GmbH
6.3.2 KPV Solar GmbH
6.3.3 Hilber Solar GmbH
6.3.4 Sharp Corporation
6.3.5 Energetica Industries GmbH
6.3.6 Crystalsol GmbH
6.3.7 IBC Solar AG
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Austria Solar Energy Market market is studied from 2018 - 2026.
What is the growth rate of Austria Solar Energy Market?
The Austria Solar Energy Market is growing at a CAGR of >12.5% over the next 5 years.
Who are the key players in Austria Solar Energy Market?
Wien Energie GmbH , Energetica Industries GmbH , Sharp Corporation, KPV Solar GmbH, Hilber Solar GmbH are the major companies operating in Austria Solar Energy Market.
