Belgium Solar Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Belgium Solar Energy Market Analysis
The Belgium Solar Energy Market size is expected to grow from 8.30 gigawatts in 2023 to 10.64 gigawatts by 2028, registering a CAGR of 5.10% during the forecast period (2023-2028).
- Over the medium term, the primary drivers of the market include soaring demand for clean energy, efforts to curb GHG emissions, and favorable government policies to stimulate the deployment of solar energy.
- On the other hand, the increasing adoption of alternative clean energy sources is expected to hinder market growth during the study period.
- Nevertheless, advancement in large-scale solar installations within the country will likely create opportunities in the Belgian solar energy market during the forecast period.
Belgium Solar Energy Market Trends
Solar PV Type Expected to Hold Significant Market Share
- Solar photovoltaic (PV) uses electronic devices, also called solar cells, to convert sunlight directly into electricity and is one of the fastest-growing renewable energy technologies and is playing an increasingly important role in the global energy transformation.
- The Belgian solar photovoltaic is one of the significant segments in the power generation market and has an installed capacity of around 6898 MW as of 2022. Owing to concerns regarding climate change and rising air pollution, the government has a roadmap to increase its share of renewable energy, such as solar, in its energy mix during the forecast period.
- The Federal government of Belgium reduced the solar panels premium to half, from a maximum of USD 1,594 in 2022 to USD 750 from January 1, 2023, and also ended the home battery premium earlier than initially announced, from April 2023
- In May 2023, EnergyVision, a Belgian developer, revealed plans to build a USD 37.9 million, 40 MW PV facility for Ostend-Bruges Airport. The project will involve 66,200 solar modules, each with outputs of 605 W. Construction is set to begin in September.
- In March 2023, Tractebel, DEME, and Jan De Nul announced the deployment of a pilot offshore floating PV facility off the Belgian coast in the summer. The Seavolt floating platform is reportedly able to withstand difficult offshore conditions.
- Hence, owing to the above factors, the solar PV segment will likely witness considerable growth in the Belgian solar energy market during the forecast period.
Growing Solar Energy Installations Driving the Market Demand
- With sunny weather, Belgium is one of Europe's fastest-growing solar energy installations.
- In April 2023, the Flemish authorities allocated a budget of USD 3.3 million for the first round of its solar rebate scheme. The call is open to homeowners, businesses, public organizations, and energy communities.
- The Federal government of Belgium aims for 40% more solar energy by 2025, or an extra 1500 megawatts (MW). Supportive government facilities and reduced cost of manufacturing materials will govern the project.
- According to International Renewable Energy Agency statistics, in 2022, solar energy accounts for a significant share of the total renewable energy mix with about 6898.40 MW, followed by wind energy with 5251.40 MW.
- In September 2022, the Belgian government announced thousands of low-income households in Belgium to receive energy bill relief via solar power, and the project to be carried out by a cooperative company called Aster will see over USD 164 million spent on 400,000 solar panels for low-income households in Flanders.
- Therefore, owing to the above points, the increasing solar energy installations within the country are expected to drive the Belgian solar energy market during the forecast period.
Belgium Solar Energy Industry Overview
The Belgium solar energy market is moderately consolidated. Some of the major players in the market (in no particular order) include SolarPower Europe, Sungrow Power Supply Co. Ltd., First Solar Inc., Orka Power, and 3E.
Belgium Solar Energy Market Leaders
SolarPower Europe
Sungrow Power Supply Co., Ltd
3E
Orka Power
First Solar, Inc.
*Disclaimer: Major Players sorted in no particular order
Belgium Solar Energy Market News
- April 2023: Scientists in Belgium developed perovskite solar panels with a thermally stable device stack. The encapsulated bifacial panels they created with this configuration retained around 92% of their initial efficiency after 1,000 hours.
- March 2022: Belgium-based Belinus announced its new PV modules, featuring a nominal power rating of 420 W and a power conversion efficiency of 20.1%. They had plans to build a 500 MW solar panel factory at an unspecified Belgian site.
Belgium Solar Energy Market Report - 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 2028
4.3 Government Policies and Regulations
4.4 Recent Trends and Developments
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Demand for Clean Energy Sources
4.5.1.2 Supportive Government Policies
4.5.2 Restraints
4.5.2.1 Increasing Adoption of Other Alternative Clean Energy Sources
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION - BY TECHNOLOGY
5.1 Solar Photovotaic (PV)
5.2 Concentrated Solar Photovoltaic (CSP)
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 SolarPower Europe
6.3.2 Sungrow Power Supply Co. Ltd.
6.3.3 First Solar Inc.
6.3.4 Orka Power
6.3.5 3E
6.3.6 7C Solarparken AG
6.3.7 Zonnecentrale Overpelt NV
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Advancement in Large Scale Solar Installation
Belgium Solar Energy Industry Segmentation
Solar energy is radiant light and heat from the Sun that is harnessed using a range of technologies such as solar power to generate electricity and solar thermal energy (including solar water heating), and solar architecture.
The Belgium Solar Energy Market is Segmented by Technology. The market is segmented by technology, such as Solar Photovoltaic (PV) and Concentrated Solar Photovoltaic (CSP). The report offers the market sizing and forecasts for each segment based on installed capacity (in MW).
Belgium Solar Energy Market Research FAQs
What is the current Belgium Solar Energy Market size?
The Belgium Solar Energy Market is projected to register a CAGR of 5.10% during the forecast period (2024-2029)
Who are the key players in Belgium Solar Energy Market?
SolarPower Europe, Sungrow Power Supply Co., Ltd, 3E, Orka Power and First Solar, Inc. are the major companies operating in the Belgium Solar Energy Market.
What years does this Belgium Solar Energy Market cover?
The report covers the Belgium Solar Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Belgium Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solar Power in Belgium Industry Report
Statistics for the 2024 Solar Power in Belgium market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solar Power in Belgium analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
