Bulgaria Solar Energy Market Size
|Study Period:||2018- 2028|
|CAGR:||> 4 %|
*Disclaimer: Major Players sorted in no particular order
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Bulgaria Solar Energy Market Analysis
The Bulgarian solar energy market is expected to witness a CAGR of more than 4% during the forecast period.
The market was negatively impacted by the outbreak of COVID-19. Currently, the market has reached pre-pandemic levels.
- The Bulgarian solar energy market’s growth is attributed to high solar irradiation emergence in the region and maturing technology. And government’s plans to promote clean energy generation are expected to drive the market in the future.
- However, market growth is hindered by a lack of incentives for solar power production.
- The energy transition plans set by the country to phase out coal from the power generation mix and increase the share of Renewables Energy Resources (RES) create ample opportunities for the solar energy market in Bulgaria. The coal power-producing regions in Bulgaria include Stara Zagora, Kyustendil, and Pernik. The Ministry of Energy, Bulgaria, proposed to make 2038 and 2040 the deadlines to end the coal capacity operations in the regions.
Bulgaria Solar Energy Industry Segmentation
Solar energy is the conversion of energy present in the sun and is one of the renewable energies. Once the sunlight passes through the earth’s atmosphere, most of it is in the form of visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity. The market sizing and forecasts have been done based on installed capacity (megawatts).
Bulgaria Solar Energy Market Trends
Nuclear Power Expected to Restrain the Market
- In 2021, the electricity generation in Bulgaria was around 47.7 TWh, and 40% of it was met by nuclear power generation. Industry experts have claimed that the demand will be dominant even by 2030. Bulgaria has requested the European Commission to include nuclear power plants in its green definition and label them low-carbon technology.
- In July 2021, A review of the Kozloduy nuclear power station in Bulgaria's units 5 and 6's long-term operating safety was completed by the IAEA. The IAEA team evaluated the plant's readiness, structure, and long-term operation (LTO) programs in comparison to IAEA safety criteria. With an installed generating capacity of roughly 1000 MWe each, the Kozloduy facility has two pressurized water reactors. Units 5 and 6 of the power plant started running for profit in 1987 and 1991, respectively. The two units' operational permits have been extended, based on the assessment, until 2027 and 2029, respectively.
- Currently, the country has one nuclear power plant called Kozloduy nuclear power plant. It has only two units currently in operation, i.e., Unit-5 and Unit-6. The Bulgarian government is in continuous talks with the US and Russian governments to develop new nuclear power plants in the country.
- In November 2021, Bulgaria’s Energy Holding (BEH) signed an MoU with a US-based Fluor nuclear company for new plans to develop nuclear facilities with SMR (Small Modular Reactor) technology at its existing Kozloduy nuclear plant. The two parties will work on numerous studies, like analyzing costs and deadlines.
- Thus, such developments are expected to lead to the solar energy market facing huge bottlenecks in the future.
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Government Programs Expected to Drive the Market
- The Bulgarian government recently launched new plans to promote solar technology in the renewable power generation mix to decarbonize the energy sector. The share of solar power was 30% as of 2021. The plans are aligned such that the share of the renewables can cross 2 GW of energy generation by 2030.
- By the end of 2023, the Kaufland Bulgaria company will install rooftop solar systems in five of its hypermarkets. Between the southern town of Petrich and the supermarkets in Sofia, two new photovoltaic (PV) systems will be added.
- In December 2022, A grid-connected solar photovoltaic (PV) power plant being built by Sunotec in southwest Bulgaria will be the biggest in the nation and have a peak nameplate capacity of 124 MW. From the existing 1,033 MW, it will increase Bulgaria's total solar power generation capacity by 12%.
- In January 2023, the government of Bulgaria started a survey to offer financial assistance to homeowners who want to install solar power systems. The program will offer incentives for the acquisition of photovoltaic (PV) systems up to 10 kWp, including batteries, equal to up to 70% of project expenses but not to exceed BGN 15,000 (USD 8,088/EUR 7,669). Also, there will be incentives for the installation of solar water heating systems that can pay up to BGN 1,960.83 of their cost, or 100% of it. With a total budget of roughly BGN 59.8 million, the assistance is a component of Bulgaria's recovery and resilience plan. Almost BGN 50 million of that amount comes from the EU NextGenerationEU initiative.
- Thus, such developments and government initiatives are likely to bolster the Bulgarian solar energy market in the coming years.
Bulgaria Solar Energy Industry Overview
The Bulgarian solar energy market is moderately fragmented. Some of the key players in the market (in no particular order) include JinkoSolar Holding Co. Ltd, Green Yellow, Solarpro Holding PLC, Elsol Ltd, and SkyTech Energy Ltd.
Bulgaria Solar Energy Market Leaders
Solarpro Holding PLC
Jinko Solar Holdings Ltd.
Skytech Energy Ltd
*Disclaimer: Major Players sorted in no particular order
Bulgaria Solar Energy Market News
- In December 2022, Sunotec announced that the company has started working on a 124 MW solar plant on Verila Mountain in western Bulgaria, east of the small town of Dupnitsa.
- In February 2023, Bulgaria’s Innovation Ministry invited applications from businesses to secure funding for self-consumption solar power and storage projects. Micro, small, and medium-sized companies (MSME) in Bulgaria can win up to 50% of their investment costs for building solar and storage facilities under the Ministry of Innovation and Growth’s 3rd call as part of the country’s National Recovery and Resilience Plan (NPVU).
Bulgaria Solar Energy Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.2 Solar Energy Installed Capacity and Forecast in MW, till 2028
4.3 Bulgaria Renewable Energy Mix, 2021
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. COMPETITIVE LANDSCAPE
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles
5.3.1 JinkoSolar Holding Co. Ltd
5.3.2 Green Yellow
5.3.3 Solarpro Holding PLC
5.3.4 Elsol Ltd
5.3.5 SkyTech Energy Ltd
5.3.6 NEMCOM Energy Company
5.3.7 Hermes Solar Ltd
- *List Not Exhaustive
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Bulgaria Solar Energy Market Research FAQs
What is the study period of this market?
The Bulgaria Solar Energy Market is studied from 2018 - 2028.
What is the growth rate of Bulgaria Solar Energy Market?
The Bulgaria Solar Energy Market is growing at a CAGR of >4% over the next 5 years.
Who are the key players in Bulgaria Solar Energy Market?
Solarpro Holding PLC, Jinko Solar Holdings Ltd., Green Yellow, Skytech Energy Ltd, Elsol Ltd are the major companies operating in Bulgaria Solar Energy Market.
Bulgaria Solar Energy Industry Report
Statistics for the 2023 Bulgaria Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bulgaria Solar Energy analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.