Market Size of Bulgaria Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 1.88 gigawatt |
| Market Volume (2029) | 2.33 gigawatt |
| CAGR (2024 - 2029) | 4.34 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Market Overview
The Bulgaria Solar Energy Market size is estimated at 1.88 gigawatt in 2024, and is expected to reach 2.33 gigawatt by 2029, growing at a CAGR of 4.34% during the forecast period (2024-2029).
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.
