Market Size of Czech Republic Solar Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Czech Republic Solar Energy Market Analysis
The Czech Republic Solar Energy Market is expected to grow at a CAGR of around 2.5% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- The primary driver for the market includes government initiatives that include the use of clean and alternative sources of energy to protect the environment from growing carbon emissions.
- However, the lack of certainty in the framework of the regulations and the limitations of the existing electricity transmission and distribution structures is expected to hinder the market growth during the forecast period. Also, developments in nuclear power plant projects are expected to restrain the solar energy market growth during the forecast period.
- With increasing carbon emissions, the government of the Czech Republic is expected to increase its renewable energy share in total electricity production. With nearly 15% renewable share in electricity generation in 2019, the country is estimated to increase the share to nearly 22% by 2030. Moreover, it has been estimated that renewable energy consumption will increase to nearly 230 PJ by 2030, which is likely to create an opportunity for the solar market to grow shortly.
