Hungary Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The market is segmented by Source (Biofuel, Solar, Wind, Hydropower, and Others)
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
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Hungary renewable energy market is expected to grow at a CAGR of over 4% during the forecast period of 2020-2025. Attractive subsidies on renewable energy provided by the government are expected to drive the Hungary renewable energy market. However, factor such as less number of domestic investors of renewable energy in the country is expected to restrain the Hungary renewable energy market.
Solar energy grew significantly, in 2018, and it is likely to increase the market during the forecast period. Hungary, due to its number of sunny days in the country, has good solar potential.
The Hungarian government has set a target of replacing coal with renewable energy by 2030, thus decreasing greenhouse gas emissions. This is likely to create several opportunities for Hungary renewable energy market in the future.
Increasing renewable energy installation capacity and upcoming projects to achieve their long term 0% carbon emission in the country is likely to drive the Hungary renewable energy market during the forecast period.
Scope of the report
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Key Market Trends
Solar Energy Expected to Witness Significant Market Growth
In 2018, out of total electricity generated by renewable sources, approximately 16% of the electricity was produced by solar power in the country. The electricity produced in 2018 by solar was 607 gigawatt-hour, which was higher than that generated in 2017, 349 gigawatt-hour (GWh).
In 2019, China National Machinery Import and Export got the contract for building a 100 megawatts (MW) capacity solar power in Kaposvár, south-west Hungary. The project is aimed to be the largest solar project in Central Europe. It is expected to generate electricity in the first quarter of 2020.
In 2018, MVM Group built the Felsőzsolca Solar Park in Hungary. The solar park has the capacity of 20 megawatts (MW) and can generate up to 21 gigawatts-hour of electricity per year.
In 2018, MET Group completed its Dunai Solar Park project in Hungary. Dunai solar park has a total capacity of 17.6 megawatts (MW), which can provide electricity to 9000 houses in the city.
Therefore, owing to the above points, solar energy is likely to see significant growth in Hungary renewable energy market during the forecast period.
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Increasing Renewable Energy Installations to Drive the Market
In 2018, about 10% of the electricity generation in the country was from renewable energy sources and remaining from fossil fuels and nuclear energy. The government of Hungary has planned to reduce greenhouse gases emission to 0% by 2050 by installing more renewable energy generation capacity. In 2018 the electricity generation from renewable energy was 3825 gigawatt-hours (GWh).
In 2018, the total renewable energy generation plant installed capacity was 1522 megawatt (MW), which was higher than the installation capacity of 2017, 1169 megawatts (MW).
In 2019, a new solar park near Paks Nuclear Power Plant was inaugurated. The solar facility has a capacity of 20.6 megawatts (MW) and can provide electricity to 8500 households.
In 2019, E.ON and Audi had joined hands for the installation of 12 megawatts (MW) solar panels on the rooftop of Audi plant in Gyor, Hungary. The solar covered the area of 160000 square meters on the roof.
Bioenergy is the largest source of renewable energy in Hungary, contributing to 2103 gigawatts-hour (GWh) of electricity in 2018, which is about 55% of the total energy produced from renewable resources.
Hence, owing to the above points, increasing renewable energy installations is expected to drive the Hungary renewable energy market during the forecast period.
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The Hungary renewable energy market is moderately consolidated. Some of the key players in this market include E.ON SE Sponsored ADR (Germany), China National Machinery Import and Export Corporation, MVM Group, MET Holding AG, and Solarpro Holding AD.