Iran Solar Energy Market - Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by Type (Solar Photovoltaic (PV) and Solar Thermal)
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Key Market Trends
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The Iran solar energy market is expected to grow at a CAGR of 9% during the forecast period of 2020-2025. Factors such as required weather conditions, vast desert areas, and a good number of sunny days throughout the year make the country a perfect place to install solar plants and are likely to drive the Iran solar energy market. However, the adoption of other renewable energy such as wind and hydro to generate clean energy is expected to restrain the Iran solar energy market.
The solar photovoltaic (PV) due to its less installation cost and higher installations than solar thermal held a significant market share in 2018, and it is likely to dominate the market.
Iran has the potential to increase its renewable energy generation share to 16% by 2030. This is likely to create several opportunities for Iran solar energy market in the future.
Upcoming and Ongoing projects for achieving Iran's 2022 renewable goal is expected to drive the Iran solar energy market during the forecast period.
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Key Market Trends
Solar Photovoltaic (PV) to Dominate the Market
The Iranian government is providing Feed-in-Tariff to attract private companies to invest in the renewable market by offering them long-term contracts based on the cost of electricity generation from each technology. The Iranian government also planned to install 500 megawatts (MW) of new solar energy installations by 2022.
Iran, due to its vast desert area, has a very high potential for the installation of solar photovoltaic (PV) in the future.
In 2018, Italian company Carlo Maresca Spa completed a 10 megawatts (MW) solar photovoltaic (PV) plant, Blu Terra 2, on the Iranian island of Qeshm. The solar plant, which covers an area of 20 hectares, is expected to generate around 17 gigawatt-hour (GWh) of energy annually. The Blu Terra 2 solar plant was built over six months
In 2019, the South Khorasan solar photovoltaic (PV) plant was completed by GEP. The solar plant has a total installed capacity of 10 megawatts (MW). The plant was constructed on a 15-hectare plot.
In 2018, Hanau Energies completed an 8.5 megawatts (MW) solar photovoltaic (PV) plant in Damavand, Iran. One month before this company completed and connected another 10 megawatts (MW) plant to the grid.
Therefore, from the above projects, the solar photovoltaic (PV) segment is likely to dominate the market in the forecast period.
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Increasing Solar Energy Installations to Drive the Market
In 2018, approximately 3.5% of the energy generated in the country was from renewable energy sources. The government of Iran has the potential to increase its renewable energy generation to 16% by 2030. In 2018 the total capacity of renewable energy sources was 12,679 megawatts (MW).
In 2018, the solar energy plant installed capacity was 286 megawatt (MW), which was higher than the installation capacity of 2017, 184 megawatts (MW).
In 2020, the sixth solar plant in Hamedan, Iran, was synchronized to the national power grid. The solar plant has a total capacity of 7 megawatts (MW) and can generate 14 gigawatts-hours (GWh) of electricity per year. The project is expected to reduce 9600 tons of carbon dioxide emissions in the atmosphere.
In January 2020, two solar power plants in Rey and Damavand counties of Tehran Province were inaugurated, a 12.7megawatt solar power plant in Shahr-e-Rey City in the south, and an 8.4 MW, photovoltaic power station in Damavand in the east, was launched. The two solar plants are expected to generate more than 34 gigawatt-hour (GWh) of electricity per year.
Hence, the above points indicate that increasing solar energy installed capacity is expected to drive the Iran solar energy market in the forecast period.
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The Iran solar energy market is moderately consolidated. Some of key players in this market include JinkoSolar Holding Co., Ltd, juwi Holding AG, Meca Solar (Mecanizados Solares, S.L.), Entec S.p.A, and Hellenic Petroleum Renewables (Hellenic Petroleum S.A.).