Market Size of Italy Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Italy Renewable Energy Market Analysis
The Italian renewable energy market is expected to register a CAGR of more than 7.1% during the forecast period, 2022-2027. The COVID-19 impact on the Italian renewable energy market was not explicitly noticeable. The country witnessed a growth of around 0.8% in its renewable power installed capacity in 2019-2020, mainly from solar PV and wind power installations. The Italian renewable energy market is expected to have robust growth in the coming years. The increase will be attributed to two main factors, favorable weather conditions and the availability of substantial funds raised by national and regional forums. However, the market can face bottlenecks due to the dispatch-flexibility issues, as renewables do not provide short-term flexibility as other traditional fuels; instead, they need long-term backup plans.
- The solar type sub-segment is expected to dominate the Italian renewable energy market due to increased solar photovoltaic (PV) installations.
- The country has planned a complete phase-out of coal-fired power by 2025. The national energy plans' targets to reduce carbon emissions have prompted the country to eliminate nuclear and coal fuels from the energy mix. The initiative is expected to create ample opportunities for the renewables-based energy market.
- The Italian government and European Union (EU)'s policies to assist renewable power generation are expected to render tremendous growth to the market.
