Italy Solar Energy Market Size
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2021 - 2022 |
CAGR | > 7.00 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Italy Solar Energy Market Analysis
The Italian solar energy market is expected to register a CAGR of more than 7% during the forecast period.
The COVID-19 pandemic had a slightly negative impact on the Italian solar market as it witnessed a relatively lower growth in 2020. For instance, as per the International Energy Agency (IEA), despite the COVID19 pandemic, solar photovoltaic capacity additions in Italy in 2020 were higher than in 2019.
- Factors such as supportive government policies and efforts to meet power demand from renewable energy sources are expected to drive the market in the coming years.
- On the other hand, high initial investments in installing solar panels and an economic slowdown are expected to restrain the growth of solar energy in Italy.
- However, offshore areas for solar installation are expected to provide ample opportunities for market players in the future.
Italy Solar Energy Market Trends
This section covers the major market trends shaping the Italy Solar Energy Market according to our research experts:
Increasing Deployment of Solar Photovoltaic (PV) to Drive the Market
- Photovoltaics (PVs) are arrays of cells containing a solar photovoltaic material that converts radiation or energy from the sun into direct current electricity. They consist of various semiconductors, usually silicon, and highly conductive wire to reduce any current loss, making them expensive. However, low operational cost is expected to further lower the costs in the coming years.
- According to a report by SolarPower Europe, in Italy, solar PV's cumulative capacity reached 22.59 GW in 2021. The country plans to add another 7.1 GW by the end of 2025, which may drive the segment's growth in the coming years.
- In September 2022, the country's energy agency awarded 293.7 MW of solar capacity at 42 locations, with the project's capacity ranging in size from 1.5 MW to 85.8 MW.
- In May 2020, the Italian government introduced a new 110% tax rebate for residential PV systems installed along with building energy efficiency modernizations as part of the COVID19 pandemic-related economic relief package, which may further support PV deployment in the country.
- Thus, with such ongoing developments and capacity additions supported by favorable government policies, the solar PV segment is expected to dominate the market during the forecast period.
Upcoming Projects and Government Policies Expected to Drive the Market
- The Italian government plans to increase the share of renewables to 55% of its power generation by 2030 and reach a solar capacity of 52 GW. If achieved, this factor will significantly increase solar's share in renewable energy.
- The number of solar PV systems installed in Italy increased from 160.9 thousand in 2010 to 1,106 thousand in 2021. With upcoming projects, the solar power installed capacity is expected to grow significantly during the forecast period.
- In 2021, to speed up solar deployment, the Italian government announced a Simplification Decree that removes permit bottlenecks. The national grid operator Terna plans to invest USD 21.5 billion over the next 10 years to improve transmission links.
- With ongoing project developments in solar panels, the market for solar panels is expected to grow significantly during the forecast period. For instance, in October 2022, Enel Green Power started works to build an 86-MW solar farm in the Piedmont region, northwest Italy. The new facility will occupy around 130 hectares (321 acres) of land and feature close to 160,000 modules.
- Several auctions for different renewable projects are expected during 2023-2025. The government is aiming to remove market risks by ensuring a unitary tariff, which is for larger plants to have a reference price closer to the market price than under previous incentive plans.
- Owing to the Italian government's future policies and new projects, the solar market is expected to record significant growth in the coming years.
Italy Solar Energy Industry Overview
The Italian solar energy market is fragmented. Some of the major companies include (in no particular order) Gruppo STG SRL, Sonnedix Power Holdings Ltd, EF Solare Italia SpA, SunPower Corporation, and Enel SpA.
Italy Solar Energy Market Leaders
Gruppo STG S.r.l
Sonnedix Power Holdings Ltd
EF Solare Italia SpA
SunPower Corporation
Enel SpA
*Disclaimer: Major Players sorted in no particular order
Italy Solar Energy Market News
- In November 2022, Sunwin Energy reached a framework agreement with an undisclosed European firm to sell its 375 MW solar portfolio in Italy. The solar portfolio consists of 15 mid-stage, ground-mounted solar photovoltaic projects, which are being developed by Sunwin Energy in the region.
- In August 2022, Sistema Rinnovabili and ING Bank announced the project financing of USD 34 million for a 30 MW photovoltaic plant in Italy.
Italy Solar Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definiton
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Installed Capacity and Forecast, in MW, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATIONBY TYPE
5.1 Solar Photovoltaic (PV)
5.2 Concentrated Solar Power (CSP)
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Gruppo STG SRL
6.3.2 Sonnedix Power Holdings Ltd
6.3.3 SunPower Corporation
6.3.4 SunEdison Inc.
6.3.5 Enel SpA
6.3.6 Peimar SRL
6.3.7 EF Solare Italia SpA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Italy Solar Energy Industry Segmentation
Solar energy is radiant light and heat from the sun that is harnessed using a range of technologies such as solar PV or concentrated solar power (CSP) to generate electricity, solar thermal energy, and solar architecture.
The Italian solar energy market is segmented by type into solar photovoltaic (PV) and concentrated solar power (CSP). For each segment, the market sizing and forecasts have been done based on installed capacity (MW).
Italy Solar Energy Market Research FAQs
What is the current Italy Solar Energy Market size?
The Italy Solar Energy Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Italy Solar Energy Market?
Gruppo STG S.r.l, Sonnedix Power Holdings Ltd, EF Solare Italia SpA, SunPower Corporation and Enel SpA are the major companies operating in the Italy Solar Energy Market.
What years does this Italy Solar Energy Market cover?
The report covers the Italy Solar Energy Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Italy Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solar Energy in Italy Industry Report
Statistics for the 2024 Solar Energy in Italy market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Solar Energy in Italy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.