Romania 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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Scope of the report
Key Market Trends
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The Romania solar energy market is expected to grow at a CAGR of 10% in the forecast period of 2020-2025. The cost of solar power has come down in recent years, majorly due to initiatives taken on an international level by governments and private organizations to promote research and development in this field. This cost reduction has made solar technology, especially solar PV technology, more accessible. The growing demand for electricity is another major factor driving the growth of the market. However, the initial high cost of investment in the projects and long investment return period is expected to restrain the Romania solar energy market in the forecast period.
The solar photovoltaic (PV) held a significant market share in 2018, and it is likely to dominate the market during the forecast period.
In 2019, the government of Romania commits before the European commission to generate 30.5% of their energy from renewable energy sources by 2030. This is likely to create opportunities for Romania solar energy market in the future.
Increasing solar energy installation capacity and upcoming projects in the country is likely to drive the Romania solar energy market in the forecast period.
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Key Market Trends
Solar Photovoltaic (PV) to Dominate the Market
In 2018, approximately 13% of the total renewable energy generation capacity was from solar photovoltaic (PV), 1,377 megawatt (MW) of electricity.
In 2019, Romanian government announced a rebate scheme according to which homeowners and businesses may file applications for rebates that could cover up to 90% of the cost of rooftop arrays, provided the grant does not exceed USD 4,830. Through the scheme, the Romanian government aims to support the deployment of PV systems of more than 3 kW in size that are installed under net metering rules.
In 2020, Complexul Energetic Oltenia, a Romanian coal-fired power producer, plans to build 310 MW of PV capacity across four sites at one of its facilities. The projects are part of the company’s restructuring efforts and decarbonization plan.
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 27% of the energy generated in the country was from renewable energy sources. The government of Romania committed to the European Council (EC) to increase its renewable generation to 30.5% by 2030. In 2018, the total capacity of renewable energy sources was 11,206 megawatts (MW).
In 2018, the solar energy plant installed capacity was 1,377 megawatt (MW), which was higher than the installation capacity of 2013, which was 761 megawatts (MW).
Romania's solar potential is widespread throughout the country. Romania benefits from about 210 sunny days per year. The southeastern region of Romania, the west, the center, and the east of the country are the best places to place a solar park.
Hence, the above points indicate that increasing solar energy installed capacity is expected to drive the Romania solar energy market in the forecast period.
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The Romania solar energy market is moderately consolidated. Some of key players in this market include Sunshine Solar Energy s.r.l, Amerisolar, Altius-Solar, NIVUS GmbH, and Danagroup.hu, amongst others.