Romania Solar Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 1.79 gigawatt |
| Market Volume (2029) | 4.21 gigawatt |
| CAGR (2024 - 2029) | 18.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Romania Solar Energy Market Analysis
The Romania Solar Energy Market size in terms of installed base is expected to grow from 1.79 gigawatt in 2024 to 4.21 gigawatt by 2029, at a CAGR of 18.5% during the forecast period (2024-2029).
- Over the medium term, factors such as supportive government policies and declining solar panel costs are expected to drive the Romania solar energy market during the forecast period.
- On the other hand, the intence competition from other renewable energy sources are expected to restrain the Romanian solar energy market during the forecast period.
- Nevertheless, the government of Romania announced plans to add around 7 GW of new renewable capacity, comprising around 3.7 GW of solar energy, by 2030. This plan is likely to create immense opportunities for Romania's solar energy market in the future.
Romania Solar Energy Market Trends
Supportive Government Policies to Drive the Market
- Romania announced numerous policies to support the renewable energy sector, especially solar energy. These policies help meet the obligations set by the European Union (EU) in terms of greenhouse gas emissions through its legislative package.
- In Romania, The Ministry of Energy has launched a call for renewable energy production projects within an aid scheme funded from the National Recovery and Resilience Plan. Companies registered as electricity producers can apply for up to EUR 15 million per solar or wind power plant with or without storage. The planned capacity must be larger than 0.2 Megawatt. This scheme will provide EUR 457.7 million in aid, which aims to help increase the country’s renewable energy capacity by 950 Megawatt.
- Romanian Government programs like the Contract for Difference Scheme (CfD) ensure a consistent electricity price for power plant owners, protecting them from market risks associated with electricity price volatility. In August 2023, Romania launched its first auction for a contracts-for-difference (CfD) support scheme, which will tender 2,000 megawatts of solar PV and wind energy capacity projects, backed by 15-year power purchase agreements (PPAs).
- Romania is also committed to the European Union's key climate goal under the Fit for 55 Plan, which targets of 55 percent emission reduction in 2030 relative to 1990 levels and net carbon neutrality in 2050. The EU has also pledged to achieve net zero GHGs by 2050. The centerpiece of EU-level mitigation policy is the Emissions Trading System (ETS), which specifies a trajectory of progressively tightening emissions caps for GHG emissions.
- Under the "Energy Efficient House" program, the government will provide up to USD 15,970.3 for households installing new equipment to increase energy efficiency.Under its net metering system, Romania's Ministry of Environment will give over USD 63.7 million to the Casa Verde Fotovoltaice (green PV home) scheme in 2021 to help support residential solar installations.
- According to International Renewable Energy Agency (IRENA), the total capacity of renewable energy sources as of 2022 was 11,141 megawatts (MW), increasing from 11,120 megawatts in 2021.
- Thus, owing to these kinds of supportive government policies are expected to drive the Romanian solar energy market during the forecast period.
Competition From Other Renewable Energy Sources
- The Romania solar energy market, despite its potential for growth and its various advantages, faces strong competition from other renewable energy sources, primarily wind energy and hydropower. This competition stems from several factors that impact the overall market dynamics.
- Although the renewable energy installed capacity of other sources has been stagnant in recent years due to a lack of financial backing from investors, the government of Romania has been constantly working on improving the situation to attract financial investments for renewable energy sources.
- First and foremost, the relative cost superiority in terms of capacity factor and levelised cost of electricity (LCOE) of wind energy and hydropower installations has put them in direct competition with solar energy. Wind turbines and hydropower facilities have already been established in various regions of the country, and they benefit from economies of scale and established infrastructure.
- As a result, the upfront investment required for wind and hydropower projects can often be lower than that of solar installations, making them attractive options for investors looking to enter the renewable energy sector.
- For instance, in January 2022, the European Investment Bank announced the EUR 300 million investment in Romania for the development of new renewable energy projects to meet the increasing electricity demand while curbing the carbon emissions in the country.
- According to International Renewable Energy Agency (IRENA), the renewable energy installed capacity by sources as of 2022 was 6,661 MW of hydropower, 3,015 MW of wind energy and 142 MW of bioenergy, thus showing the active competition from other renewable energy sources.
- In conclusion, the competition from other renewable energy sources, particularly wind energy and hydropower, has posed challenges to the growth of the Romania solar energy market. Factors such as lower installation costs, energy reliability, government incentives, and regional resource distribution have all contributed to this competitive landscape.
Romania Solar Energy Industry Overview
The Romanian solar energy market is moderasemi-tely consolidated. Some key players include (in no particular order): Sunshine Solar Energy SRL, Amerisolar, Altius-Solar, NIVUS GmbH, and Danagroup.hu.
Romania Solar Energy Market Leaders
Sunshine Solar Energy SRL
Amerisolar
Altius-Solar
NIVUS GmbH
Danagroup.hu
*Disclaimer: Major Players sorted in no particular order
Romania Solar Energy Market News
- July 2023: TotalEnergies SE, an oil and gas company announced that it had acquired a portfolio of five solar projects in the Northwest part of Romania from its trusted partner PNE, a German company with a total capacity of more than 200 Megawatt, these projects will help securing the supply of local renewable electricity to meet the country’s needs.
- April 2023: Amsterdam-based Independent Power Producer Photon Energy NV announced that it had finalised three solar PV projects totalling 6 MWp near the city of Calafat, Romania, and connected the plants to the grid. The newly commissioned solar farms have enabled Photon to pass the symbolic milestone of 100 MWp and reach 103.6 MWp of combined generation capacity across its markets.
Romania Solar Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Solar Power Installed Capacity and Forecast, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Favorable Government Policies
4.5.1.2 Declining Solar Panel Costs
4.5.2 Restraints
4.5.2.1 Development of Alternate Sources of Renewable Energy
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 End-user
5.1.1 Residential
5.1.2 Commercial and Industrial
5.1.3 Utility-scale
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 Sunshine Solar Energy SRL
6.3.2 Amerisolar
6.3.3 Altius-Solar
6.3.4 NIVUS GmbH
6.3.5 Danagroup.hu
6.3.6 WattmonMEGA
6.3.7 Delta-T Devices Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Ambitious Renewable Energy Targets
Romania Solar Energy Industry Segmentation
Solar energy is one of the renewable energies. It is made by converting the energy that is already in the sun. Once the sunlight passes through the earth's atmosphere, most of it is in the form of visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity.
The Romanian solar energy market is segmented by end-user. By end-user, the market is segmented into residential, commercial & industrial , and utility-scale users. For each segment, market sizing and forecasts have been done based on installed capacity.
| End-user | |
| Residential | |
| Commercial and Industrial | |
| Utility-scale |
Romania Solar Energy Market Research FAQs
How big is the Romania Solar Energy Market?
The Romania Solar Energy Market size is expected to reach 1.79 gigawatt in 2024 and grow at a CAGR of 18.5% to reach 4.21 gigawatt by 2029.
What is the current Romania Solar Energy Market size?
In 2024, the Romania Solar Energy Market size is expected to reach 1.79 gigawatt.
Who are the key players in Romania Solar Energy Market?
Sunshine Solar Energy SRL, Amerisolar, Altius-Solar, NIVUS GmbH and Danagroup.hu are the major companies operating in the Romania Solar Energy Market.
What years does this Romania Solar Energy Market cover, and what was the market size in 2023?
In 2023, the Romania Solar Energy Market size was estimated at 1.51 gigawatt. The report covers the Romania Solar Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Romania Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Romania Solar Energy Industry Report
Statistics for the 2024 Romania Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Romania Solar Energy analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
