Market Size of Slovakia Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 1.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Slovakia Renewable Energy Market Analysis
The market for renewable energy in Slovakia is expected to register a CAGR of more than 1% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently, the market has reached pre-pandemic levels.
- Over the long term, supportive government policies and efforts to meet the rising power demand using renewable energy sources are expected to contribute to the market's growth significantly. With the government's commitment to obtaining maximum renewable energy and reducing carbon emissions, the share of renewable energy is expected to grow considerably in the coming years.
- On the other hand, factors like a booming natural gas market competing with renewable energy and the limited energy supply from variable renewable energy sources are a few restraining factors for the Slovakian renewable energy market.
- Nevertheless, the future development of the renewable energy sector in Slovakia, with the growth of energy consumption and substitution of fossil fuels for renewable by utilizing actual renewable energy potential, is likely to promote the renewable energy market. Moreover, the growth of renewable energy technology replacing fossil fuels is expected to provide opportunities for growth in the coming future.
