Market Size of Austria Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 12.50 % |
| Market Concentration | Low |
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?
Austria Renewable Energy Market Analysis
The Austrian renewable energy market is expected to register a CAGR of around 12.5% during the forecast period. The COVID-19 outbreak did not affect the renewable energy market significantly, as the country witnessed hassle-free execution of projects in 2020. In 2020, the solar PV capacity grew by 30% compared to 2019. The other renewable technologies, particularly wind and hydro, also witnessed steady growth in their installed capacities. The Austrian renewable energy market is likely to develop in the future due to the continuous technological developments and the availability of substantial funds by public and private organizations to develop the renewable energy sector. However, the high oil and gas security in the form of oil and gas storage and well-developed value chain infrastructure is expected to hinder the market's growth in the future.
- The wind segment is expected to witness the fastest growth during the forecast period due to low deployment costs.
- The sophisticated bioenergy sector in the country creates a lucrative opportunity for the renewable energy market. Like other European countries, Austria has a huge potential for bioenergy, which can be exploited to serve the heating and power requirements of various end users.
- The favorable government policies to expand renewable energy-based power generation are expected to drive the market in the coming years.
Austria Renewable Energy Industry Segmentation
The scope of the Austrian renewable energy market report includes:
| Technology | |
| Hydro | |
| Wind | |
| Solar | |
| Bioenergy | |
| Geothermal | |
| Other Technologies |
| End User | |
| Residential | |
| Commercial and Industrial | |
| Transportation |
Austria Renewable Energy Market Size Summary
The Austrian renewable energy market is poised for significant growth, driven by continuous technological advancements and substantial financial support from both public and private sectors. The market, which has shown resilience during the COVID-19 pandemic, is experiencing steady expansion across various renewable technologies, with solar PV, wind, and hydro energy sectors leading the charge. Despite the dominance of hydropower, wind energy has seen remarkable growth over the past decade, aided by innovations that have reduced deployment costs. The bioenergy sector also presents lucrative opportunities, leveraging Austria's vast potential to meet heating and power demands. Government policies aimed at increasing renewable energy-based power generation are expected to further propel market growth, with ambitious targets set for a transition to 100% renewable power by 2030.
The Austrian government has implemented a series of laws and programs to enhance the share of renewable energy sources in the power generation mix, contributing to a significant portion of the country's energy needs. The Renewable Expansion Act and the Ecological Social Tax Reform Act are key legislative measures designed to support wind technology and incentivize the use of renewables. These reforms, alongside financial incentives and support for renewable energy projects, are expected to drive the sector's growth. The market remains fragmented, with key players like Wien Energy GmbH and Engie SA actively expanding their renewable energy capacities. Projects such as the construction of new wind parks and solar installations underscore the ongoing commitment to increasing renewable energy output in Austria.
Austria Renewable Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in GW, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Technology
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2.1.1 Hydro
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2.1.2 Wind
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2.1.3 Solar
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2.1.4 Bioenergy
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2.1.5 Geothermal
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2.1.6 Other Technologies
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2.2 End User
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2.2.1 Residential
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2.2.2 Commercial and Industrial
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2.2.3 Transportation
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Austria Renewable Energy Market Size FAQs
What is the current Austria Renewable Energy Market size?
The Austria Renewable Energy Market is projected to register a CAGR of greater than 12.5% during the forecast period (2024-2029)
Who are the key players in Austria Renewable Energy Market?
Engie SA, Austria Energy Group, Andritz AG, GreenTech Cluster Styria GmbH and Wien Energy GmbH are the major companies operating in the Austria Renewable Energy Market.
