Austria Solar Energy Market Size (2024 - 2029)

The Austria solar energy market is projected to experience significant growth over the forecast period, driven by an increasing demand for clean energy and supportive government policies aimed at reducing greenhouse gas emissions. The market's expansion is further supported by initiatives such as the new renewable energy law, which seeks to meet rising energy demands through solar power. Despite potential constraints from the adoption of other renewable energy sources like wind and hydro, the commitment of the Austrian government to substantially increase the number of photovoltaic systems by 2030 is expected to provide substantial opportunities for market growth.

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Market Size of Austria Solar Energy Industry

Austria Solar Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR (2024 - 2029) 17.47 %
Market Concentration Medium

Major Players

Austria Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Austria Solar Energy Market Analysis

The Austria Solar Energy Market size is estimated at 4.46 gigawatt in 2024, and is expected to reach 9.98 gigawatt by 2029, growing at a CAGR of 17.47% during the forecast period (2024-2029).

The outbreak of COVID-19 negatively impacted the market. Currently, the market has reached pre-pandemic levels.

  • The primary drivers of the market include the soaring demand for clean energy, efforts to curb GHG emissions, and favorable government policies to stimulate the deployment of solar panels. The planned new renewable energy law helps cover rising energy demand with solar power by replacing fossil fuels.
  • Increasing adoption of alternative renewable energy courses like wind, hydro, and bioenergy is expected to restrain the market growth during the forecast period.
  • According to Austria's National Energy and Climate Plan (NECP), the Austrian government is committed to installing 1 million PV systems by 2030, a substantial increase from the target of 100,000 roof-mounted PV systems under Mission 2030. Thus, this factor is expected to create ample opportunities for the solar market.

Austria Solar Energy Industry Segmentation

Solar energy is heat and radiant light from the sun that can be harnessed with technologies such as solar power (used to generate electricity) and solar thermal energy (used for applications such as water heating).

The Austrian Solar Energy Market is segmented by Technology (Solar Photovoltaic (PV) and Solar Thermal) and End User (Residential, Industrial, and Utility). The report offers the market size and forecasts for solar energy in installed capacity (megawatts) for all the above segments.

Technology
Solar Photovoltaic (PV)
Solar Thermal
End User
Residential
Industrial
Utility
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Austria Solar Energy Market Size Summary

The Austrian solar energy market is poised for significant growth, driven by a strong demand for clean energy and supportive government policies aimed at reducing greenhouse gas emissions. The market has rebounded to pre-pandemic levels and is expected to expand substantially over the forecast period. The government's commitment to installing a million photovoltaic systems by 2030, as part of its National Energy and Climate Plan, is a key factor propelling the market forward. This initiative, along with the Renewable Energy Extension Act, is designed to enhance the share of solar power in Austria's energy mix, contributing to the country's ambitious carbon neutrality goals by 2040. Despite the competition from other renewable energy sources like wind, hydro, and bioenergy, solar photovoltaic deployment is expected to witness considerable growth, supported by feed-in tariffs and decreasing implementation costs.

The Austrian government's strategic focus on renewable energy is further underscored by its plans to phase out fossil fuels and increase the share of renewables in electricity generation. With a target to meet a significant portion of its electricity demand from renewable sources by 2030, Austria is actively promoting solar thermal technologies and expanding photovoltaic systems. Financial support from the government and international investments, such as those from the European Investment Bank, are facilitating the development of small and medium-sized renewable energy projects. Key players in the market, including Wien Energie GmbH and KPV Solar GmbH, are contributing to this growth through various projects, such as the construction of floating solar farms and hybrid wind-solar projects. These efforts are expected to drive the Austrian solar energy market, making it a crucial component of the country's energy strategy.

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Austria Solar Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in MW, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Solar Photovoltaic (PV)

      2. 2.1.2 Solar Thermal

    2. 2.2 End User

      1. 2.2.1 Residential

      2. 2.2.2 Industrial

      3. 2.2.3 Utility

Austria Solar Energy Market Size FAQs

The Austria Solar Energy Market size is expected to reach 4.46 gigawatt in 2024 and grow at a CAGR of 17.47% to reach 9.98 gigawatt by 2029.

In 2024, the Austria Solar Energy Market size is expected to reach 4.46 gigawatt.

Austria Solar Energy Market Report Snapshots

Austria Solar Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)