Austria Solar Energy Market Size (2024 - 2029)

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.