Greece Solar Energy Market Size (2024 - 2029)

The Greece solar energy market is anticipated to experience significant growth in its installed base over the forecast period, driven by an increasing demand for solar photovoltaic installations and substantial investments in solar energy projects. The government's initiatives to reduce fossil fuel dependency for electricity generation further support this expansion. However, the market's growth may face challenges due to the rising installations of wind energy, which also contribute to the country's renewable electricity supply. Despite these challenges, the commitment outlined in the European Union's National Energy and Climate Plan to enhance the share of renewable sources in Greece's electricity mix by 2030 presents numerous opportunities for the solar energy sector.

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Market Size of Greece Solar Energy Industry

Greece Solar Energy Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR (2024 - 2029) 11.17 %
Market Concentration Medium

Major Players

Greece Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Greece Solar Energy Market Analysis

The Greece Solar Energy Market size in terms of installed base is expected to grow from 6.09 gigawatt in 2024 to 10.34 gigawatt by 2029, at a CAGR of 11.17% during the forecast period (2024-2029).

  • Over the medium term, the market is likely to be driven by factors like growing demand for solar photovoltaic installations, growing investments in ongoing and upcoming solar energy projects, and the government's efforts to reduce the use of fossil fuels to make electricity.
  • On the other hand, increasing wind energy installations to provide renewable electricity in the country is expected to restrain the Greece solar energy market.
  • Nevertheless, as per the European Union's National Energy and Climate Plan (NECP), by 2030, Greece's electricity mix will likely surpass 61% renewable sources. This factor will create several opportunities for the Greece solar energy market.

Greece Solar Energy Industry Segmentation

A solar energy plant converts solar energy into thermal or electrical energy. Solar energy is one of the cleanest and most abundant renewable energy sources. It offers several applications, including generating electricity, providing light or a comfortable interior environment, and heating water for domestic, commercial, or industrial purposes.

The Greece solar energy market is segmented by development. By development, the market is segmented into ground-mounted and rooftop solar. For each segment, market sizing and forecasts are calculated based on installed capacity.

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Greece Solar Energy Market Size Summary

The Greece solar energy market is poised for significant expansion over the forecast period, driven by increasing demand for solar photovoltaic installations and substantial investments in solar projects. The government's commitment to reducing fossil fuel dependency and enhancing the renewable energy mix is a key factor propelling this growth. Ground-mounted solar systems, benefiting from Greece's abundant solar radiation and lower land costs compared to Northern Europe, are expected to attract considerable investments. Initiatives like the Amynteo Cluster II and the EUR 200 million subsidy scheme for solar projects further underscore the country's focus on expanding its solar capacity. The national energy plan's ambitious targets for solar PV capacity by 2030 highlight the potential for new investments and opportunities in the market.

Despite the promising outlook for solar energy, the market faces challenges from the rapid growth of wind energy installations, which are becoming a dominant force in Greece's renewable energy landscape. The government's strategic focus on wind energy, including significant offshore wind development plans, is likely to restrain the solar market's growth. The wind energy sector has been expanding faster than solar, supported by favorable policies and substantial investments. This dynamic suggests a competitive landscape where solar energy must navigate the increasing prominence of wind energy, potentially impacting its growth trajectory in the coming years.

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Greece Solar Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Solar Energy Installed Capacity and Forecast, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Demand for Solar Photovoltaic Installations

        2. 1.5.1.2 Growing Investments

      2. 1.5.2 Restraints

        1. 1.5.2.1 Increasing Wind Energy Installations

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION - BY DEVELOPMENT

    1. 2.1 Ground-mounted

    2. 2.2 Rooftop Solar

Greece Solar Energy Market Size FAQs

The Greece Solar Energy Market size is expected to reach 6.09 gigawatt in 2024 and grow at a CAGR of 11.17% to reach 10.34 gigawatt by 2029.

In 2024, the Greece Solar Energy Market size is expected to reach 6.09 gigawatt.

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