Romania Renewable Energy Market Size (2024 - 2029)

The renewable energy market in Romania is poised for growth, driven by supportive government policies and the decreasing costs of solar and wind installations. Despite the potential slowdown due to the increasing use of alternative clean power sources like gas and nuclear energy, the market has rebounded to pre-pandemic levels. Romania's ambitious renewable energy projects aim to significantly boost the market's capacity, with the country targeting a substantial portion of its electricity generation from renewable sources by 2030, thereby creating significant opportunities for market expansion.

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Market Size of Romania Renewable Energy Industry

Romania Renewable Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 3.00 %
Market Concentration Medium

Major Players

Romania Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Romania Renewable Energy Market Analysis

The Romania renewable energy market is expected to register a CAGR of about 3% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.

  • Over the medium term, favorable government policies and increasing adoption of renewable energy with the declining price of solar panels and wind turbines installations are expected to drive the market's growth.
  • On the flip side, the rising adoption of alternate clean power sources, such as gas-fired power plants and nuclear energy projects, is likely to slow down the market growth.
  • Nevertheless, with its ambitious upcoming renewable projects, Romania is expected to achieve its target of generating 30% of electricity from renewables by 2030, which is likely to provide huge opportunities for the market studied.

Romania Renewable Energy Industry Segmentation

Renewable energy is the energy collected from renewable resources such as sunlight, wind, the movement of water, and geothermal heat that are naturally replenished. 

The Romania renewable energy market is segmented by Type (Solar Energy, Wind, Hydropower, and Other Types). The report offers the market size and forecasts for Romania renewable energy market in megawatts (MW) for all the above segments.

By Type
Solar Energy
Wind
Hydropower
Other Types
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Romania Renewable Energy Market Size Summary

The renewable energy market in Romania is poised for growth, driven by supportive government policies and the decreasing costs of solar panels and wind turbine installations. Despite the initial setbacks caused by the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. The Romanian government has implemented various initiatives to bolster the renewable energy sector, particularly solar energy, aligning with European Union mandates on greenhouse gas emissions. These efforts include financial incentives and mechanisms like the Contract for Difference scheme, which stabilizes electricity prices for producers. Such policies are expected to significantly enhance the adoption of renewable energy sources, helping Romania achieve its ambitious goal of generating a substantial portion of its electricity from renewables by the end of the decade.

Romania's energy landscape is undergoing a transformation, with a shift from traditional hydrocarbon sources to renewable energy, particularly hydropower and solar energy. Hydropower remains the dominant renewable energy source, yet there is considerable potential for expansion, as only a fraction of its capacity has been utilized. The country's renewable energy market is moderately fragmented, with key players including General Electric Company, Energias de Portugal SA, Enel SpA, Siemens Gamesa Renewable Energy SA, and CEZ AS. Recent developments, such as the acquisition of rights to build a large photovoltaic plant and the approval of a significant wind project, underscore the dynamic nature of the market. These initiatives are expected to contribute to Romania's goal of increasing the share of renewables in its energy mix, fostering further growth in the sector.

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Romania Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Romania Electricity Generation Mix, 2021

    3. 1.3 Romania Renewable Energy Installed Capacity and Forecast in Megawatt (MW) Till 2027

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTEL Analysis

  2. 2. Market Segmentation

    1. 2.1 By Type

      1. 2.1.1 Solar Energy

      2. 2.1.2 Wind

      3. 2.1.3 Hydropower

      4. 2.1.4 Other Types

Romania Renewable Energy Market Size FAQs

The Romania Renewable Energy Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Energias de Portugal, S.A. , General Electric Company, Enel S.p.A., Siemens Gamesa Renewable Energy S.A. and CEZ AS are the major companies operating in the Romania Renewable Energy Market.

Renewable Energy Market in Romania Report Snapshots

Renewable Energy Market in Romania Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)