Romania Solar Energy Market Size (2024 - 2029)

Romania Solar Energy Market Size Summary

The Romanian solar energy market is poised for significant expansion over the forecast period, driven by supportive government policies and decreasing costs of solar panels. The government's commitment to increasing renewable energy capacity, particularly solar energy, aligns with European Union obligations to reduce greenhouse gas emissions. Initiatives such as the National Recovery and Resilience Plan and the Contract for Difference Scheme are designed to bolster the sector by providing financial incentives and price stability for solar energy projects. These efforts are expected to create substantial opportunities for growth in Romania's solar energy market, despite the challenges posed by competition from other renewable sources like wind and hydropower.

However, the Romanian solar energy market faces intense competition from other renewable energy sectors, particularly wind and hydropower, which benefit from established infrastructure and lower installation costs. This competition is compounded by the relative cost advantages of wind and hydropower in terms of capacity factor and levelized cost of electricity. Despite these challenges, the Romanian government continues to attract investment in renewable energy projects, aiming to enhance the country's energy mix and meet increasing electricity demand. The market remains moderately consolidated, with key players actively expanding their portfolios to secure a larger share of the renewable energy market in Romania.