The Hungary renewable energy market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 6.5% during 2023–2031. The growth of the market is attributed to the expanding renewable energy installation capacity and planned projects in order to meet their long-term carbon-free goal.
Hungary is considered a medium power in international affairs, owing to its cultural and economic clout. It is a developed country with a high-income economy that scores extremely high on the Human Development Index, with universal health care and tuition-free secondary education for its residents.
Hungary road, rail, aviation, and water transportation systems are all well-developed. Budapest, Hungary capital has the world's second-oldest subterranean metro system.
Hungary is a member of the European Union, and as such, it participates in the EU's renewable energy plan. The EU approved the renewable energy directive in 2009, which set a 20 percent renewable energy target for the EU by 2020. Wind should provide 26-35 percent of the EU's power by 2030, saving Europe €56 billion in avoided fuel expenses per year. Hungary's national authors predict that 14.7 percent of total energy consumption will be renewable by 2020, above their 13 percent binding objective by 1.7 percentage points.
Renewable energies contributed for almost 10% of Hungary electrical output in 2018. The government is counting on biomass and solar energy to meet its self-imposed goal of generating at least 14.65 percent of its power from renewable sources during forecast period.
In 2019, 653 megawatts of additional capacity were added to the system (2018: 410 megawatts). Hungary has a total installed solar capacity of 1,450 megawatts by the end of 2019. By 2023, the Solar Europe Association forecasts the industry to have grown to more than 3,700 megawatts.
Hungary was formerly one of the EU's most coal-dependent members; now, with the EU boosting lignite costs as a means of decreasing greenhouse gas emissions, Hungary is moving its attention to renewables as its primary source of energy.
According to Hungary government that a forecasted price decrease of up to 30% in photovoltaics will allow the nation to achieve the EU's planned energy rules, which require all 28 EU countries to get 20% of their energy from renewable sources by 2020.
Hungary Renewable Energy Market Trends, Drivers, Restraints, and Opportunities
Increasing demand for carbon-free electricity is anticipated to boost the market in the coming years.
Rising pressure for reduction in carbon emission is projected to drive the market during the forecast period.
The European Union was encouraged to increase the cost of a pollution permit in a year due to the frequency of climate change consequences.
Rapid growth in power-driven transportation is the main factor driving the market during the forecast period.
High investments in development of renewal power projects are expected to hamper the market growth.
Global pandemic covid -19 has affected the energy market adversely due to negative demand and temporary delay in renewable energy projects.
Scope of Hungary Renewable Energy Market Report
The report on Hungary renewable energy Market the global market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Hungary Renewable Energy Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Solar, Hydro, Bioenergy, and Others)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
MVM Group; MET Holding AG; E.ON SE Sponsored ADR; China National Machinery Import and Export Corporation
Hungary Renewable Energy Market Segment Insights
Solar segment is projected to account for a key market share
Based on types, the Hungary renewable energy market is divided into solar, hydro, bioenergy, and others. The solar segment is expected to hold a key share of the market during the forecast period owing to solar photovoltaic (PV) capacity started to grow rapidly in recent years due to rooftop photovoltaic (PV) installations is on the rise. However, solar panels are subject to an environmental tax (recycle charge) that is exorbitant by worldwide standards.
The Hungary renewable energy market has been segmented on the basis of
Key players competing in the Hungary renewable energy market include MVM Group; MET Holding AG; E.ON SE Sponsored ADR; China National Machinery Import and Export Corporation.
Some of these players are focusing on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For Instance,
In 2018, ABO Wind purchased a six-megawatt solar project, finished planning, and linked the park to the grid in 2019.
In April 2020 ABO Wind commissioned a second solar project with 6.5 megawatts peak installed capacity.