The Romania 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 3.1% during 2023–2031. The growth of the market is attributed to the rising government’s policy to fulfil massive electricity demand and development of renewable source of energy in order to reduce reliance on fossil fuels.
Renewable energy is derived from natural resources to produce electric energy from kinetic energy on a regular basis. For instance, wind energy, bioenergy, and solar energy are major types of renewable energy. In wind-based energy, wind turbines are used to convert wind energy to mechanical energy, which is then transformed to electrical energy by a generator. Moreover, renewable energy is booming due to technical advancements that are dropping prices and delivering the potential of a clean energy future. It is feasible to develop greener alternatives to carbon-based energy sources and contribute to achieve world's sustainable development targets by 2030. Although there have been no big increases in both solar and wind projects since 2016, causing the growth of renewable energy to stagnant in 2020.
The COVID-19 pandemic had a huge negative impact on Romania as the government enacted stringent nationwide lockdowns across the country to combat the spread of coronavirus. The majority of the industries were affected by the lockdowns; among them, the tourist and hospitality industry was affected the most. The demand for electricity in the industrial and commercial sectors has decreased dramatically as a result of the countrywide shutdowns. Reduced power consumption caused significant drop in income for the country's major electrical utilities and to alleviate their financial burden. As a result, organizations associated with utilities services have also resorted to mass layoffs to minimize the cost and stay survive.
Romania Renewable Energy Market Trends, Drivers, Restraints, and Opportunities
Increasing demand to reduce carbon footprints, impacted by the international and regional pressure from several non-government organizations drives the market.
Encouraging government policies and its series of energy subsidies is a key factor propelling the market.
Advancement of technologies for the development of renewable energy is expected to boost the market in the coming years.
Lack of sustainable projects and limited land areas are major challenges that can hamper the market expansion during the forecast period.
Upcoming renewable energy projects with the support from various public agencies are likely to create lucrative opportunities for the market expansion during the forecast period.
Scope of Romania Renewable Energy Market Report
The report on the Romania renewable energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Renewable Energy Market - Romania Industry Analysis, Growth, Share, Size, Trends, and Forecast
End-users (Commercial, Industrial, Residential, and Others), and Types (Wind Power, Bioenergy, Solar Energy, Hydroelectric Power, and Geothermal Energy)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Siemens Gamesa Renewable Energy SA; CEZ AS; General Electric Company; Energias de Portugal SA; and Enel SpA.
Romania Renewable Energy Market Segment Insights
Residential segment to expand at a considerable CAGR
On the basis of end-users, the Romania renewable energy market is segmented into commercial, industrial, residential, and others. The residential segment is projected to expand at a considerable CAGR during the forecast period due to the rising energy consumption in residential areas. On the other hand, the industrial segment is anticipated to account for a major market share during the forecast period as to massive demand for energy from several industries for their business operations.
Hydroelectric power segment to hold a significant share of the market
In terms of types, the market is divided into wind power, bioenergy, solar energy, hydroelectric power, and geothermal energy. The hydroelectric power segment is expected to hold a significant share of the market ascribed to rising demand for off-grid energy generation and rural electrification across the states of Romania. However, the wind power segment accounts for a significant market share in the coming years due to the consistent projects to establish energy sources using wind flow at on shore and off shore.
The Romania renewable energy market has been segmented on the basis of
- Wind Power
- Solar Energy
- Hydroelectric Power
- Geothermal Energy
Key players competing in the Romania renewable energy market are Siemens Gamesa Renewable Energy SA; CEZ AS; General Electric Company; Energias de Portugal SA; and Enel SpA. The mergers and acquisitions of the companies have huge impact on increasing number of transactions involving assets, and representing renewable energy generation capacities. Fantanele-Cogealac Wind Farm, one of the Europe's largest wind farms, had installed a farm having a capacity of 600MW in Constanta County, Romania in December 2012. It aimed to produce roughly 10% of total renewable energy generation and help to meet the renewable energy goal in 2014.