Austria Solar Energy Market Outlook 2031
The Austria solar energy market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of 17.47% during the forecast period 2023 - 2031. The growth of the market is attributed to the rising demand for clean energy and electricity to reduce greenhouse gas emissions (GHG), and create sustainable form of energy.
Solar energy is the radiant energy emitted from the sun. It is an efficient form of unconventional energy and a convenient renewable solution toward growing GHG and global warming. Solar power is an effective alternative to fossil fuels that are responsible for polluting the environment and global warming as well. It is one of the most reliable and clean energy resources. Solar power is generated through various technologies such as solar PV, solar thermal, concentrated solar thermal (power), and concentrated PV.
Solar technologies capture the solar radiation and turn it into useful form of energy. On the fall of the radiations on the solar panel, energy from the sunlight is absorbed by the PV cells in the panel. This energy produces electrical charges that move to an internal electrical field in the cell, causing electricity to flow.
Austria Solar Energy Market Trends, Drivers, Restraints, and Opportunities
- Rising environmental concerns, future energy supply security, and increasing investment in the solar energy industry are projected to boost the Austria solar energy market growth.
- Growing awareness among consumers regarding renewable energy benefits is anticipated to drive the market growth during the forecast period.
- Low operation & maintenance cost are expected to fuel the market growth in the coming years.
- Increasing application of solar energy is anticipated to create remunerative opportunities for industry players during the forecast period.
- Expensive nature of solar equipment & batteries and high capital investment can restrict the Austria solar energy market growth.
- Low capacity factor in comparison to other sources is anticipated to hamper market growth and can create challenges for the solar power industry participants in the projected timeline.
- Increasing demand for parabolic troughs and solar energy towers in electricity generation are expected to spur the demand for concentrated PVs in the country.
- Expanding demand for energy owing to rising population and increasing industrialization is anticipated to boost the solar energy market during the forecast period.
- Ongoing R&D investments and increasing technological advancement by Austria’s National Energy and Climate Plan (NECP) for roof mounted PV system is estimated to offer immense opportunities for the market players during the forecast period.
Scope of Austria Solar Energy Market Report
The report on the Austria solar energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Solar Energy Market - Austria Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technologies (Solar Photovoltaic (PV) and Solar Thermal) and End-users (Residential and Industrial)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Wien Energie GmbH, KPV Solar GmbH, Energetica Industries GmbH, Sharp Corporation, and Hilber Solar GmbH
Austria Solar Energy Market Segment Insights
Solar photovoltaic (PV) segment is projected to account for major market share
In terms of technologies, the austria solar energy market share is bifurcated into solar photovoltaic (PV) and solar thermal. The solar photovoltaic (PV) segment is projected to account for a large market share during the forecast period owing to increasing number of plans to achieve climate neutrality, increase electricity supply from renewable sources, and to reduce GHG emissions.
According to the National Energy and Climate Plan, Austria's power production target from solar PV is expected to be 2 TWh by 2030, 3 TWh by 2040, and 5 TWh by 2050.
Residential segment to dominate the market
On the basis of end-users, the Austria solar energy market is segmented into residential and industrial. The residential segment dominated the market share in 2020, in terms of revenue. This segment is anticipated to continue its dominance during the forecast period.
Growing adoption of rooftop solar and increasing customer awareness about the usage of eco-friendly source of energy are driving the segment growth. Moreover, rapid urbanization and increasing construction activities in the country is expected to proliferate the market segment growth.
The Austria solar energy market has been segmented on the basis of
- Solar Photovoltaic (PV)
- Solar Thermal
Key players competing in the Austria solar energy market include Wien Energie GmbH, KPV Solar GmbH, Energetica Industries GmbH, Sharp Corporation, and Hilber Solar GmbH.
Companies are partnering with government bodies and construction developers to expand their market share.