The Austria solar energy market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. 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.
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.
Attributes |
Details |
Report Title |
Solar Energy Market - Austria Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Technologies (Solar Photovoltaic (PV) and Solar Thermal) and End-users (Residential and Industrial) |
Regional Scope |
Austria |
Report Coverage |
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 |
Solar photovoltaic (PV) segment is projected to account for major market share
In terms of technologies, the market 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.
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.
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