Romania Solar Energy Market Size & Share | Report 2031

Report Description

Romania Solar Energy Market Outlook 2031

The Romania 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 8.9% during the forecast period, 2023 to 2031.  The growth of the market is attributed to some key factors such as rising demand for renewable energy, forthcoming investments in the energy industry, and supporting government regulations.

Solar energy is a process of generating electricity form solar radiation that may produce heat, and cause chemical mechanisms. The effect of greenhouse gas emission and global warming can be significantly controlled by increasing use of emerging renewable solutions and efficient form of unconventional energy. Romania has launched a slew of regulations aimed at bolstering the renewable energy sector, particularly solar power.

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These measures aimed at assisting in meeting the European Union's (EU) greenhouse gas emission obligations set forth in its legislative package. Moreover, the government adopted a memorandum in June 2020 to implement low-carbon power assistance mechanisms such as the Contract for Difference programme (CfD).

The Casa Verde Fotovoltaice (green PV home) initiative, which supported domestic solar installations under Romania's net metering system, was expected to receive about USD 63.7 million in funding from the Romanian Ministry of Environment.

The COVID-19 outbreak had negative impact on the Romanian Solar Energy Market in terms of production and supply. Due to the shutdown, Romania's renewable energy generation had dropped drastically by 2020 due to a sudden disruption to the supply chain in the first half of 2020. However, the energy sector is gradually expanding significantly over the years due to high international pressure for sustainable environment.

Romania Solar Energy Market Trends, Drivers, Restraints, and Opportunities

• Supportive government initiatives such as the Energy Efficient House program, Contract for Difference scheme (CfD), and others are likely to boost the market.
• Increasing solar energy installation capacity and new projects in the country is expected to drive the solar energy market growth during the forecast period.
• Increasing demand for solar towers and parabolic troughs in electricity generation presents another key factor propelling the market.
• High initial investment costs and extended investment return periods on projects are major challenges that can hamper the solar energy market expansion.
• Romania's government has declared plans to install roughly 7GW of additional renewable capacity by 2030. This is anticipated to generate enormous number of opportunities for the solar energy market growth.

Scope of Romania Solar Energy Market Report

The report on the Romania solar energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Romania Solar Energy Market Segment Insights

Industrial segment to expand at a considerable CAGR

On the basis of applications, the Romania solar energy market share is segmented into industrial, commercial, and residential. The industrial segment is projected to expand at a considerable CAGR during the forecast period owing to enhanced oil recovery and wide demand for power among industrial units for their various applications.

On the other hand, the residential segment is anticipated to account for a major market share during the forecast period due to the increasing demand for rooftop installation in the residential areas, followed by increase in applications in the architectural sector.

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Photovoltaic Systems Segment to Hold a Significant Share of the Market

In terms of technology, the market is bifurcated into concentrated solar power systems and photovoltaic systems. The photovoltaic systems segment is expected to hold a significant share of the market as it substantially reduced costs during the last 6 years.

However, the concentrated solar power segment is anticipated to account for a significant market share during the forecast period due to the need of generating electricity day and night by concentrating solar energy to drive traditional steam turbines that create electricity.

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Monocrystalline and Polycrystalline Segment to Grow at a High Rate

Based on solar modules, the Romania solar energy market share is segregated into cadmium telluride, amorphous silicon cells, monocrystalline, polycrystalline, and others. The monocrystalline and polycrystalline segment is expected to grow at a high rate during the projected period owing to increasing demand for first-generation cells in photovoltaic applications.

Moreover, the cadmium telluride segment is expected to be a fast-growing segment during the forecast period due to the availability of low material cost of the solar module.