Summary

The Austrian solar energy market is expected to register a CAGR of more than 12.5 % during the forecast period. The COVID-19 has altered the Austrian's renewable energy shares in the energy mix during the period starting from May 2020. Since weekly electricity demand decreased by 10-35% due to the lockdown measures, Austria has experienced well above record-high hourly shares of variable renewable energy (VRE) compared to last year in 2020, reaching almost 70% instantaneous VRE penetration. The primary drivers of the market include the rising demand for clean energy and electricity, efforts to reduce GHG emissions, and a sustainable form of energy. The use of effective energy-efficiency law helps cover rising energy demand with solar power and replace and phase-out of fossil fuels. The increasing demand for energy on account of the rising population and increasing industrialization is anticipated to boost the solar energy market in Austria. However, the market is restrained by the expensive nature of solar equipment and batteries, which is expected to have a negative impact on the market studied.

Key Highlights
The solar PV segment is expected to dominate the Austria solar energy market during the forecast period.
According to Austria’s National Energy and Climate Plan (NECP), the Austrian government is committed to installing 1 million PV systems by 2030, which is a substantial increase from the target of 100 000 roof-mounted PV systems under the mission2030. This, in turn, is expected to create an opportunity for the solar market to grow in the near future.
Rising renewable energy demand is expected to drive the Austrian solar energy market during the forecast period.


Key Market Trends

Solar PV Segment is Expected to Dominate the Market


In 2020, Austria’s new government promised a 1 million photovoltaic roofing program as part of its plan to achieve climate neutrality by 2040. As part of this ambitious target, the country pledged to source all its electricity supply from renewable sources and to reduce GHG emissions by 2030.
Furthermore, photovoltaics in general and the 1 million rooftop program, in particular, is likely to add substantially to these goals in a world where mobility is to be switched to electric driving and also fossil heating systems have to be replaced speedily during the next decades. Hence, this, in turn, is likely to boost solar PV deployment in the country.
As of 2019, 1.4 TWh of electricity was generated from solar energy sources, covering 10.3% of Austrian renewable energy demand. Also, the total installed capacity of solar energy was 1,578 MW in 2019.
According to the National Energy and Climate Plan, Austria's power production target from solar photovoltaic (PV) is expected to be 2 TWh in 2030, 3 TWh in 2040, and 5 TWh in 2050. Hence, this target is likely to proliferate the solar PV installed capacity in the coming years.


Rising Renewable Energy Demand is Expected to Drive the Market


Renewable energies are of major importance in Austria. Austria proves to be a dynamic environment, whether with respect to solar energy, wind power, hydropower, or bioenergy.
The total renewable energy generation in Austria reached 13.6 TWh in 2019, and the total installed capacity of renewables was 20,628 MW in the same year. Among the renewable energy installed capacity, hydropower (14,554MW) holds the largest share, rest followed by wind (3,159MW), solar (1,578MW), and bioenergy (1,336MW).
Austria has a target of a 100% renewable electricity supply by 2030. As part of this target, the deployment of both wind and solar PV has accelerated in the country, driven by feed-in tariffs and falling deployment costs.
Under Austria’s new government target, the government has declared phasing out all oil- and coal-fired heating systems by 2035 and restricting the use of natural gas for heating in new buildings from 2025 onward. Hence, this is likely to proliferate the use of solar thermal technologies in the coming years.
According to the International Energy Agency (IEA), the annual generation of electricity from renewable energy sources is expected to reach around 22-27 TWh by 2030. Since hydropower in Austria is only possible to a limited extent, additional consumption must be covered by wind power and photovoltaic systems. Hence, the rising demand for renewable energy is likely to drive the market studied over the forecast period.


Competitive Landscape

The Austrian solar energy market is partially consolidated. Some of the key players in this market include Wien Energie GmbH, KPV Solar GmbH, Energetica Industries GmbH, Sharp Corporation, and Hilber Solar GmbH.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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