Austria Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
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 HighlightsThe 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.
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