Israel Solar Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Israel Solar Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Israeli solar energy market is expected to register a CAGR of 5% during the forecast period, 2020-2025. The government of Israel, apart from installing solar capacity, has also been encouraging people to install solar PV panels on rooftops, thus, increasing solar installations at the domestic level, which is likely to drive the Turkish solar energy market. However, factors, such as a low number of local private companies investing in the country's solar energy, are expected to restrain the growth of the Israeli solar energy market.

• The solar photovoltaic (PV) can be installed on rooftops, unlike solar thermal that needs an energy conversion facility and are costly at the domestic level, because of which solar PV held a significant market share in 2018, and it is likely to dominate the market during the forecast period.
• The Israeli government has planned to shut its coal-fired projects and generate 17% of the energy by renewable by 2030. This is expected to create several opportunities for the Israeli solar energy market in the future.
• The increasing number solar energy installations to meet renewable energy targets in the country is likely to drive the Israeli solar energy market during the forecast period.

• In 2018, more than 75% of the total renewable energy generation in Israel was from solar photovoltaic (PV), producing 1724 Gigawatt-Hour (GWh) of electricity. This made solar photovoltaic (PV) type likely to dominate the Israeli solar energy market.
• In October 2018, Belectric completed the construction and commissioning of three solar plants for EDF Renewable in Negev Desert, Israel. The three plants have a total installed capacity of 34 MWp.
• In 2018, the Israeli government officially launched the new scheme for photovoltaic (PV), which had been submitted for public consultation. The program, which was expected to enable the deployment of around 1.6 GW of rooftop PV capacity over the next three years, aims to help the country reach its 2020 renewable energy target, 10% coverage of total energy consumption, based on 3.5 GW of installed PV power.
• Therefore, owing to the above projects, the solar photovoltaic (PV) segment is likely to dominate the Israeli solar energy market during the forecast period.

• In 2018, approximately 3% of the energy generated in the country was from renewable energy sources. The government of Israel has planned to increase its renewable energy generation to 17% of the total energy generation by 2030. In 2018, the electricity generation from renewable energy was 2164 gigawatt-hours (GWh).
• In 2019, the solar energy plant installed capacity in Israel was 1438 megawatt (MW), which was higher than the installation capacity of 2018, 1076 megawatts (MW). There was a significant rise in solar thermal technology installation in the country from 6 MW in 2018 to 248 MW in 2019.
• In 2019, Zeelim Solar Park in Israel was completed; it was the largest scale power plant in the country with the total installed capacity of 120 megawatts (MW). The solar park has been owned by Shikun & Binui, and Belectric Solar and Battery GmbH built it along with Solel Boneh Ltd. The construction of the solar power started in 2017.
• A large concentrating solar thermal power plant near Ashalim in the Negev was inaugurated in 2019. The 121-megawatts (MW) of solar facility, spreading approximately 390 hectares area, is expected to supply electricity to about 70,000 households in Israel, or approximately 0.75% of total electricity generated in Israel. The plant was constructed by Negev Energy, a particular purpose company held by Shikun & Binui Renewable Energy, Israeli investment fund Noy Fund and Spanish engineering group TSK.
• Hence, owing to the above points, increasing solar energy installations is expected to drive the Israeli solar energy market during the forecast period.

The Israeli solar energy market is consolidated. Some of key players in this market include Shikun & Binui Ltd, BrightSource Energy Inc., EDF Renewables, BELECTRIC Solar & Battery GmbH, and General Electric Company.

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