Market Snapshot
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 1.88 gigawatt |
| Market Volume (2029) | 2.33 gigawatt |
| CAGR (2024 - 2029) | 4.34 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Market Overview
The Bulgaria Solar Energy Market size is estimated at 1.88 gigawatt in 2024, and is expected to reach 2.33 gigawatt by 2029, growing at a CAGR of 4.34% during the forecast period (2024-2029).
The market was negatively impacted by the outbreak of COVID-19. Currently, the market has reached pre-pandemic levels.
- The Bulgarian solar energy market's growth is attributed to high solar irradiation emergence in the region and maturing technology. And government's plans to promote clean energy generation are expected to drive the market in the future.
- However, market growth is hindered by a lack of incentives for solar power production.
- The energy transition plans set by the country to phase out coal from the power generation mix and increase the share of Renewables Energy Resources (RES) create ample opportunities for the solar energy market in Bulgaria. The coal power-producing regions in Bulgaria include Stara Zagora, Kyustendil, and Pernik. The Ministry of Energy, Bulgaria, proposed to make 2038 and 2040 the deadlines to end the coal capacity operations in the regions.
Key Market Trends
Nuclear Power Expected to Restrain the Market
- Bulgaria heavily relies on nuclear sources for power generation. The government is highly in favor of nuclear energy as it is economically feasible and efficient for the country. The rising installation of nuclear energy sources creates major dependence on nuclear power plants for power generation. Also, the country is able to export the excess electricity generated from nuclear sources to other countries. As per the government, the country has earned around USD 3 billion from electricity export this year.
- The electricity generation in Bulgaria is around 50.422 TWh this year, and the majority of it is contributed by nuclear power generation. Bulgaria has requested the European Commission to include nuclear power plants in its green definition and label them low-carbon technology. Further operatable nuclear capacity in the country reached 2,006 MW this year.
- Several supportive policies exist in Bulgaria for nuclear power generation, and the government has established a regulatory body to look after nuclear power plants. For instance, NRA is the national nuclear regulatory authority. It looks after the regulatory and legislative framework for nuclear resources and activities and handles the licensing process, and implements regulatory control, including enforcement.
- In January 2023, Bulgaria is set to build 4 new nuclear reactors to guarantee power generation capabilities after the two operational reactors at its nuclear power plant in Kozloduy are decommissioned. There will be two reactors built at Kozloduy Nuclear Power Plant and the other 2 to be established at the Belene, under a 30-year strategic plan for the development of the energy sector approved by the country's government.
- The government is planning to build more nuclear power plants as it has only one power plant, namely Kozloduy Nuclear Power Plant.
- Thus, such developments are expected to lead to the solar energy market facing huge bottlenecks in the future.
Government Programs to Develop Renwable Energy are Expected to Drive the Market
- The Bulgarian government launched new plans to promote solar technology in the renewable power generation mix to decarbonize the energy sector. The plans are aligned such that the share of the renewables can cross 2 GW of energy generation by 2030. According to International Renewable Energy Agency, the installed renewable energy capacity reached 5,205 MW in 2022.
- By the end of 2023, the Kaufland Bulgaria company will install rooftop solar systems in five of its hypermarkets. Between the southern town of Petrich and the supermarkets in Sofia, two new photovoltaic (PV) systems will be added.
- In December 2022, A grid-connected solar photovoltaic (PV) power plant being built by Sunotec in southwest Bulgaria will be the biggest in the nation and have a peak nameplate capacity of 124 MW. From the existing 1,033 MW, it will increase Bulgaria's total solar power generation capacity by 12%.
- In January 2023, the government of Bulgaria started a survey to offer financial assistance to homeowners who want to install solar power systems. The program will offer incentives for the acquisition of photovoltaic (PV) systems up to 10 kWp, including batteries, equal to up to 70% of project expenses but not to exceed BGN 15,000 (USD 8,088/EUR 7,669). Also, there will be incentives for the installation of solar water heating systems that can pay up to BGN 1,960.83 of their cost, or 100% of it. With a total budget of roughly BGN 59.8 million, the assistance is a component of Bulgaria's recovery and resilience plan. Almost BGN 50 million of that amount comes from the EU NextGenerationEU initiative.
- Thus, such developments and government initiatives are likely to bolster the Bulgarian solar energy market in the coming years.
Competitive Landscape
The Bulgarian solar energy market is moderately fragmented. Some of the key players in the market (in no particular order) include JinkoSolar Holding Co. Ltd, Green Yellow, Solarpro Holding PLC, Elsol Ltd, and SkyTech Energy Ltd.
Major Players
Solarpro Holding PLC
Jinko Solar Holdings Ltd.
Green Yellow
Skytech Energy Ltd
Elsol Ltd
*Disclaimer: Major Players sorted in no particular order
Recent Developments
- Feb 2023: Bulgaria’s Innovation Ministry invited applications from businesses to secure funding for self-consumption solar power and storage projects. Micro, small, and medium-sized companies (MSME) in Bulgaria can win up to 50% of their investment costs for building solar and storage facilities under the Ministry of Innovation and Growth’s 3rd call as part of the country’s National Recovery and Resilience Plan (NPVU).
- Dec 2022: Sunotec announced that the company started working on a 124 MW solar plant on Verila Mountain in western Bulgaria, east of the small town of Dupnitsa.
Bulgaria Solar Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Solar Energy Installed Capacity and Forecast in GW, till 2028
4.3 Bulgaria Renewable Energy Mix, 2022
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. COMPETITIVE LANDSCAPE
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles
5.3.1 JinkoSolar Holding Co. Ltd
5.3.2 Green Yellow
5.3.3 Solarpro Holding PLC
5.3.4 Elsol Ltd
5.3.5 SkyTech Energy Ltd
5.3.6 NEMCOM Energy Company
5.3.7 Hermes Solar Ltd
- *List Not Exhaustive
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Scope of the Report
Solar energy is the conversion of energy present in the sun and is one of the renewable energies. Once the sunlight passes through the earth’s atmosphere, most of it is in the form of visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity.
The Bulgaria Solar Energy Market report provides an insight into the market size, growth, trends, analysis, government policies and regulations, competitive landscape, market dynamics, and opportunities. The market sizing and forecasts have been done based on installed capacity (Gigawatts).
Bulgaria Solar Energy Market Research FAQs
How big is the Bulgaria Solar Energy Market?
The Bulgaria Solar Energy Market size is expected to reach 1.88 gigawatt in 2024 and grow at a CAGR of 4.34% to reach 2.33 gigawatt by 2029.
What is the current Bulgaria Solar Energy Market size?
In 2024, the Bulgaria Solar Energy Market size is expected to reach 1.88 gigawatt.
Who are the key players in Bulgaria Solar Energy Market?
Solarpro Holding PLC, Jinko Solar Holdings Ltd., Green Yellow, Skytech Energy Ltd and Elsol Ltd are the major companies operating in the Bulgaria Solar Energy Market.
What years does this Bulgaria Solar Energy Market cover, and what was the market size in 2023?
In 2023, the Bulgaria Solar Energy Market size was estimated at 1.8 gigawatt. The report covers the Bulgaria Solar Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Bulgaria Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Bulgaria Solar Energy Industry Report
Statistics for the 2024 Bulgaria Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bulgaria Solar Energy analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
