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Bulgaria Solar Energy Market Size (2024 - 2029)

The Bulgarian solar energy market is poised for growth, driven by favorable solar irradiation and advancing technology, despite challenges such as limited incentives for solar power production. The market's expansion is supported by government initiatives to enhance clean energy generation and the country's energy transition plans to reduce coal dependency and increase the proportion of renewable energy sources. These developments present significant opportunities for the solar energy sector in Bulgaria, as it aims to recover and progress beyond pre-pandemic levels.

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Market Size of Bulgaria Solar Energy Industry

Bulgaria Solar Energy Market Summary
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

Bulgaria Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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.

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).

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Bulgaria Solar Energy Market Size Summary

The Bulgarian solar energy market is poised for growth, driven by favorable solar irradiation and advancing technology. Government initiatives to promote clean energy are expected to further propel the market, despite challenges such as limited incentives for solar power production. The country's energy transition plans, which include phasing out coal and increasing the share of renewable energy sources, present significant opportunities for solar energy expansion. However, the heavy reliance on nuclear power, supported by government policies and the establishment of regulatory bodies, poses potential bottlenecks for the solar market's growth. The construction of new nuclear reactors and the economic viability of nuclear energy continue to dominate Bulgaria's energy landscape, with substantial electricity exports contributing to the economy.

Recent developments and government programs aimed at boosting solar technology integration into the renewable energy mix are set to enhance Bulgaria's solar energy market. Initiatives such as financial assistance for solar power system installations and the construction of large-scale photovoltaic plants are part of the country's strategy to decarbonize its energy sector. Key players in the moderately fragmented market, including JinkoSolar Holding Co. Ltd, Green Yellow, and Solarpro Holding PLC, are actively involved in these efforts. The government's support, coupled with EU funding, is expected to strengthen the solar market's position, aligning with the broader goal of increasing renewable energy capacity by 2030.

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Bulgaria Solar Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Solar Energy Installed Capacity and Forecast in GW, till 2028

    3. 1.3 Bulgaria Renewable Energy Mix, 2022

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

Bulgaria Solar Energy Market Size FAQs

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.

In 2024, the Bulgaria Solar Energy Market size is expected to reach 1.88 gigawatt.

Bulgaria Solar Energy Market Report Snapshots

Solar Energy Bulgaria Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)