Market Snapshot
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 6.09 gigawatt |
| Market Volume (2029) | 10.34 gigawatt |
| CAGR (2024 - 2029) | 11.17 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Greece Solar Energy Market Analysis
The Greece Solar Energy Market size in terms of installed base is expected to grow from 6.09 gigawatt in 2024 to 10.34 gigawatt by 2029, at a CAGR of 11.17% during the forecast period (2024-2029).
- Over the medium term, the market is likely to be driven by factors like growing demand for solar photovoltaic installations, growing investments in ongoing and upcoming solar energy projects, and the government's efforts to reduce the use of fossil fuels to make electricity.
- On the other hand, increasing wind energy installations to provide renewable electricity in the country is expected to restrain the Greece solar energy market.
- Nevertheless, as per the European Union's National Energy and Climate Plan (NECP), by 2030, Greece's electricity mix will likely surpass 61% renewable sources. This factor will create several opportunities for the Greece solar energy market.
Greece Solar Energy Market Trends
Ground-mounted Segment to Witness Significant Growth
- A ground-mounted solar power plant's process involves collecting solar radiation, converting it into an electric charge, and then sending that charge across conductive cables to an inverter. With these panels, the ground-mounted solar system can generate more electricity due to its increased exposure to both direct and reflected sunlight. It provides the highest efficiency, typically up to 22%. Even when they're provided with the same amount of sunlight, a ground-mounted solar system produces more electricity than a rooftop system. Hence, ground-mounted solar panels provide one of the best ways to produce solar energy on a big scale.
- Greece is a southern European country with abundant solar radiation compared to northern European countries. As a result, the investment yield is higher. The land cost in Greece is lower than its Northern European counterparts for ground-mounted projects. As a result, the ground-mounted solar development segment is expected to attract significant investments in the coming years.
- In August 2023, RWE Renewables and PPC Renewables decided to develop further investments in three photovoltaic projects, comprising ground-mounted and rooftop solar projects, with a total capacity of approximately 280 MWp, referred to as Amynteo Cluster II. The development will begin in the coming months, and all three Amynteo Cluster II projects are scheduled to be fully operational by the end of 2024. All these developments are likely to accelerate the growth of the Ground-mounted Segment in the country.
- In March 2023, the Greek government organization for the Environment and Energy announced a new EUR 200 million ( USD 215.3 million) subsidy scheme for solar power projects, including ground-mounted solar projects and small-scale energy storage devices for residential and commercial use. All these investments are likely to accelerate the growth of the Ground-mounted Segment in the country.
- Moreover, Greece's new national energy plan specifies the development of 7.7 GW of solar PV capacity by 2030. The plan specifies that the installed PV capacity in the country should rise from 3.9 GW in 2022 to 10.9 GW between 2025 to 2027 and 13.4 GW in 2030. The increased demand is expected to create opportunities for new investors and attract new investments for ground-mounted solar projects.
- According to International Renewable Energy Agency (IRENA), solar PV installed capacity has reached 5.56 GW in 2022, which is higher than 109.5% of total solar PV installed capacity in 2018. The reason behind this is that Ground-mounted solar energy projects have witnessed a significant rise in the past few years.
- Due to the above reasons, it seems likely that the ground-mounted segment will grow a lot during the forecast period.
Increasing Demand for Wind Energy Restraining the Market Growth
- Wind and other renewable energy sources dominate Greece's renewable energy mix. However, this scenario has begun changing fast with the growth of wind energy.
- As of 2023, Greece plans to have 7 GW of wind power by 2030, according to its National Energy and Climate Plan. More than 4.9 GW of onshore wind energy were in place in Greece as of 2022, providing a sizable amount of the country's electricity needs. Greece has far more wind energy potential, particularly offshore wind. Offshore wind resources are promising for assisting islands in achieving energy independence. Hence, all these strategies are likely to restrain the growth of the solar energy market.
- In addition to the Hellenic Wind Energy Association (HWEA), 68 new wind turbines worth EUR 230 million were installed in 2022. Moreover, Kamaridis GlobalWire has been approved for five additional wind projects totaling 120.3 MW and valued at USD 130 million. These projects are expected to take place in Xanthi and Rodopi, Greece. All these projects are likely to restrain the growth of the solar energy market during the forecast period.
- In October 2023, Greece's Ministry of Environment and Energy initiated an Offshore Wind Development Plan with a target of 4.9 gigawatts by 2032. With a minimum capacity estimated at 12.4 GW, the draft plan consists of 25 areas totaling 2,712 square kilometers. All these developments are likely to restrain the growth of the solar energy market in the country during the forecast period.
- According to International Renewable Energy Agency (IRENA), wind energy installed capacity has reached 4.88 GW in 2022, which is higher than 69.6% of total wind energy installed capacity in 2018. The reason behind this is that offshore and onshore wind energy projects have witnessed a significant rise in the past few years.
- The wind energy sector in the country has been growing faster than the solar energy sector during the last decade. It is expected to keep leading in terms of growth over the next few years, thanks to good policies from the government. This is expected to hinder the growth of Greece's solar energy market.
Greece Solar Energy Industry Overview
The Greece solar energy market is semi-consolidated. Some of the major players (in no particular order) include JinkoSolar Holding Co. Ltd., Juwi Holding AG, Meeco AG, MECASOLAR, and Hellenic Petroleum Renewable Energy Sources SA.
Greece Solar Energy Market Leaders
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Hellenic Petroleum Renewable Energy Sources S.A.
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meeco AG
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Juwi Holding AG
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MECASOLAR
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JinkoSolar Holding Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Greece Solar Energy Market News
- In December 2023, the "GR-Eco Islands" initiative, which aims to develop 7 MW of solar power on Poros Island, was approved by Masdar and the Greek government. To encourage residents and tourists to adopt electric transportation, the project will include chargers for electric cars and boats.
- In May 2023, Greece Introduced a USD 261 Million Solar Rooftop Incentive. The 10.8 kW threshold is eligible for subsidy. The farmers can receive between 40% and 60% for the solar system, while the subsidies range from 45% to 75% for the other. Furthermore, the maximum subsidy for a solar panel system with a battery is EUR 16,000 (approximately USD 17,519) for households and EUR 10,000 for farmers.
- In November 2022, Iberdrola announced the commencement of the Askio III wind farm in Macedonia, Greece. With an installed energy capacity of 50 MW, the farm will be able to provide enough clean, cheap, and locally-made energy to meet the needs of more than 54,000 homes every year.
Greece Solar Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Solar Energy Installed Capacity and Forecast, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Demand for Solar Photovoltaic Installations
4.5.1.2 Growing Investments
4.5.2 Restraints
4.5.2.1 Increasing Wind Energy Installations
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION - BY DEVELOPMENT
5.1 Ground-mounted
5.2 Rooftop Solar
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 JinkoSolar Holding Co. Ltd.
6.3.2 Juwi Holding AG
6.3.3 meeco AG
6.3.4 ASTRASUN Solar Kft.
6.3.5 Hellenic Petroleum Renewable Energy Sources SA
6.3.6 MECASOLAR
6.3.7 Zhejiang Supcon Solar Technology Co. Ltd.
6.3.8 National Energy Holdings Ltd.
- *List Not Exhaustive
6.4 Market Ranking/Share (%) Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Ambitious Renewable Energy Targets
Greece Solar Energy Industry Segmentation
A solar energy plant converts solar energy into thermal or electrical energy. Solar energy is one of the cleanest and most abundant renewable energy sources. It offers several applications, including generating electricity, providing light or a comfortable interior environment, and heating water for domestic, commercial, or industrial purposes.
The Greece solar energy market is segmented by development. By development, the market is segmented into ground-mounted and rooftop solar. For each segment, market sizing and forecasts are calculated based on installed capacity.
Greece Solar Energy Market Research FAQs
How big is the Greece Solar Energy Market?
The Greece Solar Energy Market size is expected to reach 6.09 gigawatt in 2024 and grow at a CAGR of 11.17% to reach 10.34 gigawatt by 2029.
What is the current Greece Solar Energy Market size?
In 2024, the Greece Solar Energy Market size is expected to reach 6.09 gigawatt.
Who are the key players in Greece Solar Energy Market?
Hellenic Petroleum Renewable Energy Sources S.A., meeco AG, Juwi Holding AG, MECASOLAR and JinkoSolar Holding Co., Ltd. are the major companies operating in the Greece Solar Energy Market.
What years does this Greece Solar Energy Market cover, and what was the market size in 2023?
In 2023, the Greece Solar Energy Market size was estimated at 5.41 gigawatt. The report covers the Greece Solar Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Greece Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solar Energy Greece Industry Report
Statistics for the 2024 Solar Energy Greece market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solar Energy Greece analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
