Slovakia Solar Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Slovakia Solar Energy Market Analysis
Slovakia solar energy market is expected to grow at a CAGR of more than 1 % during the forecast period. The primary drivers of the market include rising energy demand, efforts to reduce the reliance on fossil fuel-based power generation, and declining cost of solar PV and associated systems. Other factors like increasing demand for renewable energy, rising investments in solar farms, government policies are driving the solar energy market. However, the increasing adoption of alternate clean power sources such as hydropower and bioenergy is likely to hinder the growth of the solar energy market in the country.
- The residential segment is expected to have significant growth in the market during the forecast period.
- The development of the solar energy sector in Slovakia with the growth of energy consumption and the substitution of fossil fuels by renewable energy is likely to promote the solar energy market in Slovakia. Moreover, efforts to decrease the emission of greenhouse gases are expected to provide opportunities for the growth of the market in the near future.
Slovakia Solar Energy Market Trends
This section covers the major market trends shaping the Slovakia Solar Energy Market according to our research experts:
Residential Segment is Expected to Witness significant Growth in the Market
- The increasing adoption of solar PV in the residential sector is primarily driven by expected savings in electricity costs, and the need for an alternative source of electricity. During the forecast period, the share of the rooftop solar PV is expected to increase, on account of decreasing solar PV costs, and supportive government policies for residential solar PV.
- Slovakia solar photovoltaics is mainly driven by the residential sector. Slovakia has around 472 MW of installed solar PV power generation capacity in 2019. Solar PV is expected to claim 44% of the clean energy capacity needed to generate 2.4 TWh of electricity by 2021.
- In particular, solar energy provides an important contribution to meet energy needs in the electricity sector. The electricity generated by solar PV has reached 585 GWh in 2018. In addition to this, the quantity of installed power capacity of solar PV is expected to reach 600 MW by 2020 and 750 MW by 2030.
- There are basically four types of photovoltaic systems installed in Slovakia for providing electricity to the residential sector: ON - GRID, HYBRID, OFF-GRID, and systems intended for water heating, the choice depends on the requirements for the purpose and financial possibilities of the customer.
- By all of the above mentioned facts, the residential segment solar is expected to witness significant growth at a considerable rate in the market.
Bioenergy Potential is Likely to Hinder the Growth of the Market
- Slovakia is using wood biomass in heat production but in terms of the environment, the biogas plants generating heat from animal and plant production waste are beneficial. The ministry wants to accelerate the usage of second-generation biofuels produced from non-food crops such as wood, organic waste, food crop waste, and specific biomass crops.
- Moreover, these advanced biofuels secure high reductions in the emissions of greenhouse gases and don't compete directly for agricultural land designated for raising food and animal feed.
- Biomass is being utilized in different ways. The biogas utilization with combined heat and power production and biofuels for transportation is becoming more and more competitive on the Slovak market even without subsidies. All these technologies are available in Slovakia.
- As of 2019, Slovakia had total bioenergy installed capacity of 243 MW and the total primary energy supply by biofuels and waste was 1369 ktoe.
- In a 2018 review of the Slovakia's energy policy, the International energy agency (IEA) stated that Slovakia has plans to meet its national renewables target mostly with unsustainable biomass, placing pressure on the stability of the country's ecosystems. Slovakia has great potential to use biomass from own forests and this, in turn, is expected to hinder the market during the forecast period.
Slovakia Solar Energy Industry Overview
The Slovakia solar energy market is consolidated. Some of the key players in the market include Slovenské elektrárne, A.S., Axpo Holding AG, CONTOURGLOBAL PLC, VP Solar, and Acrosun s.r.o.
Slovakia Solar Energy Market Leaders
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Slovenské elektrárne, A.S.
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Axpo Holding AG
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CONTOURGLOBAL PLC
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VP Solar
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Acrosun s.r.o.
*Disclaimer: Major Players sorted in no particular order
Slovakia Solar Energy Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. EXECUTIVE SUMMARY
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3. RESEARCH METHODOLOGY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Installed Capacity and Forecast in MW, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 PESTLE Analysis
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5. MARKET SEGMENTATION
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5.1 End-User
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5.1.1 Residential
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5.1.2 Commercial
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5.1.3 Utility
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Slovenské elektrárne, A.S
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6.3.2 Axpo Holding AG
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6.3.3 CONTOURGLOBAL PLC
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6.3.4 VP Solar
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6.3.5 Acrosun s.r.o.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Slovakia Solar Energy Industry Segmentation
Slovakia solar energy market report includes:
| End-User | |
| Residential | |
| Commercial | |
| Utility |
Slovakia Solar Energy Market Research FAQs
What is the current Slovakia Solar Energy Market size?
The Slovakia Solar Energy Market is projected to register a CAGR of greater than 1% during the forecast period (2024-2029)
Who are the key players in Slovakia Solar Energy Market?
Slovenské elektrárne, A.S. , Axpo Holding AG , CONTOURGLOBAL PLC , VP Solar and Acrosun s.r.o. are the major companies operating in the Slovakia Solar Energy Market.
What years does this Slovakia Solar Energy Market cover?
The report covers the Slovakia Solar Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Slovakia Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Slovakia Solar Energy Industry Report
Statistics for the 2024 Slovakia Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Slovakia Solar Energy analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
