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The renewable energy market includes a range of clean energy sources. The market has been growing steadily in recent years, driven by government policies and regulations aimed at reducing carbon emissions and combating climate change. The renewable energy sector is expected to continue to grow as the world moves towards a more sustainable and low-carbon energy system. The market is highly competitive, with numerous companies vying for market share and investing heavily in research and development to improve efficiency and reduce costs. The market is also supported by increasing demand from consumers and businesses who are looking to reduce their environmental footprint and embrace sustainable energy solutions.
Renewable energy market has 6 sources of energy : solar, wind, marine, hydropower, bioenergy, and geothermal energy.
The energy market is expected to continue growing, with increasing demand for energy worldwide as populations grow and economies develop. However, the mix of energy sources is expected to shift towards cleaner and more sustainable options, with renewable energy sources like solar, wind, and hydropower projected to continue growing rapidly. Fossil fuels are expected to gradually decline in importance, although they are likely to remain significant contributors to the global energy mix for several decades, especially in countries that rely almost totally on fossils.
The outlook for the nuclear power market varies depending on the region and country. In some countries, such as China, nuclear power is expected to continue to grow and be an important part of their energy mix. However, in other countries, such as Germany and Japan, there are plans to phase out nuclear power in the coming years. Additionally, the development of new nuclear power projects has been slow due to several factors, including safety concerns, public opposition, and high costs. The construction of new nuclear power plants has also faced delays and cost overruns. The ongoing Russia-Ukraine war has far-reaching effects on the nuclear market, as sanctions imposed on Russia cast doubts on the future of its nuclear industry in the global arena.
The data encompasses B2B enterprises. Figures are based on the value of electricity production in the energy market.
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as annual reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts.
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electricity generation due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.
The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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Take advantage of our market research to plan your expansion into the Bulgarianoil & gas market. This guide includes information on:
Bulgaria started renewable energy promotion, including the establishment andimplementation of the institutional and legal framework only in 2007, which is far later than the other old EU member states. The state experienced the strong RESdevelopment in two periods (2007-2012 and 2012-2016 )and increased its sharedramatically. Currently the installed output of RES plants in Bulgaria stands at well over 1700 MW (mostly wind and photovoltaic). Bulgaria is among the 11 EU member states that have already hit their 2020 renewable energy target. According to the National Statistic Institute the share ofrenewable energy in gross final energy consumption in 2018 was 20.5% (https://).
In Bulgaria, there are 242 hydropower plants in operation. In total, the National Electric Company (NEK) owns 30 conventional hydro and pumped storage plants with a total installed capacity of 2,713 MW in generating mode and 937 MW in pumping mode. Hydropower''s importance is notlimited to the production of energy. It plays a key role in greenhouse gas emissions reduction.
Hydropower contributes to an annual avoidance of 491,690 tons of CO2 emissions, which translates into an annual CO2 cost avoidance of $3,5 million. Another significant benefit of the sector is the opportunity for integrated water resource management to reduce the risk of natural disaster.
Some of them are listed below, and describe some possible ways in which Bulgaria couldfocus its investments for the solar panels sector:
In the period 2021-2030, opportunities will be sought for financing of renewable resources unit projects and measures will be considered to guarantee access to consumption of electricity from renewable sources for low-income consumers.
Bulgaria was designed to allocate33 million EUR for the development of renewable energy sourcesand to improve energy efficiency. These investments will allow sectors like solar energy, wind energy etc. to grow further in the coming years.
The data shown below indicate thegrowth trend for the solar energy sector, in particular, linked to solar panels, which constitute a fundamental part of the electricity market. Shortly, the installedcapacity in the coming years will range from1286 to 1415 GWh per year. It will allow reaching a quantity of installed power of 1320 MW by 2030.
Bulgaria have substantial hydro (storage) capacities and unlike most other SEE countries already considerable wind and solar capacity installed due to a successful five-year implementation of feed-in tariffs. Bulgaria''s electricity export tariff was abolished on July 1, 2019 according to theproposed changes to the energy law, which brought also bring 750 MW of renewable capacity to the free market, creating more competition and liquidity.
Hydropower has shown a relatively slow growth rate in the past 6 years with a net addition of only some 50 MW. Depending on the available water supply, hydropower production can varysignificantly. For example, the range of the capacity factor in the years 2011-2017 was between 13% (2017) and 20% (2015), which equals to full load hours of 1,200 h/a and 2,400 h/a, respectively. However, since the contribution of hydropower to the total annual electricity generation is relatively small – on average 11% in the years 2011-2017 – and the generation portfolio is well diversified,security of supply is generally not affected from the availability of hydropower capacities.
Austrianutility EVN signed a deal with NEK for the long-delayed construction ofa chain of hydro power plants inBulgaria. The agreement was for the implementationof thehydrocomplex onthe Gorna Arda river in southern Bulgaria, close to the border with Turkey.
Austria’s Alpine BAU withdrew from its tie-in with EVN for the construction of the hydro powercomplex in Bulgaria. Due to changes in the energy policy environment in Bulgaria, Austria-based EVN said it is placing the 175-MW Gorna Arda hydropower plant project on hold because "itsrealization is not possible under the current circumstances."
Bulgarian energy solutions provider CEZ ESCO, part of Czech energy group CEZ, will build a195 kWp solar power plant for the needs of textile products manufacturer Delta Textile-Bulgaria,Sofia municipality completed recently $20.7 million/18.6 million EUR tender forthe production of refuse-derived fuel (RDF) from waste. The tender, divided into five lots, envisaged the production of up to 80,000 tons of RDF per year in different forms.The project envisages the processing of municipal solid waste inwaste depot Sadinata, near Sofia.
Bids in the tender will be ranked based on price and technical criteria, with a weight of 60% and 40%, respectively.The deadline for submitting offers is September 20.
B.S. companies are competing with Chinese and European companies in the renewable energy market. Chinese companies, due to low prices, continue to dominate, however, foreign-ownedportion of the local renewable energy power generation market offers significant opportunities to U.S. companies, particularly in following products:
Conducting due diligence while searching for reputable local representative is key to successfully enter the market Enlisting a qualified local legal representation for contract negotiations is also highly recommended. The U.S. Commercial Service located in the U.S. Embassy in Sofia can assist with market research, contact facilitation, contact evaluation, and service providers – refer to: https://
In Bulgaria, the regulation of the activities in the energy sector, water supply and sewerageinfrastructure are carried out by the Commission for Energy and Water Regulation (EWRC). EWRC is an independent, specialized state structure - a corporate legal person with headquarters in Sofia,Bulgaria. It is a collective body consisting of 13 members, including a chairman and two deputy chairmen. As a key institution in the Bulgarian water market, this commission regulates the water prices.
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