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The Belgium solar power market is growing strong. According to Blackridge Research and Consulting, the Belgiumn installed solar power capacity is expected to reach 22.4 GW by 2029 from 9.9 GW in 2023, translating to growth of 126.26%. This impressive growth is driven by the supportive government programs in Flanders, aggressive NECP plans in Brussels and Wallonia for renewable energy deployments, low solar PV installation costs, and increasing transmission tariffs.
However, the factors, such as lack of policy incentives in Brussels and Wallonia and normalizing electricity prices, are restraining market growth.
In 2023, Brussels produced around 203 GWh of electricity from solar and hence, to reach the 2030 target, the region will have to register an installation capacity increase of around 70%. Therefore, NECP targets will have a strong impact on the solar energy market in Brussels.
However, currently Brussels only accounts for 2.7% of the total capacity. Hence, stronger adoption in Brussels is unlikely to have much impact on the Belgium solar market as a whole.
Wallonia, on the other hand, only produced 1778 GWh of solar energy in 2023 and hence, to reach its 2030 target, the region will have to increase its capacity by almost threefold.
Wallonia currently accounts for around 22% of the country’s solar capacity. An aggressive solar capacity addition in Wallonia can translate into more than 40% of national solar capacity additions by 2030 compared to 2023.
The Wallonia region's need to nearly triple its solar capacity by 2030 and Brussels's efforts towards a 70% increase in solar capacity to meet its 2030 goals act as a significant driver for Belgium's solar power market.
The average electricity tariffs in Belgium increased significantly from EUR 31.85 per MWh in 2020 to EUR 103.81 per MWh in 2021 and EUR 241.24 per MWh in 2022.
In 2023, tariffs reduced to an average EUR 97.63 per MWh. The first part of 2024 is also witnessing a decline, with tariffs declining consistently during January to April. During these four months, the average tariff was EUR 62.33 per MWh.
The increasing tariffs have helped the solar system adoption in the country during 2021-2023. However, the tariffs are now normalizing and are unlikely to reach the levels of 2021 and 2022 during the forecast period. The normalization of the tariffs will negatively impact the market in the years to come.
Like the other nations in the Europe solar power market, the government policies play a vital role in the development of the solar industry in Belgium. However, the government policies are mainly drafted on the regional level and hence, the dynamics of the solar market in the country varies from region to region.
There are three regions in the country and hence, the solar market can be divided into these three regions: Flanders, Wallonia, and Brussels.
The Flanders region has been the earliest adopter of solar energy, with major adoption starting in the late 2000s. Flanders was followed by Wallonia, which started aggressively adopting solar in its power mix in the early 2010s. Brussels has been a late starter and has only seen large capacity additions since 2018. As a result, Flanders currently dominates the solar installations in the country.
The Belgian solar power market is currently dominated by solar photovoltaics owing to the drivers mentioned in the former sections. Whereas Belgium currently does not have any CSP plants designed for power generation. However, in recent years, the country has registered the installation of three CSP projects designed for thermal energy generation.
The Belgian solar energy market is dominated by rooftop solar installations, that too in the Flanders region in particular. However, Wallonia region has also registered stronger growth during 2022 and 2023.
The non-residential sector holds a relatively smaller market share, approximately one-third in terms of both installed capacity and capacity additions in 2023, in Belgium's solar market.
Blackridge Research's Belgium solar power market report provides insights into the current Belgium market demand scenario and its outlook.
The new report from Blackridge Research on the Belgium solar power market provides comprehensive qualitative and quantitative analyses along with a deep insight into the current and future of the market.
(You can access a comprehensive list of both existing and upcoming solar power projects, along with their current status, through our extensive Belgium Solar Power Projects Database.)
The study covers all the major underlying market dynamics that help the market develop and grow, as well as the factors that constrain Belgium market growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and will function as a guide for you to analyze the degree of impact.
This report discusses the market overview, the latest updates, critical commercial developments and structural trends, and government policies and regulations.
The report provides the Belgium solar energy market size and demand forecast until 2029, including year-on-year (YoY) growth rates and CAGR.
The report examines the critical elements of the solar industry supply chain, its structure, and the participants.
Using Porter's five forces framework, the report covers an assessment of the industry's state of competition and profitability.
The report dissects the Belgium solar power market into various segments based on technology (solar PV, and concentrated solar) and by deployment segment (residential, and Non-residential).
A detailed summary of the current scenario, recent developments, and market outlook will be provided for each market segment.
Further, solar power market share, size, and demand forecasts will be presented, along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for bespoke market segmentation to better align the research report with your requirements.
This report presents detailed profiles of key companies in the Belgium solar industry, such as European Energy A/S, EnergyVision, PerPetum Energy BV, Belga Solar, etc. In general, each company profile includes an overview of the company, relevant products and services, a financial overview, and recent developments.
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements related to solar energy projects.
The study also discusses the strategies adopted by leading solar power companies in Belgium.
The executive summary will be packed with charts, infographics, and forecasts. This chapter summarizes the report's findings crisply and clearly.
The report begins with an executive summary chapter and ends with conclusions and recommendations.
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Market Outlook
5. PESTLE Analysis
6. Market Segmentation & Analysis
7. Competitive Landscape
8. Key Company Profiles
9. Conclusions and Recommendations
Abbreviations
Additional Notes
Disclaimer
Report - Belgium Solar Power Market Outlook to 2029.pdf
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