Renewable Market Watch™ Published a New Report Titled 'Western Balkans Solar Photovoltaic (PV) Power Market Outlook - Industry Analysis, Deal Tracking, Growth, Investment Volume, Country Ranks, Share, Size, Trends, and Forecast 2025 - 2034'
/LONDON, February 12, 2025, 9:00 GMT, RENEWABLE MARKET WATCHTM/ This market report offer an incisive and reliable overview of the solar photovoltaic power sector of Western Balkan countries for the period 2025 ÷ 2034. Newly installed PV capacity in this region will exceed 17 GWs in the next 5 years. The number of fully permitted and ready-to-build projects is promptly increasing. The rooftop solar PV market segment in many countries is not developed and is forecasted to score significant growth soon. Energy demand in the region is constantly increasing, according to the Western Balkans Solar Photovoltaic (PV) Power Market Outlook 2025÷2034. Some countries can exceed their electricity production demand needs with the support of renewable energy. Furthermore, some Western Balkan countries are currently in various EU membership joining statuses.
In electricity production, coal is the dominant energy source in Western Balkans, accounting for between 43 per cent to over 80 per cent in some countries, followed by hydropower with a share of between 15 per cent to over 85 per cent in some countries. In those countries with a predominant share of large coal reserves, an increase in natural gas use and renewable energy deployment can be expected due to ecological requirements and the need to reduce CO2 emissions.
The Western Balkan countries are home to the most polluting coal power plants in the whole of Europe, according to the Health and Environment Alliance (HEAL). Annual emissions from the 16 coal power plants (16 GW) in the Western Balkans are almost as high as from the 296 existing coal plants (156 GW) in the EU-27. Coal power plants in the Western Balkans cause damage to health beyond national borders due to the long-distance travel of pollutants in the air. The health damage caused by combustion in coal plants is not limited to the power plant's proximity. Some pollutants in exhaust clouds from the smokestack can be transported to neighbouring European countries and beyond. This means that plants in the Western Balkans can significantly contribute to overall air pollution on the continent. Controlling air pollution from coal power plants is a huge opportunity to save 6,460 lives and 2,724 mil EUR in healthcare costs in the next decade. Implementing more stringent environmental rules in the Western Balkans is an opportunity to reduce the number of premature deaths and improve people's health not only in the Western Balkan region but across Europe.
The Platform Initiative in Support of Coal Regions in Transition in Western Balkans and Ukraine, created in September 2019, will assist the coal regions of the Western Balkans in developing and implementing comprehensive policies that enable inclusive strategies for transitioning to low-carbon energy systems. It brings together international institutions and partners in both areas to deliver knowledge, share lessons learned from regions in the European Union and beyond, and provide planning support and financing.
The initiative was established after Western Balkan countries committed to moving towards clean energy in the Podgorica Joint Statement of 21 February 2019. The establishment of the Platform mirrors a similar approach within the EU, where a “Just Transition Platform” supports the implementation of the Just Transition Mechanism. This pledges at least €100 billion in investments over the period 2021-2027 to support workers and citizens of regions where high-carbon assets are located.
The EBRD’s Green Economy Transition (GET) approach 2021-25 aims to increase the Bank’s green financing to more than half its annual business volume by 2020 while helping countries where it works build low carbon and resilient economies. In line with the Paris Agreement and the GET approach, the EBRD’s own Just Transition Initiative, launched this year, aims to ensure the benefits of a green economy transition are shared while protecting vulnerable countries, regions and people from falling behind. It will do this by combining its expertise in green economy investments with its focus on economic inclusion.
Non-hydro renewables such as solar and wind have a limited presence in the energy mix of Western Balkan countries but are steadily increasing in the past few years. The region has a significant transformation potential towards a low-carbon energy system, according to the Renewable Market Watch™. Only Albania has no reliance on coal, with the generation coming exclusively from hydro. In contrast, half of Bosnia and Herzegovina's installed capacity is based on coal-fired power plants, rising to almost two-thirds in Serbia and almost 100 per cent in Kosovo.
The Western Balkans solar energy market is expected to be heading toward an expansion phase by 2034. Factors propelling the market growth include concerns regarding the negative environmental impacts of fossil fuels, a decrease in coal power generation capacity, replacement of aged power generation units based on fossil fuels, compliance with the European Green Deal, and others. Also, serious growth in the residential and commercial building stock and economic growth in the largest Western Balkans cities are significant factors driving the solar energy market.
The report provides a complete picture of the market situation, dynamics, current issues and future prospects. You will find more than 250 pages of valuable information in this unique in-depth analysis of the Western Balkans solar photovoltaic (PV) market and will receive an overview of how the military conflict in Ukraine will impact it. With comprehensive market data, this report brings clear and concise insights to help investors in their decision-making process. As 2024 was a challenging year for the solar photovoltaic (PV) market industry, the time for making the right decisions during 2025 and the next few years is limited. The fast-changing market environment requires relevant and accurate information. For your convenience, we offer the opportunity for orders with customized report content. Reasons to buy this market report are, but are not limited to:
- Overview of the Western Balkans political and economic environment
- Solar resource potential in the Western Balkans
- Over 80 charts, tables and maps
- Overview of the Western Balkan photovoltaic market development 2014 ÷ 2034
- Grid-connected photovoltaic installations
- Future market trends and planned photovoltaic projects for 2025 ÷ 2034
- Market prices of fully permitted and operational photovoltaic projects
- The Western Balkan legal and energy regulatory framework for renewable projects
- Key companies and competitive landscape in the photovoltaic sector
- Review of most relevant financing and supporting incentives
- SWOT Analysis (detailed in 5 pages)
This report is essential reading for you or anyone interested in the promising Western Balkans Solar Power Market, including an investment trend overview, competitive landscape and forecast of how investment volume in this market will develop over the next ten years. This report provides a comprehensive analysis of existing mechanisms supporting solar energy use in the Western Balkans and highlights the challenges and opportunities associated with their developments.
The author of this report, Renewable Market Watch™, has distinguished itself throughout the years by publishing unbiased reports on the development of global renewable energy markets. For your convenience, we offer the opportunity for orders with customized report content.
The more information and answers to your questions about the Western Balkans Solar Power market and related content, you may read here: Western Balkans Solar Photovoltaic (PV) Market Outlook 2025 ÷ 2034
To download the executive summary brochure with sample pages for the Western Balkans Republic solar power market, please access from here: Western Balkans Solar Photovoltaic (PV) Power Market Outlook - Sample
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