The term "renewable energy" describes energy that comes from practically limitless naturally replenishing sources throughout human timescales, such as sunshine, wind, rain, tides, waves, and geothermal heat. Renewable energy sources provide sustainable alternatives to fossil fuels, which have limited supply and greatly contribute to resource depletion and greenhouse gas emissions that worsen the environment. Photovoltaic panels and solar thermal systems are used in solar energy harvesting, whereas wind turbines are used in wind energy conversion.
Italy Renewable Energy Market Driving Factors and Challenges
Drivers: It is predicted that the solar type subsegment would lead the Italian renewable energy market as solar photovoltaic (PV) installations increase. By2025, coal-fired electricity is expected to be completely phased out nationwide. The country's removal of nuclear and coal fuels from the energy mix is a result of the national energy plans' reduction of carbon emissions targets. The market for renewable energy is anticipated to benefit greatly from the program. Significant market development is anticipated as a result of the EU's and the Italian government's initiatives to support the production of renewable energy.
Challenges: One of the main challenges is the unpredictable nature of rules, which has left investors and developers in the dark. Changes in incentives and laws could make it more difficult to create renewable energy infrastructure by discouraging long-term project implementation and investment planning. Another issue is grid integration, since it might be challenging for the existing grid infrastructure to manage intermittent renewable energy generation. This disparity can compel costly upgrades to the infrastructure or lead to a decrease in the generation of renewable energy.
Impact of COVID-19 on Italy Renewable Energy Market
The COVID-19 pandemic had a major effect on Italy's renewable energy economy, upending several economic sectors. Deployment plans and income estimates were impacted by the building delays for renewable energy projects caused by lockdown procedures and supply chain interruptions. Project completion was further delayed by travel restrictions and social distancing rules that impeded on-site work and maintenance activities. Furthermore, as investors were more cautious due to the economic uncertainties brought on by the pandemic, there was a decrease in investment in new renewable energy projects. Additionally, the market dynamics for renewable energy were impacted by the decrease in electricity demand at the pandemic's peak, which lessened the immediate need for increased generating capacity.
Italy Renewable Energy Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Edison SpA, EF Solare Italia SpA, Enel Green Power SpA, ERG SpA, Gruppo STG Srl, Peimar Srl, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS, Others.
Italy Renewable Energy Market Segmentation:
By Type: Based on the Type, Italy Renewable Energy Market is segmented as; Solar, Wind, Hydro, Others.
By Region: This research also includes data for Eastern, Western, Southern, Northern.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.