"Renewable energy" refers to energy derived from nearly infinite naturally replenishing sources that occur over a long period of time in human history, including sunshine, wind, rain, tides, waves, and geothermal heat. Fossil fuels, which are scarce and significantly contribute to resource depletion and greenhouse gas emissions that degrade the environment, can be replaced with sustainable energy sources. While wind turbines are used in wind energy conversion, photovoltaic panels and solar thermal systems are employed in sun energy collection.
According to SPER market research, ‘Italy Renewable Energy Market Size- By Type - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Italy Renewable Energy Market is predicted to reach USD XX billion by 2033 with a CAGR of 7.38%.
Drivers:
- The share of solar-generated power has been rapidly increasing as a result of the nation's recent substantial investments in solar technology from international forums and private enterprises. About 26% of the country's electricity mix came from solar power sources as of 2020.
- Italy's total solar PV capacity exceeded 21.340 MW, according to a 2020 Solar Power Europe study. Furthermore, by the end of 2024, the country plans to construct an extra 6.3 GW, which would support the segment's growth in the coming years.
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Challenges: The unpredictability of regulations is one of the primary issues, leaving developers and investors in the dark. By inhibiting long-term project implementation and investment planning, changes in incentives and rules may make the development of renewable energy infrastructure more challenging. Grid integration is another problem because it may be difficult for the current grid infrastructure to handle intermittent renewable energy supply. This difference may force expensive infrastructural improvements or result in a decline in renewable energy production.
Impact of COVID-19 on Italy Renewable Energy Market
Italy's renewable energy economy was significantly impacted by the COVID-19 pandemic, which upended multiple industries. Lockdown processes and supply chain disruptions caused building delays for renewable energy projects that affected deployment plans and income predictions. Travel bans and social distance regulations that complicated on-site labor and maintenance operations caused further delays in the project's completion. New renewable energy project investment also decreased as a result of investors becoming more cautious as a result of the economic concerns brought on by the epidemic. Additionally, the decline in electricity consumption at the pandemic's peak affected the dynamics of the renewable energy market by reducing the urgent need for additional producing capacity.
Additionally, some of the market key players are; Edison SpA, EF Solare Italia SpA, Enel Green Power SpA, ERG SpA, Gruppo STG Srl, Peimar Srl.
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.
For More Information about this Report: –
Italy Renewable Energy Market Outlook
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