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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.
The EIB''s Investment Survey published today polls more than 13 000 companies globally about the investment climate, focusing on employment, digital transformation, and climate issues. Against a backdrop of modest GDP growth and tight monetary conditions, Hungarian firms were cautiously optimistic about the investment outlook.
The main sources of concern are economic uncertainty, the increase in energy costs, and the availability of skilled staff. Hungarian businesses said they had to face several challenges, with 97% of firms grappling with increased energy costs. Some 88% of the businesses polled are proactively adopting strategies focused on energy savings and efficiency, aligning with the EIB''s commitment to sustainable practices and economic resilience.
Despite weather events impacting two-thirds of Hungarian businesses, there is room for improvement in climate resilience measures. Only 20% of Hungarian firms have taken steps to build resilience against physical risks caused by climate change, falling short of the EU average of 36%. In addition, only 11% of firms in the country have invested in solutions to reduce exposure to physical risks, while a mere 7% have a dedicated climate adaptation strategy.
The share of Hungarian firms seeing the transition to stricter climate standards and regulations as a risk is almost four times higher than the proportion that consider it an opportunity (44% and 12%, respectively). On the other hand, nine out of ten Hungarian companies are actively taking measures to reduce CO2 emissions, mirroring the EU average of 89%. Their primary actions include investing in energy efficiency (77%), minimising waste through recycling (62%), and adopting renewable energy generation (60%).
"Our annual investment survey serves as an important tool for the financial sector and public authorities. By comparing national results to EU averages, other Member States and a selection of companies in the United States, we can gain valuable insights into the needs and opportunities of various firms. Our analysis reveals that Hungarian companies have demonstrated resilience during the energy crisis, and their transition towards sustainable practices is underway. The EIB Group is committed to supporting Hungarian firms through financing for renewable energy, sustainable solutions and energy efficiency, ensuring their success in moving towards a greener and environmentally friendly future," said EIB Vice-President Teresa Czerwińska.
EIB Group annual results
The European Investment Bank Group (EIB Group), comprising the European Investment Bank (EIB) and its subsidiary, the European Investment Fund (EIF), supported Hungary''s economy with €490 million in new loans and guarantee commitments in 2023.
Last year, the EIB''s engagement in the country included financing for agriculture, industry and infrastructure, and support for small and medium-sized enterprises (SMEs) and mid-caps. Nearly two-thirds of total financing signed across these sectors supported climate action and environmental sustainability.
A €200 million framework loan agreement, co-financing the Hungarian Rural Development Programme managed by the Ministry of Agriculture, is set to boost sustainable development in farming, food production, and rural areas. Supporting SMEs in the agriculture sector, the project eliminates the financial constraints usually faced by these businesses. Furthermore, it promotes rural development with diverse investments, including basic infrastructure and services, contributing to the protection of natural resources. The green loan underscores the EIB''s continued efforts to drive positive change, contribute to rural development, and enhance sustainable living spaces.
The EIB provided backing for rooftop photovoltaic installations in Hungary to accelerate the energy transition, strengthen power supply security, and boost climate action. The contribution of €48 million, facilitated through two operations, significantly bolsters the country''s commitment to investing in renewable energy.
EIB Advisory Services in Hungary
The EIB Advisory Services continued to provide valuable advisory and capacity building support in Hungary. JASPERS alone has attracted over €22.1 billion in investments since 2006. In total, JASPERS has worked on 134 assignments, primarily in the transport sector, circular economy, research and innovation, water, and more.
The EIB has been working in Hungary since 1990, channelling more than €25 billion in financing for projects that support the country''s economy. The EIB is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
About Hungary renewable energy growth
As the photovoltaic (PV) industry continues to evolve, advancements in Hungary renewable energy growth have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Hungary renewable energy growth for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Hungary renewable energy growth featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
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