The global energy landscape is going through a major shift towards renewable based energy generation. This energy transition was possible after a decade of rapid technological advancement and a favorable regulatory environment. Additionally, factors such as decreasing costs of renewable energy sources and increasing competitiveness of battery energy storage technologies are expected to contribute to accelerated renewable deployment in the coming years. Furthermore, as the concern for climate change and support for environmental, sustainability and governance (ESG) considerations grow, the demand for clean and green power is expected to increase from almost all end-users.
The renewable energy market consists of establishments primarily engaged in operating renewable electric power generation facilities. Power generation can be from a variety of sources, including solar energy, wind energy, small hydro, bioenergy, geothermal and marine. The electric energy produced in these establishments is provided to electric power transmission systems or to electric power distribution systems.
Renewables accounted for 46.8% of the generated electricity in 2021. Among the renewable sources, solar accounted for 53.1%, and wind accounted for 38.5%.
Wind and solar power are the most prominent sources of renewable energy in Belgium. The country is currently manufacturing 4.8 GW of PV solar installations and 3.8 GW of offshore and onshore wind installations. Despite having a relatively short coastline, Belgium has become a powerhouse for offshore wind energy over the last decade. In addition to solar PV and (onshore and offshore) wind energy, Belgium has approximately 1.4 GW of hydro (primarily pumped hydro), 800 MW of biomass, and 292 MW of waste-based renewable energy plants.
Belgium is constructing a second offshore wind zone covering 281 km2 with a capacity of up to 3.5 GW. To drive cost-efficient deployment in the second offshore wind zone, the federal government is developing competitive bidding procedures. In order to connect offshore wind projects to the onshore grid, Belgium's transmission system operator (TSO) created a modular offshore grid. This offshore grid is expected to be expanded and upgraded in order to connect projects in the second offshore wind zone.
The federal government is looking into ways to expand offshore wind generation, such as repowering the first offshore wind zone and establishing a third offshore wind zone.
The installed capacity of solar photovoltaics in Belgium was 6585 MW, while for wind, it was 4780 MW. In 2021, the capacity increased by 18.1% and 2.1% for solar and wind, respectively, compared to 2020. In the past decade, each time the amount of solar photovoltaic installed capacity doubled globally, the price of installing solar panels and modules declined by 34%.
In the last decade (2010-2020), globally, the electricity generation from all the sources has increased by 2.2%, from 21,570 terawatt hours to 26,823 terawatt hours. During the same period, the power generation from renewables increased by 15.25%. The regulatory support by various countries has played an essential role in the growth of the global renewable energy market. Renewable energy tax credits and subsidies, feed-in tariffs, and competitive auctions helped reduce costs and spur deployment.
Since 2010, the cost of solar photovoltaic electricity has fallen by 85%, and the costs of both onshore and offshore wind electricity have fallen by about 50%. Both these clean energy sources have reached to a stage where they are now cost-competitive with fossil fuel electricity.
In fact, Renewables were the only energy source for which demand increased in 2020 despite the pandemic, while consumption of all other fuels declined.
The national energy and climate plan (NECP) is Belgium's main energy and climate policy document, outlining the actions that the federal and regional governments will take to help Belgium meet its 2030 targets. The NECP's measures are aimed at lowering energy demand and increasing the use of renewable energy, particularly for electricity generation and transportation.
Belgium promotes renewable energy generation primarily through requirements that electricity suppliers obtain green certificates. There are four distinct green certificate programs (one for the federal government that focuses solely on offshore wind generation and one for each of the three regional governments that focuses on a variety of renewable technologies)
In March 2022, the government announced a EUR 1.2 billion package of measures to accelerate the energy transition, including specific efforts aimed at the building sector. For example, for the years 2022-2023, the VAT on solar PV panels, solar thermal collectors, and heat pumps was reduced to 6%.
Belgium continues to rely on fossil fuels and faces energy security challenges. Nuclear energy accounts for more than half of total electricity demand, and the federal government intends to phase out most nuclear power by 2025. Almost half of Belgium's gas imports are from the Netherlands, with the majority delivered via a dedicated network linked to the Groningen gas field, which will cease production in mid-2022. Belgium is addressing energy security issues and has one of Europe's most interconnected electricity grids.
Furthermore, the report will contain the drivers and restraints within Belgium's Renewable Energy Market along with a meticulous evaluation of their impact in the near-, medium-, or longer term. Factors affecting renewable energy deployment include market conditions (e.g., cost, diversity, proximity to demand or transmission, and resource availability), policy decisions (e.g., tax credits, feed-in tariffs, and renewable portfolio standards) as well as country-specific regulations.
This product will be delivered within 3-5 business days.
The renewable energy market consists of establishments primarily engaged in operating renewable electric power generation facilities. Power generation can be from a variety of sources, including solar energy, wind energy, small hydro, bioenergy, geothermal and marine. The electric energy produced in these establishments is provided to electric power transmission systems or to electric power distribution systems.
Belgium Renewable Energy Market Scenario
The National Energy and Climate Plan of Belgium set a 2030 target of a 35% reduction in greenhouse gas (GHG) emissions from the energy sector from 2005 levels, 17.5% renewables in gross final energy consumption, and a significant reduction in energy demand. Belgium has made progress toward these objectives. The country is a global leader in offshore wind, with 2.26 GW in 2020 and plans for 5.7 GW or more by 2030.Renewables accounted for 46.8% of the generated electricity in 2021. Among the renewable sources, solar accounted for 53.1%, and wind accounted for 38.5%.
Wind and solar power are the most prominent sources of renewable energy in Belgium. The country is currently manufacturing 4.8 GW of PV solar installations and 3.8 GW of offshore and onshore wind installations. Despite having a relatively short coastline, Belgium has become a powerhouse for offshore wind energy over the last decade. In addition to solar PV and (onshore and offshore) wind energy, Belgium has approximately 1.4 GW of hydro (primarily pumped hydro), 800 MW of biomass, and 292 MW of waste-based renewable energy plants.
Wind Energy in Belgium
The federal government established a 225-square-kilometer (km2) offshore wind zone. In the offshore wind zone, nine offshore wind farms with a total capacity of 2.26 gigawatt (GW) had been built as of 2021.Belgium is constructing a second offshore wind zone covering 281 km2 with a capacity of up to 3.5 GW. To drive cost-efficient deployment in the second offshore wind zone, the federal government is developing competitive bidding procedures. In order to connect offshore wind projects to the onshore grid, Belgium's transmission system operator (TSO) created a modular offshore grid. This offshore grid is expected to be expanded and upgraded in order to connect projects in the second offshore wind zone.
The federal government is looking into ways to expand offshore wind generation, such as repowering the first offshore wind zone and establishing a third offshore wind zone.
The installed capacity of solar photovoltaics in Belgium was 6585 MW, while for wind, it was 4780 MW. In 2021, the capacity increased by 18.1% and 2.1% for solar and wind, respectively, compared to 2020. In the past decade, each time the amount of solar photovoltaic installed capacity doubled globally, the price of installing solar panels and modules declined by 34%.
In the last decade (2010-2020), globally, the electricity generation from all the sources has increased by 2.2%, from 21,570 terawatt hours to 26,823 terawatt hours. During the same period, the power generation from renewables increased by 15.25%. The regulatory support by various countries has played an essential role in the growth of the global renewable energy market. Renewable energy tax credits and subsidies, feed-in tariffs, and competitive auctions helped reduce costs and spur deployment.
Since 2010, the cost of solar photovoltaic electricity has fallen by 85%, and the costs of both onshore and offshore wind electricity have fallen by about 50%. Both these clean energy sources have reached to a stage where they are now cost-competitive with fossil fuel electricity.
In fact, Renewables were the only energy source for which demand increased in 2020 despite the pandemic, while consumption of all other fuels declined.
Energy Policy of Belgium
Belgium supports EU carbon neutrality by 2050 and has adopted its own Long-Term Energy and Climate Strategy in accordance with EU requirements (LTS2050). The LTS2050 aims to put Belgium on track to support the Paris Agreement and EU carbon neutrality by 2050.The national energy and climate plan (NECP) is Belgium's main energy and climate policy document, outlining the actions that the federal and regional governments will take to help Belgium meet its 2030 targets. The NECP's measures are aimed at lowering energy demand and increasing the use of renewable energy, particularly for electricity generation and transportation.
Belgium promotes renewable energy generation primarily through requirements that electricity suppliers obtain green certificates. There are four distinct green certificate programs (one for the federal government that focuses solely on offshore wind generation and one for each of the three regional governments that focuses on a variety of renewable technologies)
In March 2022, the government announced a EUR 1.2 billion package of measures to accelerate the energy transition, including specific efforts aimed at the building sector. For example, for the years 2022-2023, the VAT on solar PV panels, solar thermal collectors, and heat pumps was reduced to 6%.
Belgium continues to rely on fossil fuels and faces energy security challenges. Nuclear energy accounts for more than half of total electricity demand, and the federal government intends to phase out most nuclear power by 2025. Almost half of Belgium's gas imports are from the Netherlands, with the majority delivered via a dedicated network linked to the Groningen gas field, which will cease production in mid-2022. Belgium is addressing energy security issues and has one of Europe's most interconnected electricity grids.
What is covered in the report?
Publisher's Belgium Renewable Energy Market report contains the installed capacity of renewable power generation sources (year-on-year) until 2027, the list of ongoing and upcoming renewable power generation projects such as solar photovoltaic farms, concentrated solar power projects, onshore wind, and offshore wind energy projects and the regulatory scenario within the renewable energy market of Belgium.Furthermore, the report will contain the drivers and restraints within Belgium's Renewable Energy Market along with a meticulous evaluation of their impact in the near-, medium-, or longer term. Factors affecting renewable energy deployment include market conditions (e.g., cost, diversity, proximity to demand or transmission, and resource availability), policy decisions (e.g., tax credits, feed-in tariffs, and renewable portfolio standards) as well as country-specific regulations.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Research Scope and Methodology4. PESTLE Analysis7. Key Company Profiles8. Conclusions and RecommendationsAbbreviationsAdditional NotesDisclaimer
3. Market Analysis
5. Market Segmentation & Analysis
6. Competitive Landscape
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Siemens Gamesa Renewable Energy
- S.A.
- General Electric
- Acciona
- S.A.
- Tata Power
- EDF Renewables
- Engie SA
- Enel SPA
- Iberdrola
- Adani Green Energy Limited
- Invenergy
- Innergex Renewable Energy
