Europe Solar Energy Systems Market to be Dominated By The Solar Panels Segment Through 2028
Rising demand for clean
energy and focus on net zero carbon emissions are likely to propel the Europe
solar energy systems market during the forecast period.
According
to TechSci Research report, “Europe Solar Energy Systems Market - By Country,
Competition Forecast & Opportunities, 2028F,” the Europe Solar Energy Systems market is expected to
boost in the forecast period and maintain a high CAGR. The market growth can be
attributed to the growing need for clean and sustainable energy, various
government initiatives in the renewable energy sector, and reduction in carbon
emissions, among others.
Solar
energy is being used by various sectors to reduce their dependence on fossil
fuels and coal. That's why they use green energy sources, including solar
power, for multiple purposes such as generating electricity, solar-powered
pumps, solar house heating, solar power ventilation fans, among others.
Additionally, the residential sector is seeking a rise in the need for focused
solar energy owing to reduced maintenance requirements and the capacity to
provide electricity without the use of fossil fuels and coal. The increasing
public awareness of the negative effects of fossil fuels on the environment and
the ongoing efforts of many countries to adopt energy-efficient technologies,
among others, are factors promoting solar technology. Therefore, the Europe
solar energy systems market is expected to rise in the forecast period.
Some
of the major reasons propelling the growth of the Europe solar energy systems
market include the rising demand for solar electricity and the requirement for
efficient energy generation. Additionally, various government initiatives to
support renewable energy sources are also anticipated to promote the expansion
of the Europe solar energy systems market. However, some of the major obstacles
limiting the growth of this industry are high initial investment prices and a
lack of knowledge about solar technology. But with the declining cost of
photovoltaic (PV) cells, there are expected to be ample opportunities for
market players in the upcoming years.
The
Europe Solar Energy Systems market can be segmented by product type, service,
end use, country and competitive landscape. Based on product type, the market
is segmented into solar panels, solar inverters, and solar batteries.
Furthermore, the solar panel segment is divided into monocrystalline,
polycrystalline, and thin film. Also, the solar inverter segment is divided
into central, string, and micro. Additionally, the solar battery segment is
fragmented into lithium-ion, lead acid, and flow battery. Based on service, the
market is segmented into new installation and maintenance & repair. Based
on end use, the market is segmented into commercial, residential, industrial,
and agriculture.
Based
on product type, the solar panel segment had the largest market share in 2022
and is expected to register a significant CAGR during the forecast period. The
most important part of a solar energy system is the solar panel, which
transforms solar energy into electrical energy. Depending on the installation's
requirements, multiple solar panel types, including crystalline silicon and
thin film, are employed. In 2022, significant investments have been made to
boost the effectiveness and life of the solar panel. For instance, in April
2022, Enel Green Power and the European Commission signed an agreement under
the EU's First Innovation Fund framework for the large-scale projects that are
likely to contribute to the development of TANGO. TANGO is an industrial-scale
production plant for the manufacturing of PV modules at Enel's 3Sun solar panel
factory in Catania, Sicily. Additionally, under the agreement, the factory's
expansion is expected to lead to a 15-fold increase in the production capacity
to 3 GW per year from 200 MW. This facility is anticipated to be fully
commissioned by the end of July 2024.
Based
on Country, Germany had the largest market share in 2022 and is expected to
maintain a significant CAGR during the period of 2024-2028F, owing to increased
climate awareness, significantly lower solar technology prices, improved
subsidy conditions, among others. Germany is one of the most influential
players in the solar energy industry.
The
German government launched the Renewable Energy Sources Act (EEG) in 2000 to
incentivize solar energy adoption. The country's government has invested in
R&D to boost the efficiency and cost-effectiveness of solar technology. In
2020, Germany added 4.8GW of new capacity, which means that the country
installed its photovoltaic power increased by around 1GW in 2019 when annual PV
additions hit 3.94GW.
Also,
in the past years, Germany has been one of Europe's biggest solar markets in
2022, with 7.9GW of newly installed capacity, followed by Spain, Poland, the
Netherlands, and France, with installed capacities of 7.5GW, 4.9GW, 4.0GW, and
2.7GW, respectively.
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Solar Energy Systems Market.”
Key
market players in the Europe Solar Energy Systems Market include:
- Hanwha
Q CELLS GmbH
- REC
Solar Holdings AS
- Elecnor
Group
- Luxor
Solar GmbH
- IBC
Solar AG
- Aleo
Solar GmbH
- Selfa
GE SA
- Schneider
Electric SE
- Siemens
AG
- General
Electric Company
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“The Europe
Solar Energy Systems market is projected to experience significant growth in
the coming years, maintaining a high CAGR throughout the forecast period. This
growth can be attributed to several factors, including the rise of urbanization
and industrialization, the decreasing usage of fossil fuels like coal and oil,
among others. Furthermore, solar energy plays a crucial role in the clean
energy transition, contributing to the achievement of the REPowerEU plan and
reducing the European Union's reliance on fossil fuels. Moreover, governments
in the region have implemented supportive policies to encourage the deployment
of rooftop PV arrays, thus enhancing the solar energy systems market. For
example, in May 2022, the European Commission mandated the installation of
rooftop solar on public, commercial, and residential buildings by 2027 and
2029, respectively. Additionally, the European Union has increased its
renewable energy target for 2030 from 40% to 45%. Consequently, the Europe
solar energy systems market is expected to witness substantial growth in the
coming years. - Mr. Karan Chechi, Research Director at TechSci Research, a
research-based global management consulting firm.
“Europe Solar Energy Systems Market By
Product Type (Solar Panels (Monocrystalline, Polycrystalline, Thin Film), Solar
Inverters (Central, String, Micro), Solar Batteries (Lithium Ion, Lead Acid,
Flow Battery)), By Service (New Installation, Maintenance & Repair), By
End-Use (Commercial, Residential, Industrial, Agriculture), By Country,
Competition Forecast & Opportunities, 2028,” has evaluated the future
growth potential of Europe Solar Energy Systems Market and provides statistics
and information on market structure, size, share, and future growth. The report
is intended to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Europe Solar Energy Systems Market.
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