The European solar panel market is estimated to grow at a significant CAGR of 11% during the forecast period. The major factors boosting the market growth include a significant rise in the demand for solar energy and increasing incentives for renewable energy sources in the region. In November 2021, the leaders of Germany’s new government coalition, which includes the Greens, the Liberals (FDP), and the Social Democrats (SPD), unveiled their 177-page agenda for the next four years. The governing coalition aims to boost the share of renewables in gross power demand to 80% by 2030, assuming an increase in demand of between 680 and 750 TWh per year, according to the document’s renewable energy chapter. The coalition also committed to increasing the country’s solar energy ambition from 100 to 200 GW by 2030. At the end of September 2021, the country’s total solar capacity had surpassed 56.5 GW. This suggests that throughout the present decade, an additional 143.5 GW of PV capacity will be required.
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COVID-19 has jolted the global economy, and the whole world has been struggling to contain this disease. Due to COVID-19, there were no physical movements owing to the lockdown and government restrictions. Therefore, people started purchasing online to avoid going into crowded places. Following the recovery from the COVID-19 pandemic, the European government is likely to take regulatory measures to boost the growth of the domestic solar energy market. Renewable energy sources are projected to be promoted by factors such as planned solar projects and government incentives to lessen reliance on fossil fuels. During the forecast period, this is expected to boost demand for solar panels in the region.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Solar Panel Market by Type
- Solvent Polycrystalline Solar Panels
- Monocrystalline Solar Panels
- Amorphous Solar Panels
Global Solar Panel Market by Application
- Commercial
- Industrial
- Residential
- Others (Power Plants)
Regional Analysis
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Company Profiles
- Canadian Solar Inc.
- First Solar GmbH
- Yingli Green Energy Europe GmbH
- Trina Solar Ltd.
- Energy Panel, S.L.
- Sharp Solar Co.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the European solar panel market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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