European solar panel market is estimated to grow at a CAGR of 7.0% owing to favorable initiatives for renewable energy sources in the region. As per International Energy Agency (IEA), Germany is intended to enhance its renewables share to 40%-45% by 2025, to 55%-60% by 2035 and to reach a minimum of 80% by 2050, as set in Renewable Energy Sources Act (EEG 2014).
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To support the market development of renewables, the German Feed-in Tariff (EEG) came into force in 2000. This policy ensures financial support and investment security for all types of renewable energy sources. It has allowed Germany to experience a considerable rise in the renewable energy share in its electricity consumption. Installations authorized before the end of 2016 and coming on stream in 2017 or 2018 can still receive the statutory feed-in tariff (transitional provision under the 2014 Renewable Energy Sources Act).
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In Germany, small renewable energy sources (RES-E) plants up to 100 kW are eligible for a feed-in tariff as set out in the EEG 2017 (Section 19 par. 1 no. 2. and Section 21 EEG 2017). The eligibility is combined with the plant operator obligation to feed the electricity into the grid in the months for which they can raise the claim of getting the financial support. These initiatives have led the electricity generation from solar energy. For instance, as per SolarPower Europe, the largest solar market in Europe was Germany with 2.96 GW of new grid-connected capacity in 2018, increased 68% from the 1.76 GW installed in 2017. This, in turn, is boosting the European solar panel market.
Moreover, SolarPower Europe is a member-led association which aims to ensure that more energy is produced from solar power as compared to any other energy source by 2030. This is intended to make solar the core of an inclusive, smart and sustainable energy system. The association works to effectively communicate the advantages of solar energy with consistent messages in Europe and across the globe. It ensures that solar power solutions have access to financing and funding across Europe with communication and exchange with the finance community.
In March 2019, SolarPower Europe signed a Memorandum of Understanding (MOU) with National Solar Energy Federation of India (NSEFI). This agreement is aimed at strengthening the cooperation and exploring new business opportunities for solar companies in the Indian and European solar market. India is one of the fastest-growing markets for solar capacity, which is expected to surpass 25 gigawatts (GW) of cumulative capacity in 2018. Therefore, several members of SolarPower Europe are highly interested to enter or already active in the market. SolarPower Europe and NSEFI have identified digitalization and storage, operation & maintenance (O&M) and installation quality, as major areas of cooperation. By using best practices and exchanging knowledge, this cooperation agreement can benefit both Indian and European solar industry and thereby will contribute to the growth of the European solar panel industry.
Furthermore, some companies are expanding the reach of solar products across Europe. This includes Canadian Solar, Inc., Renewable Energy Corp. (REC) Group and Trina Solar Ltd. For instance, in June 2018, Trina Solar Ltd. introduced its integrated TrinaPro solution to the European market. It is a smart photovoltaic (PV) solution for installation in utilities to significantly decrease Levelized Cost of Electricity (LCoE). In Europe, the company is experiencing strong demand for TrinaPro, led by offering value-added benefits. As a result, it is contributing to increasing the market share of the company.
European Solar Panel Market Segmentation
By Type
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin- Film
By End-User
- Residential
- Commercial
- Industrial
European Solar Panel Market – Segment by Countries
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Company Profiles
- Alfa Solar Group
- Canadian Solar, Inc.
- Centrosolar Group AG
- Centrotherm international AG
- First Solar, Inc.
- Hanwha SolarOne Co. Ltd.
- JA Solar Co., Ltd.
- JinkoSolar Holding Co., Ltd.
- Juwi AG
- Kyocera Corp.
- Motech Industries, Inc.
- Renewable Energy Corp. (REC) Group
- Risen Energy Co., Ltd.
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