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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The European solar panel market comprises the UK, Germany, Italy, Spain, France, and the Rest of Europe. Germany is anticipated to hold the largest share of the European solar panel market. A large number of installations were reported in the country, which is led by government initiatives to encourage the adoption of solar power. This is expected to increase the adoption of solar power for domestic and commercial purposes, thereby, creating opportunities for the growth of the market over the forecast period. Further, there are many players within these regions such as Canadian Solar, JinkoSolar, and Trina Solar, which are significantly contributing to the market.
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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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