The Europe Solar Power Equipment Market would witness market growth of 10.7% CAGR during the forecast period (2021-2027).
Solar panels are low-maintenance and can last for more than 30 years. Batteries can be used to store extra power for use at night. Solar energy has also benefited industries in improving their environmental profiles and lowering their operational expenses by allowing them to adopt it. The cost of solar equipment has decreased due to a significant number of technological developments, making it more affordable to household consumers. Additionally, technological improvements such as the advent of smart tracking systems have improved the efficiency of these solar power systems dramatically. Moreover, as fossil fuel reserves deplete, effective utilization of renewable energy sources has become a fundamental requirement.
In emerging markets, new solar power projects are launched and developed at a quick speed. The market for solar power equipment is likely to benefit greatly from greater emphasis on the usage of environment-friendly and green energy. All of these factors would drive the solar power equipment market.
According to the data shared by the European Commission, solar power already provides a major contribution to the European energy mix with 3.6 percent of EU-28 total electricity generation in 2017. Solar power can become a major source of renewable energy in this region, with lower generation costs and more efficiency in converting sunshine to energy. In addition, Photovoltaics concentrated solar power, and solar heating and cooling are becoming the major focus of research and development. Solar-powered solutions for the generation of home hot water, district heating, as well as industrial or commercial uses are being developed through EU research and innovation.
Moreover, as per the Department for Business, Energy, and Industrial Strategy, between 2019 and 2020, a solar generation grew by 4.6%. The biggest rise of 5.2% occurred in England, followed by minor increases of 1.3% in Wales and by 0.3% in Scotland. These increases were fueled by a 1.8% rise in de-rated solar capacity across the UK in comparison to 2019, as well as a slight increase in sun hours within the county.
The Germany market dominated the Europe Solar Power Equipment Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $11,717 Million by 2027. The UK market is experiencing a CAGR of 11.6% during (2021 - 2027). Additionally, The France market would witness a CAGR of 11.6% during (2021 - 2027).
Based on Equipment, the market is segmented into Solar Panels, Mounting, Racking, & Tracking System, and Storage System, and Others. Based on Application, the market is segmented into Utility, Residential, and Non-Residential. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Solar Power Equipment Market Size will Hit $202.4 Billion by 2027, at a CAGR of 11.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Canadian Solar Inc., First Solar, Inc., Hanwha Q CELLS Co., Ltd., LONGi Green Energy Technology Co., Ltd., SunPower Corporation, Shunfeng International Clean Energy Co., Ltd., Jinko Solar Holding Co., Ltd., Trina Solar Co., Ltd., JA Solar Holdings Co., Ltd., and ABB Group.
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