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.

Impact of COVID-19 

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. 

Segmental Outlook

The European solar panel market is segmented based on type and end-user. Based on type, the market is classified into monocrystalline silicon, polycrystalline silicon, and thin film. Based on the end-user, the market is segmented into residential, commercial, industrial, and others.

European Solar Panel Market Growth by Type, 2021 (%)

Polycrystalline Solar Panel Segment is Anticipated to Hold a Prominent Share in the European Solar Panel Market

The polycrystalline solar panel is anticipated to hold a prominent share in the market. The low cost of polycrystalline silicon PV panels per channel cost, durability & long-lasting nature, and environmentally friendly features are some of the factors that are driving the growth of polycrystalline solar panels. These solar panels most often last for 25 years and more. Furthermore, the process used to make polycrystalline silicon costs is easy and costs less. The top brands of polycrystalline silicon rooftop solar panels include CS6U-335P (Canadian Solar, Inc.), JAP6-72-330/4BB (JA Solar Co., Ltd.), NDAH330 (Sharp Corp.), and KK270P-3CD8CG (Kyocera Corp.). The efficiency range of KK270P-3CD8CG is 16.4%, CS6U-335P is 17.23%, NDAH330 is 17% and JAP6-72-330/4BB is 16.9%.

Regional Outlooks

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.

Market Players Outlook

The key market players in the European solar panel market are Canadian Solar, Inc., SunPower Corp., First Solar, Inc., Renewable Energy Corp. (REC) Group, and Trina Solar Ltd. To sustain a strong position in the market, these players adopt different marketing strategies such as mergers and acquisitions, partnerships, collaborations, R&D, project development, geographical expansion so on. For an instance, in June 2019, Canadian Solar, Inc. signed a module contract with Solar Century, a UK solar company. Under the contract, Canadian Solar will supply 500 MW modules to Solar century’s two projects named 'Talayuela Solar' (300 MW) and 'Cabrera' (200 MW) in Spain.

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.