The European solar panel market is estimated to grow at a significant CAGR of 11% during the forecast period. The key companies across the globe are highly inclined toward the adoption of different growth strategies including capacity expansion, mergers and acquisitions, new product launches, and product innovation to remain competitive in the marketplace. For instance, in December 2021, Otovo, a solar panel marketplace located in Oslo, is entering the German household solar industry. Germany's home solar business is one of the largest in Europe, with annual sales estimated to exceed 2 billion euros by 2023. Otovo's position as Europe's largest marketplace for residential solar installations has been cemented with this launch.
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Further, as part of its attempts to cover 25% of its electricity demands with solar energy by 2050, Germany's capital Berlin has made photovoltaic or solar thermal systems essential for new buildings, as well as existing ones in the case of roof rehabilitation. The duty will take effect on January 1, 2023. According to a report in Tagesspiegel, Berlin's state government has been financing private individuals, businesses, and non-profit organizations installing solar power batteries with up to EUR 15,300 since 2020. In 2020, the European Parliament backed the establishment of a European solar rooftop initiative to help the EU meet its 2050 climate neutrality target. According to SolarPower Europe, rooftops in the EU can generate 680 TWh of solar electricity annually, enough to meet a fourth of the current demand. Berlin is following in the footsteps of other cities and regions around the world that have put solar panels on the roofs of new residential and public buildings a requirement.
Market Coverage
Segment Covered-
Competitive Landscape- Canadian Solar, Inc., SunPower Corp., First Solar, Inc., Renewable Energy Corp. (REC) Group, and Trina Solar Ltd.
Key questions addressed by the report
oDeviation from the pre-COVID-19 forecast
oMost affected region and segment
European Solar Panel Market Report Segment
By Type
By Application
European Solar Panel Market Report Segment by Country
Rest of Europe
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