DUBLIN–(BUSINESS WIRE)–The “European Residential Solar Market: Analysis By Accumulated Installation, By Accumulated Capacity, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027” report has been added to ResearchAndMarkets.com’s offering.
The European residential solar market, on the basis of accumulated capacity, is anticipated to grow at a CAGR of 9.60% over the projected period of 2022-2027.
The European residential solar market, in terms of accumulated capacity, in 2021 stood at 40.40GW, and is likely to reach 71.75GW by 2027. A residential solar PV system is any solar PV system that produces less power than or equal to 250kW. A typical 65 by 39-inch residential solar panel installation contains 72 cells.
The use of non-renewable fuels and other types of energy resources is posing major dangers to the ecosystem, making solar power more important than ever. The use of solar energy has increased dramatically in recent years in both developed and developing countries.
Solar energy is currently one of the most affordable and widely available renewable energy sources for European households. By 2040, it may be able to supply up to 20% of the EU’s electricity needs based on current market trends. The expansion of residential solar energy installations is a crucial step in the transition to clean energy and climate neutrality.
Market Segmentation Analysis:
By Accumulated Installation: On the basis of accumulated installation, the European residential solar market can be divided into five major regions: Germany, Netherlands, Italy, Spain, and Rest of Europe. Germany is the largest solar market in Europe as well as the largest solar PV operator in 2021, owing to the German government’s implementation of a subsidy for residential installations of solar PV panels with battery storage in 2016.
By Accumulated Capacity: The European residential solar market can be divided into nine primary regions based on accumulated capacity: Germany, Netherlands, Italy, Poland, Belgium, the UK, Sweden, Spain, and the Rest of Europe. Due to the removal of the Sun tax on self-consumption in 2020, automated excess recompense, as well as collective and through-the-network facilities, the Spanish residential solar market is believed to be the fastest growing market. Since then, the market for final consumers has steadily gained traction.
European Residential Solar Market Dynamics:
Growth Drivers: As a result of a large drop in price, solar energy is becoming economically viable at smaller scales and at more locations. People in Europe are spending more on the installation of solar power systems as the cost of solar energy continues to decline. Further, the market is expected to grow owing to surging demand for electrification in society, higher and more volatile electricity prices, increased support from government, etc. in recent years.
Challenges: The European residential solar market’s supply chain has become more clogged, …….