Introduction

Solar energy is the radiant energy discharged from thesun, which is harnessed by utilizing numerous solar panel technologies likewisecrystalline silicon, and thin film. It is a proficient form of nonconventionalenergy and a convenient renewable solution toward increasing greenhouseemissions and international warming. In addition, the solar panel entailsolar cells that are organized in sandwich-like structure made up of siliconmaterial. The power (DC) introduced by solar panels is then transformed into ACpower with the assistance of the solar inverters, which can be utilized bynumerous clients, involving commercial, residential and industrial.

Market Revenue Forecast

According to the latest market analysis reportby Ken Research, ‘EuropeSolar Photovoltaic Panel Market Outlook and Forecast to 2027 - Driven by FavourablePolicies to Achieve Carbon Neutrality by 2050 and Integrated Market StructureEnabling Fast Projects’, Europe Solar Photovoltaic Panel Marketis predicted to cross USD 84 Bn and observe a CAGR of about 19% over the next 5years, due to the growth in the demand for energy, favourable governmentpolicies and augmenting the incentives for the implementation of renewableenergy sources in the region. Additionally, most of the countries across Europeare either enlarging/building new power plants or are moving towards renewablesources of energy especially solar power to encounter the rise in demand.

The report broadly classifies this market into4 segments – by Technology Type, Connectivity, by Deployment Type and by EndUser Industry. In addition, it covers Geographic segmentation analysing majorcountries market in detail.

According to the findings of this Ken Researchreport, among the market segments, Polycrystalline Silicon leads in terms of Technologytype while Ground-mounted is the leading Deployment type in this market. And Franceis the fastest growing individual country market within entire region.

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Market Growth Drivers and Challenges

During 2021, European Commission proposed anew regulatory framework ‘Fit for 55’ to dimmish the Greenhouse Gases (GHG) by55% by 2030 and accomplish the climate neutrality by 2050. The region also aimson accomplishing the terms of the Paris Agreement which states to restrict theglobal warming to 1.5 degrees Celsius as associated to the pre-industriallevel. With the signing of this agreement, the countries resolve to decreasethe greenhouse gas emissions by scaling up the usage of renewable energy suchas solar energy.

Ken Research specifies some of the additionaldrivers that will lead to the growth of solar panels involve proposal by theEuropean Commission for 40% renewable energy utilization by 2030. The EuropeanSolar market is also propelled by a net-metering system that utilizes adiscount mechanism to balance the annual energy that was conveyed andpurchased. The solar PV installed in Europe augmented from 10 GW during 2018 toin 17 GW 2019 such measures.

Land accessibility is one of the foremostchallenges in the Europe solar photovoltaic industry based on theobservation of Ken Research. The difficulties are faced in retrieving land forground-mounted PV projects precisely on agricultural land.  For rooftop PVpanels and projects, the foremost challenge is the delays of sanction both atadministrative and network levels. In addition, at middle and high voltagelevels owing to shortage of grid capacity, long delays and project the non-realizationare the challenges.

Regional Outlook

Europe is at the forefront of moving aimtowards the renewable sources for energy consumption both at commercial andresidential level. The increasing implementation of solar energy in residentialhomes and commercial scale plants, is predicted to introduce the significantrequirement for solar photovoltaic panels during the coming years.