A solar photovoltaic panel is an incredible device that uses sunlight to generate electricity. Similar to how plants use sunlight for photosynthesis, the process by which they make food, these solar panels use sunlight to generate electricity. Tiny components called solar cells are what make up the panel. Each of these cells has the ability to convert sunlight into electrical energy. Sunlight excites the electrons in the cells, causing them to begin moving. And just like that, the motion of electrons produces electrical current. We have access to electricity.
Europe Solar Photovoltaic Panel Market Driving Factors and Challenges
Drivers: The region's increasing need for electricity and the European Union's objective of producing the majority of its electricity from renewable sources and becoming carbon neutral have both led to the market's expansion. With increased funding going toward solar power generation, the market for solar modules is expanding. A wide range of programs and policies have also been enacted by regional governments. For instance, during the course of the forecast period, the market is expected to benefit greatly from the Feed-in Tariff (FIT) and the REPowerEU Plan, which are intended to promote the installation of solar PV systems.
Challenge: The main problem is that different parts of Europe receive different amounts of sunlight. Because solar panels need a lot of sunlight to produce electricity, places with a higher frequency of cloudy or rainy days may find it more difficult for them to function efficiently. Another challenge is the initial cost of installing these solar panels. If you were to buy a really cool new toy, think about how much it might cost upfront. In a similar line, even though solar panels save money over time, installing them can be somewhat expensive at initially.
Impact of COVID-19 on Europe Solar Photovoltaic Panel Market
The COVID-19 pandemic lockdown resulted in a temporary prohibition on import and export, as well as manufacturing and processing operations in several industries. This had a negative impact on the market for solar PV panels and decreased demand for power equipment. This led to a decline in market growth in the second, third, and fourth quarters of 2020. However, the market for solar photovoltaic (PV) panels is anticipated to rebound since COVID-19 vaccination has started in a number of countries worldwide, which is predicted to improve the situation in Europe.
Europe Solar Photovoltaic Panel Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Centrotherm International AG, Électricité de France S.A. (EDF), Enel SpA, First Solar, Inc., Hanwha Q CELLS Technology Co., Ltd, Iberdrola, S.A, JinkoSolar Holding Co., Ltd, Lightsource bp Renewable Energy Investments Limited, SunPower Corporation, and others.
Europe Solar Photovoltaic Panel Market Segmentation:
By Connectivity: Based on the Connectivity, Europe Solar Photovoltaic Panel Market is segmented as; On-Grid, Off-Grid.
By Mounting: Based on the Mounting, Europe Solar Photovoltaic Panel Market is segmented as; Ground Mounted, Roof-Top.
By End Use: Based on the End Use, Europe Solar Photovoltaic Panel Market is segmented as; Residential, Commercial & Industrial, Utility.
By Region: This research also includes data for Central Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.