A variety of procedures and parts are included in solar power equipment, which is intended to capture solar energy and transform it into electrical power that can be used. Photovoltaic (PV) solar panels, which are made up of arrays of solar cells that collect sunlight and produce direct current (DC) electricity, are the main component of solar power equipment. To efficiently capture sunlight, these panels are often integrated into building facades, erected on rooftops, or fixed on structures on the ground.
Europe Solar Power Equipment Market Driving Factors and Challenges
Drivers:- There are multiple significant growth drivers driving the solar power equipment market in Europe. The region's growing dedication to renewable energy and climate action is foremost among these. Across Europe, governments are putting in place regulations and incentives that encourage the use of solar power in order to meet their aggressive goals for lowering greenhouse gas emissions and switching to cleaner energy sources.
Challenges:- The main factor restricting the market is its lower efficiency compared to other renewable energy sources. The high initial cost of energy storage, its incapacity to supply electricity in dimly lit environments, and the fact that energy production is dependent on the environment (i.e., wet and overcast weather reduces energy generation) are additional problems impeding market expansion.
Impact of COVID-19 on Europe Solar Power Equipment Market
The COVID-19 pandemic has had a major impact on the European market for solar power equipment, posing both opportunities and challenges. Initially, the pandemic disrupted supply chains, leading to postponements in the acquisition of solar equipment and components from production hubs, primarily located in Asia. As a result, solar installations in the region experienced delays and increased costs. Lockdown protocols and travel restrictions that impeded the deployment of solar projects and workers caused additional delays to development and installation timelines.
Europe Solar Power Equipment Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; ABB Group, Canadian Solar Inc., First Solar, Inc., Hanwha Q CELLS Co., Ltd., JA Solar Holdings Co., Ltd., Jinko Solar Holding Co., Ltd., LONGi Green Energy Technology Co., Ltd., Shunfeng International Clean Energy Co., Ltd., SunPower Corporation, Trina Solar Co., Ltd., Others.
Europe Solar Power Equipment Market Segmentation:
By Equipment: Based on the Equipment, Europe Solar Power Equipment Market is segmented as; Solar Panels, Mounting, Racking, & Tracking System, Storage System, Others.
By Application: Based on the Application, Europe Solar Power Equipment Market is segmented as; Residential, Non-residential, Utility.
By Region: This research also includes data for United Kingdom, Germany, Spain, France, Italy, Russia, Rest of Europe.
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.