Report : Europe Solar Energy Market Forecast to 2030 – Regional Analysis – by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), Application (Electricity Generation, Heating, and Others), and End User (Residential, Commercial & Industrial, and Utility Scale)
At 12.7% CAGR, the Europe Solar Energy Market is speculated to be worth US$ 1,02,203.30 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Europe solar energy market was valued at US$ 39,155.32 million in 2022 and is expected to reach US$ 1,02,203.30 million by 2030, registering a CAGR of 12.7% from 2022 to 2030. Growing greenhouse gas emission and energy uncertainties and application of solar power in aerospace, space, and defense industries are among the critical factors attributed to the Europe solar energy market expansion.
The growing technological development and government initiatives are boosting the application of solar energy in various end-use sectors such as aerospace and defense. One of the key applications of solar power in the aerospace and defense industries is solar-powered UAVs. Solar-driven UAVs are unarmed platforms that depend solely on energy powered by the SUN to properly perform their functions. Solar UAVs are utilized in roles such as communications and persistent ISR. Solar-powered UAVs help secure communication in remote areas among defense forces, improving broadband connection. In addition, spacecraft have solar panels that transform the Sun's energy into electricity that provides power to the spacecraft. Also, solar energy has been utilized to power spacecraft on Mars, including NASA's Mars Exploration Rovers—Spirit and Opportunity and Mars’ Phoenix lander. Thus, the rising application of solar power in the aerospace, space, and defense industries is likely to create lucrative opportunities for the solar energy market players to boost the adoption of solar energy-based systems in the coming years.
On the contrary, irregular power supply and expensive storage facilities hampers the Europe solar energy market.
Based on technology, the Europe solar energy market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic systems segment held 100.0% share of Europe solar energy market in 2022, amassing US$ 39,155.29 million. It is projected to garner US$ 1,02,203.30 million by 2030 to expand at 12.7% CAGR during 2022–2030. The photovoltaic systems is further sub segmented into monocrystalline, polycrystalline, and others. The concentrated solar power systems is further sub segmented into linear concentrator, dish/engine, and power tower systems.
Based on application, the Europe solar energy market is segmented into electricity generation, heating, and others. The electricity generation segment held 66.8% share of Europe solar energy market in 2022, amassing US$ 26,136.92 million. It is projected to garner US$ 70,303.79 million by 2030 to expand at 13.2% CAGR during 2022–2030.
Based on end user, the Europe solar energy market is segmented into residential, commercial & industrial, and utility scale. The utility scale segment held 66.8% share of Europe solar energy market in 2022, amassing US$ 26,166.78 million. It is projected to garner US$ 67,978.34 million by 2030 to expand at 12.7% CAGR during 2022–2030.
Based on country, the Europe solar energy market has been categorized into Germany, France, Italy, the UK, Spain, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 32.0% share of Europe solar energy market in 2022. It was assessed at US$ 12,511.68 million in 2022 and is likely to hit US$ 32,224.70 million by 2030, exhibiting a CAGR of 12.6% during 2022–2030.
Key players operating in the Europe solar energy market are Abengoa SA, Acciona SA, Canadian Solar Inc, First Solar Inc, Heliogen Inc, and Trina Solar Co Ltd, among others.
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