The Germany solar energy market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX % during the forecast period, 2023–2031. The growth of the market is attributed to promotion of government policies, environmental awareness, and government's commitment to reducing carbon footprint.
Solar energy is the richest and cleanest renewable energy source on the planet. Countries such as China, Germany, Spain and the United States have some of the world's largest sources of solar energy.
There are two main uses for solar energy: photovoltaic and concentrated. Solar energy is an advanced technology and emerging countries around the world are actively promoting solar energy as an alternative to traditional energy sources and thus making a positive contribution to solar energy market by means of concentrated or combined solar energy.
Sun tracking system is used to focus a large area of sunlight, photovoltaic cells converts light into electrical current using the photovoltaic effect. Commercial centralized solar power plants were first introduced in the 1980s. Solar PV panels are becoming an inexpensive, low-carbon technology for harnessing the sun's renewable energy. The Growth in the solar market is driven by increased pollution and government incentives and tax breaks for solar panel installations.
The Covid-19 pandemic affected the demand and supply of Germany solar energy market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Solar Energy Market Trends, Drivers, Restraints, and Opportunities
- Growing investment in solar energy and increasing adoption of solar technology by large industries to cut-off the electricity demand is expected to boost the market during forecast period.
- Rapid growth of the renewable energy industry owing to increasing government initiatives and subsidized purchase of solar energy equipment is major factors fueling market in the coming years.
- Rising environmental awareness and prevention in greenhouse gases, in addition to increasing preference for solar energy among consumers is anticipated to drive the market during the forecast period.
- High price of solar system products and the concern about solar radiation in nearby areas is expected to restrict the market growth.
- Lack of awareness about the initiatives and support programs by government among consumers act as major challenges that can hamper the market growth during the forecast period.
- R&D investment and technological advancement of solar systems for high production capacity and low harnessing cost is projected to offer significant opportunities for the market players.
Scope of Solar Energy Market Report
The report on the Germany solar energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Solar Energy Market – Germany Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Solar Photovoltaic and Concentrated Solar Power)
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Geography
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Germany
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Hanwha Q Cells Co. Ltd.; Sun Power Corp.; IBC Solar AG; Schott Solar Inc.; and Centrotherm International AG
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Solar Energy Market Segment Insights
The solar photovoltaic segment is projected to hold a major market share
Based on types, the solar energy market is bifurcated into solar photovoltaic and concentrated solar power. The solar photovoltaic segment is expected to hold a key share of the market during the forecast period owing to the German government introduced a subsidy to reduce imports through legislation such as the renewable energy act, which clearly states support for electricity generation from renewable sources, and also specifies electricity prices for factories.
Germany has few oil and gas resources to meet its energy needs and is trying to reduce its dependence on imports. The country is trying to switch from fossil fuels to renewable energy sources. Germany imported roughly $ 30 billion worth of crude oil; over 40% of the country's energy needs were dependent on coal and gas, mainly from Norway and Russia. As a result, the German government is using practices such as subsidies, innovation, and legislation to reduce dependence on imports and ensure the country's energy security mix.
The solar energy sector is driving down the global average selling price of solar PV. Capital costs are expected to stabilize at a low level with anticipated technological improvements and increased supply of panels with the viability of solar projects.
The government is promoting solar installations in rural areas by providing subsidized solar panels and other incentives, the number of solar installations is expected to increase during the forecast period. Solar photovoltaic systems are divided into monofilm, thin-film, multilayer, and others and concentrated solar power is divided into parabolic trough, power support and line piping.
Segments
The Germany solar energy market has been segmented on the basis of
Types
- Solar Photovoltaic
- Concentrated Solar Power
Key Players
Competitive Landscape
Key players competing in the solar energy market include Hanwha Q Cells Co. Ltd.; Sun Power Corp.; IBC Solar AG; Schott Solar Inc.; and Centrotherm International AG.
Some of these players are using several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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