The Photovoltaic market in Europe was valued at US$ 45.57 billion in 2019 and is projected to reach US$ 177.58 billion by 2027; it is expected to grow at a CAGR of 18.5% from 2020-2027

NEW YORK, May 22, 2020 /PRNewswire/ --

Photovoltaic Market to 2027- Covid-19 Impact and Europe Analysis by Application (Residential Applications, Commercial, Utility Applications); Type (Organic Components, Inorganic Components); Component (Cells, Optics, Trackers); and Country

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The Photovoltaic market in Europe was valued at US$ 45.57 billion in 2019 and is projected to reach US$ 177.58 billion by 2027; it is expected to grow at a CAGR of 18.5% from 2020-2027. The market in Europe comprises several developing economies such as Germany, France, Italy, the UK, and Russia. The solar power generation facilities in the European countries are well-established, and the government is constantly focusing on energy generation from renewable energy sources such as sun and wind. This factor is projected to boost the photovoltaic market in the European countries. The photovoltaic effect includes the creation of voltage or electrical current by exposure to light. Therefore, the demand for photovoltaic technology has surged with the rising number of solar power plants in the European countries such as Germany, France, Italy, and the UK. The majority of photovoltaic modules in the European countries are used to generate power connected to an electricity grid which is likely to drive the European photovoltaic market
On the basis of type, inorganic components segment led the photovoltaic market with a decent market share.The inorganic materials exhibit solar radiation-resistance, which is important for space applications like satellites and space station.

The technology used for the manufacture of photovoltaic solar cells is mainly silicon-based, which is an inorganic material.
Overall size of the European photovoltaic market has been derived using primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the European photovoltaic market.

It also provides an overview and forecast for the photovoltaic based on all segmentation provided with respect to the European region.Additionally, primary interviews were conducted with industry participants and commentators in order to validate and analyze the data.

The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the European photovoltaic industry. Mitsubishi Electric Corporation, Panasonic Corporation, and Kaneka Corporation are among the key players present in the European photovoltaic market.

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