European Solar Residential Market Poised for Over 9% CAGR

Europe's residential market to grow at 9% CAGR

A recent report that delves into the residential solar market of Europe, titled, “European Residential Solar Market: Analysis By Accumulated Installation, By Accumulated Capacity, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027″ predicts that it set for growth of 9.60% CAGR. The estimates have been made for a period of five years between 2022 to 2027 basis accumulated capacity.

Europe’s solar residential market, when it comes to cumulative capacity was pegged at 40.40 GW in 2021. This figure is likely to cross 71 GW by year 2027.

At present, homes in Europe rely on solar energy as a means of energy that is both affordable and has widespread availability. If current market trends are anything to go by, the report further goes on to estimate that by year 2040, solar energy will help meet 20% of the European Union’s demands for electricity.

The Government of UK has introduced several initiatives that have helped increase the widespread adoption of solar PV panels in the residential sector. At the outset of 2022, for instance, it shrunk the tax levied on solar PV panels. This was also extended to other products related to renewable power generation. That apart, the value-added tax was brought down by another 5% with respect to residential solar PV panel systems installations.