The compound annual growth rate of European household photovoltaic market exceeds 9%
The research institute recently released a research report on the development of residential PV market in Europe, with the theme of "European residential PV market: trend analysis based on cumulative installed capacity, cumulative energy storage capacity, regional scale and the impact of COVID-19 epidemic, and prediction by 2027". It is predicted that its CAGR will be 9.60%. This is an estimate of the cumulative installed capacity of photovoltaic systems installed from 2022 to 2027.
By 2021, the cumulative installed capacity of PV systems installed in the European residential PV market will be 40.40GW. By 2027, this number may exceed 71GW.
At present, European household users rely on photovoltaic systems as an affordable and widely available energy measure. According to the current market development trend, the report further estimated that by 2040, photovoltaic power generation could meet 20% of the EU's electricity demand.
The British government has launched a number of initiatives to promote the widespread adoption of residential photovoltaic systems. For example, the British government reduced the tax on PV modules in early 2022, and this incentive measure also extended to other products related to renewable energy power generation. In addition, the value-added tax of installed residential photovoltaic system has been reduced by 5%.
