Germany Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The market for solar energy in Germany is expected to grow at a CAGR of more than 6.12% in the forecast period of 2020-2025. Factors, such as encouraging government policies, environmental awareness, the government's self-commitment to decrease carbon footprint, and reducing the cost of imports, contribute to the growth of the market. Along with this, falling solar energy (USD/KW) accompanied by government subsidy is encouraging the public to install solar panels for domestic purposes. However, high installation costs, continuous maintenance, and unreliability of the source are some of the factors that impede the growth of the market.

• Photovoltaic solar energy has been growing at a significant rate and expected to witness growth with the addition of new power projects and rooftop solar cells with an installed capacity of more than 4 GW in 2019.
• The German government, according to the agreement of March 2018, as affirmed by the climate cabinet, the government is planning to speed up the growth of renewable energy, to reach a share of 65% renewable electricity by 2030.
• EnBW, in 2019, was planning a big solar park in Weesow-Willmersdorf in the northeastern region of Brandenburg, which is expected to be the largest solar park in Germany, once completed.

Scope of the report

The German solar energy market report includes:

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Key Market Trends

Solar Photovoltaic to Dominate the Market

• In 2019, the German government offered a subsidy to reduce imports by acts like - The Renewable Energy Sources Act (EEG), which outlines the support to renewable electricity production, providing a feed-in tariff scheme for plants.
• Germany has few oil and gas resources to supply its energy consumption demand, and is trying to reduce its dependence upon the imports. The country is trying to transition from fossil fuels to renewable energy.
• Germany is set to disconnect the last of its nuclear reactors in 2022. The energy demand and supply gap are expected to be filled with renewable energy with a large share taken up by solar energy.
• Germany imported around USD 30 billion of crude petroleum in 2018. In 2019, more than 40% of the country's energy demand was dependent upon coal and gas. Gas is mostly imported from Norway and Russia.
• Hence, Germany's government is utilizing acts like a subsidy, innovation, and laws to reduce the dependence on imports and provide energy security to the country.

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