Italy Solar Energy Market Insights Forecasts to 2033

• The Italy Solar Energy Market Size was valued at 31.14 Gigawatt in 2023.
• The Market Size is Growing at a CAGR of 11.81% from 2023 to 2033
• The Italy Solar Energy Market Size is Expected to Reach 95.11 Gigawatt by 2033

The Italy Solar Energy Market Size is Anticipated to Reach 95.11 Gigawatt by 2033, growing at a CAGR of 11.81% from 2023 to 2033.

Market Overview

Solar energy is the energy derived from the sun's radiation, which can be harnessed and converted into various forms of energy, such as electricity and heat. This energy is abundant and renewable, making it an appealing alternative to traditional fossil fuels, which are finite and contribute to global warming. Solar energy can be harnessed using a variety of technologies, including photovoltaic cells, which convert sunlight directly into electricity, and concentrated solar power systems, which use the sun's heat to generate electricity or heat water for a variety of applications. Over the medium term, supportive government policies to promote renewable power generation, as well as the declining cost of solar PV installations, are expected to be some of the driving forces of the solar energy market in Italy.

Report Coverage

This research report categorizes the market for the Italy solar energy market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Italy solar energy market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Italy solar energy market.

Driving Factors

An energy transition is urgently required to limit the increase in average surface temperature to less than 2° Celsius. As a result, the installation of renewable energy sources will skyrocket in the coming years, driving market growth. The transition from fossil fuels to low-carbon solutions will be critical, as energy-related carbon dioxide emissions account for two-thirds of all greenhouse gases. New energy targets set by governments to encourage a shift toward sustainable energy have had a positive impact on the market.

Restraining Factors

The increasing adoption of alternate renewable sources such as wind, as well as the limited grid infrastructure and storage systems, are expected to hinder market growth.

Market Segmentation

The Italy solar energy market share is classified into product type and solar module

• The solar photovoltaic (PV) segment is expected to hold the largest market share through the forecast period.

The Italy solar energy market is segmented by type into solar photovoltaic (PV) and concentrated solar power (CSP). Among these, the solar photovoltaic (PV) segment is expected to hold the largest market share through the forecast period. The growth of the on-grid solar PV market is expected to accelerate as a result of the government's favorable initiatives to increase adoption.

• The polycrystalline segment is expected to dominate the Italy solar energy market during the forecast period.       

Based on the solar module, the Italy solar energy market is divided into cadmium telluride, amorphous silicon cells, monocrystalline, and polycrystalline, and others. Among these, the polycrystalline segment is expected to dominate the Italy solar energy market during the forecast period. Multi-Si technology is commonly used in the electronics industry to make calculators and smartwatches. Consumers' disposable income has increased, as has their standard of living, boosting demand for electronics and smart devices.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Italy solar energy market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Solitek
• Sonnedix Power Holdings Ltd
• EF Solare Italia SpA
• SunPower Corporation
• Enel SpA
• Gruppo STG SRL
• SunEdison Inc.
• Peimar SRL
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2023, Solitek announced the construction of a solar PV module manufacturing factory in Italy with an annual capacity of 600 MW. The company expects to invest EUR 50 million (USD 53.5 million) in building its facility in the Benevento region, which will be operational in the second quarter of 2024. Furthermore, the company intends to increase storage system production to 1 GWh/year capacity.

Market Segment

This study forecasts revenue at France, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Italy solar energy market based on the below-mentioned segments:

Italy Solar Energy Market, By Type

• Solar Photovoltaic (PV)
• Concentrated Solar Power (CSP)

Italy Solar Energy Market, By Solar Module

• Cadmium Telluride
• Amorphous Silicon Cells
• Monocrystalline
• Polycrystalline
• Others