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How big is the solar energy market in Italy?

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One of the leading countries in Europe for solar energy production in Italy. As per the Eurostat, Italy ranked fourth in the EU in 2019 for installing solar power capacity, behind Germany, Spain, and France.

Around 19.5GW of solar power, capacity was installed in Italy in 2020. Italy got a strong focus on renewable energy, including solar with a target of 50 GW of installed solar capacity by 2030. It is expected to drive significant growth in the solar energy market.

In Europe, Germany is leading the way with a total installed solar power capacity of around 45 GW in 2020, followed by Spain with around 24 GW and France with around 18 GW. Other EU countries with significant installed solar power capacity include the Netherlands, Belgium, and Greece.

In Italy, the solar energy market is worth billions of euros. According to the Italian Nations Agency for New Technologies, Energy and Sustainable Economic Development (ENEA), the total installed capacity of photovoltaic systems in Italy reached 19.5 GW by the end of 2020.

A target of 50 GW has been set by the Italian government for installing solar capacity by 2030, with the expectation of driving significant growth in the solar industry.

The top 5 Pros of the solar energy market in Italy:-

  1. Renewable and clean energy: The installation of renewable sources is helping to control the emission of greenhouse gases or pollutants by making it a more sustainable and environmentally friendly option for meeting Italy’s energy needs.
  2. Low operating costs: The initial investment cost for solar energy systems is higher however, the operating costs are way low making it an affordable and cost-effective option.
  3. Abundant and widely accessible: the abundant amount of solar resources with solar energy systems installed on a wide variety of structures by making it available widely.
  4. Job creation: The solar energy market growth in Italy led to new job creation in areas such as installation, maintenance, and manufacturing of solar energy systems.
  5. Energy independence: The increased use of solar energy can be led to a decrease in dependence on fossil fuels and an increase its energy security.

Even though the advantage of solar energy are numerous with long-term sustainable stability and positive growth in terms of the environmental and economic as well as the living stands of the citizens, certain issues are handling solar energy such as high initial cost.

Solar energy productions are weather-dependent and unpredictable. Solar energy systems are with limited storage capacity, thereby generating low power during low sunlight periods or at night. There is also a need for a good amount of incentives and subsidies from the government for individuals and businesses to invest in solar power.

The energy product is also limited to solar energy systems to meet the demand of large populations or businesses.

Source: Mordor Intelligence

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