The photovoltaic market - Italy

The photovoltaic market has developed significantly in recent years, thanks to growing awareness of the importance of environmental sustainability, government incentives, and lower costs of photovoltaic technologies. Italy, with its favorable geographic location and sunny climate, has enormous potential for solar energy, which can contribute significantly to the transition to an energy system based on the use of renewable sources and the reduction of greenhouse gas emissions. In 2022, the world market was valued at $234.86 billion, with further annual growth projected at a compound annual growth rate (CAGR) of 6.9 percent through 2029. This growth is driven by increasing political support for the technology. In Italy the market is becoming increasingly important, the total annual energy production from photovoltaic systems in 2022 was 32.2 TWh, covering about 8.3% of demand. Until a few years ago, sustainability was seen as the only driver for the growth of the renewable energy sector; however, the recent Russian-Ukrainian conflict has raised issues of energy dependence, especially in Europe, which contribute to a further push in the transition to sustainable and independent power generation. Indeed, it was precisely in 2022 that the number of Italian photovoltaic installations and the related power delivered resumed sustained growth. It happened after the abandonment of the "energy bill" in 2013, which had marked a setback for demand for this type of technology. For the future as well, Italian and European goals in terms of environmental sustainability, combined with the relative affordability of photovoltaic installations, seem to draw a positive and growing picture for the sector.