Europe Solar Photovoltaic Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 294.70 gigawatt |
| Market Volume (2029) | 526.15 gigawatt |
| CAGR (2024 - 2029) | 12.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Solar Photovoltaic Market Analysis
The Europe Solar Photovoltaic Market size in terms of installed base is expected to grow from 294.70 gigawatt in 2024 to 526.15 gigawatt by 2029, at a CAGR of 12.30% during the forecast period (2024-2029).
- Over the medium term, factors such as rising demand for electricity across the region, increasing investments on solar energy projects and produce most of the electricity from renewable sources have driven the growth of the market.
- On the other hand, the rising emphasis on natural gas power generation and the availability of natural gas at lower prices for power generation restrains the market growth in the European region.
- Nevertheless, the ambitious solar energy targets are implemented to boost solar PV installation are expected to create lucrative opportunities for the market during the forecast period.
- Germany, with the largest installed capacity of solar photovoltaics, is expected to dominate the European solar photovoltaics (PV) market during the forecast period.
Europe Solar Photovoltaic Market Trends
Rooftop Segment Anticipated to Witness Significant Market Growth
- The rooftop segment is estimated to witness significant growth during the forecast period in Europe. The European region's rooftop installation has lots of potential as most of Europe's roof surfaces are unused. Several countries in Europe are working on modifying their policies to assess remuneration levels.
- Moreover, Norway, the Baltic region, Ireland, and others have geographical conditions favorable to rooftop PV installation. This is expected to increase rooftop solar PV installation in Europe during the forecast period. Also, in several countries, homeowners are willing to install rooftop PV modules to reduce their electricity bills. According to International Renewable Energy Agency (IRENA), in 2022, Europe's solar PV installed reached 225.27 GW, with a growth rate of 18.24% over the previous year.
- In December 2023, the European Parliament and the European Council reached an interim agreement on the strengthened Energy Performance of Buildings Directive (EPBD), aspiring to stimulate the energy performance of buildings and requiring new buildings to be solar-ready. Additionally, the EPBD mandates that EU member states have to ensure new buildings are fit to host rooftop solar PV or solar thermal installations. Existing public and non-residential building solar will require to be installed commencing from 2027.
- Governments in several countries have adopted supportive policies to increase the deployment of rooftop PV arrays within the region. For instance, in March 2023, The European government adopted the revised Energy Performance of Business Directive mandating the use of rooftop solar systems for all new buildings by 2028 and renovated residential buildings by 2032.
- According to latest data from German PV association BSW-Solarof 2022, Germany achieved a significant milestone, with more than 3 million PV systems now in operation. the country’s rooftop PV market is experiencing robust demand and the 4 million mark could be surpassed as early as 2023,
- Therefore, from the above points, rooftop solar photovoltaic segment is anticipated to witness significant growth of the Europe solar photovoltaic market during the forecast period.
Germany Expected to Dominate the Market
- Germany is one of the most lucrative markets in the European region for renewable energy production, including solar. The country has experienced significant developments in solar PV installation due to the target of reducing carbon emissions. The country is likely to continue witnessing growth in solar installation.
- According to International Renewable Energy data 2022, the country's installed solar PV capacity in 2022 was 66.66 GW, registered a growth of 12.2% as compared to previous year.
- The country has implemented several regulations and incentive schemes to promote the installation of solar modules in cities. In June 2023, Germany’s economy ministry announced there will be new government funding to rebuild the country’s solar industry. The economy ministry is expected to present the new funding instrument soon, is also preparing a tender in line with a new EU subsidy framework in the near future.
- Furthermore, the mandates for solar photovoltaic installation on new buildings in a few German cities have helped in the expansion of the market in Germany. In December 2022, The EU has approved a Euro 28 billion German renewable energy scheme. The policy is aimed at rapidly expanding use of renewables inlcuding solar power. It is designed to deliver Germany's target to produce 80 per cent of its electricity from renewable sources by 2030.
- Therefore, from the above points, solar photovoltaic in Germany to dominate the Europe solar photovoltaic market during the forecast period.
Europe Solar Photovoltaic Industry Overview
The Europe solar photovoltaic (PV) market is fragmented. Some of the major companies in the market (in no particular order) include Hanwha Q CELLS Technology Co., Ltd, Iberdrola S.A., SunPower Corporation, JinkoSolar Holding Co., Ltd, and Lightsource BP Renewable Energy Investments Limited., among others.
Europe Solar Photovoltaic Market Leaders
Lightsource BP Renewable Energy Investments Limited
Hanwha Q CELLS Technology Co., Ltd
SunPower Corporation
Iberdrola, S.A
JinkoSolar Holding Co., Ltd
*Disclaimer: Major Players sorted in no particular order
Europe Solar Photovoltaic Market News
- In September 2023, the United Kingdom government announced the results of its latest renewable energy auction. Around 56 solar projects with a total capacity of 1,927.68 MW secured 15-year CfDs at a final price of USD 57/MW.
- In January 2023, the European Investment Bank (EIB) and Iberdrola signed a new agreement to accelerate Portugal’s energy transition by developing new renewable energy plants. These solar projects are likely to receive a total investment of more than USD 162 million. The European Investment Bank (EIB) will finance around five solar PV plants in the Portuguese regions.
Europe Solar Photovoltaic (PV) Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Installed Capacity and Forecast, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Rising Demand for Electricity across the Region
4.5.1.2 Increasing Investments on Solar Energy Projects
4.5.2 Restraints
4.5.2.1 Rising Emphasis on Natural Gas Power Generation
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Thin Film
5.1.2 Crystalline Silicon
5.2 End-User
5.2.1 Residential
5.2.2 Commercial and Industrial (including SMEs)
5.3 Deployment
5.3.1 Ground-Mounted
5.3.2 Rooftop Solar
5.4 Geogrpahy
5.4.1 Germany
5.4.2 United Kingdom
5.4.3 France
5.4.4 Italy
5.4.5 Spain
5.4.6 Netherlands
5.4.7 Belgium
5.4.8 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 First Solar, Inc.
6.3.2 Électricité de France S.A. (EDF)
6.3.3 Hanwha Q CELLS Technology Co., Ltd
6.3.4 Iberdrola, S.A
6.3.5 JinkoSolar Holding Co., Ltd
6.3.6 SunPower Corporation
6.3.7 Lightsource bp Renewable Energy Investments Limited.
6.3.8 Enel SpA
6.3.9 Centrotherm International AG
- *List Not Exhaustive
6.4 Market Player Ranking
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Ambitious Solar Energy Targets
Europe Solar Photovoltaic Industry Segmentation
Solar photovoltaic (PV) energy or PV solar energy directly converts sunlight into electricity, using a technology based on the photovoltaic effect.
The Europe solar photovoltaic (PV) market is segmented by inverter type, end-use, deployment, and geography. By type, the market is segmented into thin-film and crystalline silicon. By end-user, the market is segmented into residential, commercial, and industrial (including SMEs). By deployment, the market is segmented into ground-mounted and rooftop. The report also covers the market size and forecasts for Europe solar photovoltaic market across major countries in the region. For each segment, the market sizing and forecasts have been done based on installed capacity.
| Type | |
| Thin Film | |
| Crystalline Silicon |
| End-User | |
| Residential | |
| Commercial and Industrial (including SMEs) |
| Deployment | |
| Ground-Mounted | |
| Rooftop Solar |
| Geogrpahy | |
| Germany | |
| United Kingdom | |
| France | |
| Italy | |
| Spain | |
| Netherlands | |
| Belgium | |
| Rest of Europe |
Europe Solar Photovoltaic (PV) Market Research Faqs
How big is the Europe Solar Photovoltaic Market?
The Europe Solar Photovoltaic Market size is expected to reach 294.70 gigawatt in 2024 and grow at a CAGR of 12.30% to reach 526.15 gigawatt by 2029.
What is the current Europe Solar Photovoltaic Market size?
In 2024, the Europe Solar Photovoltaic Market size is expected to reach 294.70 gigawatt.
Who are the key players in Europe Solar Photovoltaic Market?
Lightsource BP Renewable Energy Investments Limited, Hanwha Q CELLS Technology Co., Ltd, SunPower Corporation, Iberdrola, S.A and JinkoSolar Holding Co., Ltd are the major companies operating in the Europe Solar Photovoltaic Market.
What years does this Europe Solar Photovoltaic Market cover, and what was the market size in 2023?
In 2023, the Europe Solar Photovoltaic Market size was estimated at 258.45 gigawatt. The report covers the Europe Solar Photovoltaic Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Solar Photovoltaic Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major trends observed in the Europe Solar PV Market?
The major trends observed in the Europe Solar PV Market are a) Increasing adoption of rooftop solar PV installations b) Advancements in solar panel technology c) Growing focus on green energy and net-zero initiatives
Europe Solar Photovoltaic (PV) Industry Report
The Europe Solar PV Industry is on the brink of a significant expansion, fueled by a concerted push towards green energy, net-zero initiatives, and favorable government incentives for solar energy adoption. This surge is supported by the decreasing costs of solar panels and heightened competition, making solar PV installations increasingly affordable. Innovations in the solar energy sector, such as perovskite solar cells and flexible solar panels, are propelling market growth. With segments categorized by connectivity, mounting, and end-use, areas like on-grid, ground-mounted, and residential solar PV installations are set to witness notable growth. Germany is expected to lead, backed by robust government initiatives and infrastructure enhancements. The rooftop solar segment is also predicted to experience significant growth, driven by new building mandates for solar readiness and the adoption of rooftop systems to cut electricity costs. As per Mordor Intelligence™ Industry Reports, the Europe Solar Photovoltaic market is poised for a robust expansion, with detailed statistics on market share, size, and revenue growth rate, alongside a forecast outlook and historical overview available in a free report PDF download. This growth underscores the industry's move towards environmental sustainability and clean energy sources.
