/LONDON, February 15, 2023, 9:00 GMT, PRNewswire/ The growth of the European solar power market in 2022 has exceeded all expectations. The cumulative installed solar photovoltaic (PV) capacity in Europe reached 244.3GW at the end of 2022, which is an almost 23 per cent increase compared to 198.8GW at the end of 2021, according to the recently published study Europe Solar Photovoltaic (PV) Power Market Outlook 2023 ÷ 2032. Germany was the largest market in 2022, adding 7.9 GW of new capacity, followed by Spain (7.5 GW), Poland (4.9 GW), Netherlands (4 GW), and France (2.7 GW). In the EU-27 member states, the solar PV market scored an impressive increase in annual installed capacity by 47 per cent in 2022, from 28.1 GW in 2021 to 41.4 GW in 2022. Amarenco, Axpo, BayWa r.e., EDPR, Enel Green Power, ENGIE, Hanhwa Q-Cells, Huawei, Iberdrola, First Solar, Jinko, Lightsource bp, LONGi Solar, RWE, SMA and Total Eren, are among the key players in the market.
EU energy ministers agreed at the end of November 2022 on the content of a Council Regulation for a temporary framework to accelerate the permit-granting process and the deployment of renewable energy projects. Reduction of permitting burden shall contribute to solar energy growth, which is essential for the European Union (EU) to achieve energy independence and to meet its REPowerEU targets.
More firms turn their attention to environmental, social and governance (ESG), according to the regular annual study conducted between November 2022 and January 2023 by the Renewable Market Watch™ of 217 key decision-makers of European investment companies active in the solar energy sector. Some 61 % per cent of the interviewed managers plan to prioritise the integration of ESG considerations in their solar photovoltaic projects planned for realisation between 2023 and 2027.
In an increasing number of countries, the cost competitiveness of solar and the reduction of feed-in tariffs, grants and other forms of direct subsidies is triggering new business models. The corporate renewable PPA boom has driven hundreds of megawatts (MWs) of new solar power capacity additions in European countries like Denmark, France, Germany, Italy, Norway, Poland, Spain, Sweden and others. Also, many countries have started tender (auction) schemes to control costs and solar power installed capacity. These tenders have played a key role in reducing solar power prices and proved their effectiveness in solar PV sector development. Several EU member states have already committed to 100% renewable power or zero-carbon targets, while the EU is pursuing a zero-emissions target by 2050.
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This unique, thorough, detailed market report offers an incisive and reliable overview of Europe’s solar photovoltaic (PV) sector for 2023 ÷ 2032. The number of fully permitted and ready-to-build projects has promptly increased. In many countries, a rooftop market segment is not developed and is forecasted to score significant growth shortly. The report provides a complete picture of the market situation, dynamics, risks, current issues and prospects. With more than 230 pages of valuable information, this in-depth analysis will give you an overview of how the different government measures and finance for post-COVID-19 recovery and the efforts for fast reduction of the Russian energy import in Europe will impact this market.
Market Trends, Drivers, Constraints, and Opportunities:
• Europe’s utility-scale solar PV sector will emerge between 2023 and 2032 due to the reasonable turn-key cost of solar technology, corporate PPA schemes and tender (auction) support schemes announced in many European countries.
• More European countries have made long-term plans to expand their solar photovoltaic (PV) capacity by 2030 with significant numbers, which will continue the continent’s leading position in the global solar energy market.
• Over 82 per cent of the rooftops in Europe are unused. These rooftops present an incredible opportunity for solar power generation equal to around 25 per cent of the EU’s electricity demand.
• On 1 February 2023, the European Commission presented its proposal for a Green Deal Industrial Plan for the Net-Zero Age. The plan will be part of the European Green Deal and will support an easier permitting process for renewable energy projects, faster access to financing and enhancing skills and supply chain optimisation.
• Renewable Market Watch™ estimates that an increase of 10 per cent in the number of households with an electric vehicle (EV) will lead to an increase between 9 per cent (in low case scenario) and 17 per cent (in high case scenario) in installed residential net metering and self-consumption solar PV capacity by 2032.
• Grid connection restrictions due to congestion and especially market integration challenges may sometimes hamper the future of solar photovoltaic (PV) projects deployment.
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In terms of applications, the market can be divided into residential, commercial, industrial and utility. Industry analysts of Renewable Market Watch™ used a complex array of research sources to understand better the role of residential, commercial and utility solar PV systems and their application in all European countries under different local regulations and support schemes. For this reason, a unique approach was applied in the analytical and forecasting process to achieve and present a better explanation of fundamental drivers and future dynamics behind the solar PV market growth in Europe.
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You can download a sample list of European solar photovoltaic (PV) projects from here. European Solar Projects List
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