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Europe Solar Photovoltaic Power Market Outlook 2023 2032 big

/LONDON, March 5, 2024, 9:00 GMT, RENEWABLE MARKET WATCHTM/ The European solar power market growth in 2023 had a remarkable performance. The annual installed capacity solar photovoltaic (PV) capacity in Europe reached 307 GW at the end of 2023, which is a 24 per cent increase compared to 247.6 GW at the end of 2022, according to the recently published study Europe Solar Photovoltaic (PV) Power Market Outlook 2024 ÷ 2033. Germany was again the largest market in 2023, adding a record 14.1 GW of new capacity, followed by Spain (8.22 GW), Poland (4.6 GW), Netherlands (4.5 GW), and Italy (4.9 GW). In the EU-27 member states, the solar PV market scored the best solar year in history with growth in annual installed capacity by 40 per cent in 2023, from 40 GW in 2022 to 56 GW in 2023.

Amarenco, Axpo, BayWa r.e., EDPR, Enel Green Power, ENGIE, Hanhwa Q-Cells, Huawei, Iberdrola, First Solar, Fluence Energy, Jinko, Lightsource bp, LONGi Solar, RWE, SMA, Total Eren and Wacker Chemie, are among the key players in the market. Over 70 per cent of the EU-27 member states scored their best solar year in 2023.  Five new entrants, the Czech Republic, Belgium, BulgariaRomania and Sweden, crossed the GW scale of annual solar installations.

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. The European Institutions have agreed in 2023 on a revised text of the EU Renewable Energy Directive (RED III), which should help further speed up permitting for new and repowered renewable energy projects. Reducing the permitting burden shall contribute to solar energy growth, which is essential for the European Union (EU) to achieve energy independence and meet its REPowerEU targets. 

The Clean Energy for All Europeans legislative package (CEP) acknowledges ‘active customers’, ‘renewables self-consumers’, ‘renewable energy communities’ (RECs), and ‘citizens energy communities’ (CECs) as critical market players in the energy transition by 2030 and 2050. Almost 60 PV module manufacturers have established factories in the European Union (EU) at the end of 2023, with the total module production capacity currently standing at around 14.6 GW, 59 per cent higher than in 2022 (9.1 GW).

More firms turn their attention to environmental, social and governance (ESG), according to the annual study conducted between October 2023 and January 2024 by the Renewable Market Watch™ of 271 key decision-makers of European investment companies active in the solar energy sector. Some 64 % per cent of the interviewed managers plan to prioritise integrating ESG considerations in their solar photovoltaic projects planned for realisation between 2024 and 2028.

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 are 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 developing the solar PV sector. 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.

Get an Exclusive Sample оf This Report@: Europe Solar Photovoltaic (PV) Power Market Outlook: 2024 ÷ 2033 - Sample

This unique, thorough, detailed market report offers an incisive and reliable overview of Europe’s solar photovoltaic (PV) sector for 2024 ÷ 2033. 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 financial initiatives for a faster clean energy transition and reduction of Russian energy imports in Europe will impact this market.

Market Trends, Drivers, Constraints, and Opportunities:

• Europe’s utility-scale solar PV sector will emerge between 2024 and 2033 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.

• Rooftop solar (residential and C&I) dominated new capacity additions in Europe in 2023 with over 60 per cent share. However, 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. It will support an easier permitting process for renewable energy projects, faster access to financing, and enhanced skills and supply chain optimisation.

• Renewable Market Watch™ estimates that an increase of 12 per cent in the number of households with an electric vehicle (EV) will lead to a rise between 11 per cent (in a low-case scenario) and 19 per cent (in a high-case scenario) in installed residential net metering and self-consumption solar PV capacity by 2033.

• Grid connection restrictions due to congestion and market integration challenges may sometimes hamper the future of European solar photovoltaic (PV) project deployment.

Buy the complete report @: Europe Solar Photovoltaic (PV) Power Market Outlook 2024 ÷ 2033

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

For a better understanding of the benefits of using our reports, you may read here: Benefit List - Reports of Renewable Market Watch - 2024

 About Renewable Market Watch™

Renewable Market Watch™ is delivering strategic insight into emerging renewable energy markets through its experienced research team and cutting-edge predictive analytics data platform. We partner with our customers to provide research, data and consulting reports in areas appropriate to their specific requirements. Our primary focus is emerging renewable energy markets in Asia Countries, Balkan countries, Central and Eastern Europe, CIS states (formerly the Soviet Union), LATAM countries, and MENA countries. For more information about Renewable Market Watch™, please visit:
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