Europe Solar PV Market Size – By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Rooftop), By End Use (Residential, Commercial & Industrial, Utility), & Forecast, 2025 – 2034

Europe Solar PV Market Size

The Europe solar PV market was valued at USD 63.1 billion in 2024 and is estimated to grow at at a CAGR of 7.1% from 2025 to 2034. Many countries offer incentives for residential and commercial solar installations, including rebates, grants, or tax credits coupled with combining solar power with hydrogen production, that uses solar-generated electricity to produce hydrogen for industrial use will drive the business scenario.
 

The price of solar PV modules has decreased significantly over the past decade, with the cost of solar power falling below grid parity in many parts of Europe, thereby increasing market competitiveness, as both established and new players compete for market share. For instance, in February 2024, Trina Solar launched its new full black module Vertex S+ 450W (NEG9R.25), designed specifically for high-end residential rooftops globally.
 

The solar energy is expected to register exponential growth in the forthcoming years on account of gradual phasing out of coal power plants and supportive regulatory policies for renewable adoption. For instance, in July 2022, the European Bank for Reconstruction and Development (EBRD) provided USD 24.45 million loan to ESM, a state-owned electricity company to build two large scale solar PV plants in North Macedonia.
 

Flourishing investments for development of solar energy in line with the development of several projects backed by government supportive fundings is enhancing the business growth. For instance, in February 2022, the European Investment Bank (EIB) announced a co-financing of USD 97.81 million to speed up the development of solar PV and onshore wind renewable projects in Portugal and Spain between 2021 to 2024.
 

Introduction of various regulatory reforms including subsidies, incentives, and financial leveraging along with ongoing expansion of utility scale projects have accelerated the growth of solar PV. Continuous advancement of several photovoltaic components including mounting structures, solar cells, battery, modules and others along with robust government aided investments to scale up the deployment of photovoltaics will positively impact the business scenario.
 

Europe Solar PV Market Trends

• Large scale investments in solar systems to fulfill the energy needs in countries across Germany, UK, and France among others along with expanding residential installations fueled by government incentives and declining costs of solar panels and batteries will complement the business landscape. The EU Emissions Trading Scheme (ETS) helps make solar power more cost-competitive relative to fossil fuels by putting a price on carbon emissions, influencing the product penetration.
   
• Ongoing research and development activities in order to scale up the manufacturing technologies coupled with continuous introduction of various alliance and investments encouraging to develop improved PV cell designs, new materials, thereby supporting the development of efficient solar PV systems and low-cost electricity generation. For example, the European Commission suggested forming a new Solar PV industry alliance in October 2022.
   
• Solar energy storage systems are becoming popular with homeowners due to government support that gives out financial aid. This will significantly boost the market. Additionally, the growing solar projects sophistication to make them compatible with the house design together with aspects like servicing and monitoring will enhance the market growth further. In addition, the growing carbon emissions and the increasing attention from major investors toward the creation of efficient energy systems will create persistent demand for these systems.
   

Europe Solar PV Market Analysis

• Based on connectivity, the market is bifurcated into on grid and off grid. The Europe solar PV industry accounted for USD 41.2 billion, USD 57.3 billion and USD 63.1 billion in 2022, 2023 and 2024 respectively. On grid is set to grow on account of features including advanced monitoring, remote control, and grid balancing capabilities. Furthermore, ongoing R&D efforts aim to enhance the efficiency and durability of solar PV materials.
   
• Innovations including perovskite solar cells and flexible solar panels, are also contributing to this market expansion. Moreover, an increase in the focus towards environmental climate change and sustainability will propel both consumers and businesses towards cleaner energy sources which will sweeten the industry scope.
   
• The off grid segment will grow more than 9.5% CAGR from 2025 to 2034. The accelerated deployment of microgrid systems together with advanced distributed generation will expand the industry outlook. Furthermore, ongoing inclination towards energy storage systems, lack of sufficient support schemes for on grid end consumers coupled with developing regulatory framework for floating solar PV systems will continue to strengthen the distribution grid capacity which will significantly drive the business growth in the coming years.
   

• Based on mounting, the Europe Solar PV market is bifurcated into ground mounted and rooftop. The ground mounted segment is anticipated to grow more than 7% CAGR through 2034 due to improvements in technology pertaining to solar panels which increased their efficiency and durability, making system installations more cost effective.
   
• The rising adoption of hardware storage systems along with higher requirements for large scale solar parks is likely to change the business environment. These solutions not only enhance the efficiency of the grid and aid in crucial services and infrastructure but also offer great savings on energy expenditure which will further improve the Europe solar PV market environment.
   
• Rooftop systems allow for more precise control over the orientation of the arrays, significantly maximizing overall energy production. Furthermore, continuing installations across various economies such as Ireland due to the increasing demand for energy will improve further business opportunities. As an example, MSD, the pharmaceutical giant, in September 2022 initiated in Ireland the largest self-supply solar project in Co Tipperary.
   

• Germany Solar PV market reached USD 8 billion, USD 15.1 billion and USD 18.4 billion in 2022, 2023 and 2024 respectively. Germany accounted for 29% share of the market in 2024. Government authorities are implementing new norms and mandates along with continuous improvements in building infrastructures are driving the business potential.
   
• Strong partnerships between the private and public sectors coupled with an increasing number of manufacturers in the region, are enhancing the business landscape. There is a positive growth in the industry statistics due to the increasing consumer interest in clean energy sources as well as export of expertise and technology to international markets. For example, in September 2022, the German government provided tax breaks in order to encourage the adoption of rooftop solar photovoltaic systems.
   
• Netherlands solar PV market will grow at a CAGR of over 5% through 2034. Growing consumer awareness in Netherlands toward energy efficiency coupled with rising demand for solar heating systems will further complement the business outlook. In addition, the regulatory shift toward the replacement of existing conventional power generation systems with the renewables will stimulate the industry landscape.
   
• The drive for clean energy goals will propel the solar sector throughout Spain, especially with government initiatives aimed at promoting sustainable technology adoption. Additionally, the European Commission (EC) has imposed various policies in a bid to foster greater renewable integration across the region. Introduction of investment subsidies has further kept regulators focused on PV powered decentralized energy storage systems.
   

Europe Solar PV Market Share

• The top 5 players in the industry include LONGi, Trina Solar, Jinko Solar, First Solar and Risen.The European solar market includes a mix of global players and strong regional companies. The leading firms range from solar module manufacturers to project developers, EPC contractors, and operators of solar assets.
   
• It is dominated by large energy companies and developers who are constructing large solar farms. It benefits from economies of scale and is a growing market in Southern Europe and increasingly in Central and Eastern Europe. Further, it is heavily influenced by national and EU-level policies and incentives aimed at decarbonizing the energy sector.
   

Europe Solar PV Market Companies

• Canadian Solar manufactures & installs solar photovoltaic modules and provides solar energy solutions. The company accounted for USD 1.5 Billion in Q3 of 2024. In addition, Recurrent Energy, subsidiary of the company recently signed a 10-year Power Purchase Agreement (PPA) for a solar power project in Spain. The 300 MW plant is anticipated to be operational by 2026.
   
• First Solar is the largest solar PV manufacturer with more than 25 GW of annual nameplate capacity. The company has spent more than USD 2 Billion in cumulative R&D investments and recorded a revenue of USD 0.9 Billion in Q3 of 2024. Further, the company’s Series 6 PV modules set the benchmark for reliable energy production.
   
• Jinko Solar is a global PV module manufacturer and energy storage system integrator with over 35 service centers in more than 200 countries. The company has delivered over 300 GW of solar capacity with nearly 8,000 annual orders.  Further, the company recently delivered 1.1 million Tiger Neo modules to a solar power plant in Germany.
   
• Hanwa Qcells is a solar cells manufacturer, with diverse international manufacturing facilities. the company further collaborated with Sunergetic to install 1,500 solar modules set to power 1,500 homes as part of a scheme to help support lower income homeowners.
   

Eminent players operating in the Europe solar PV industry are:

• Canadian Solar
• CsunSolarTech
• EMMVEE SOLAR
• First Solar
• JA SOLAR Technology
• Jinko Solar
• LG Electronics
• Hanwa Qcells
• REC Solar Holdings
• Renesola
• Shunfeng International Clean Energy
• Solaria Corporation
• Solar Frontier
• Trina Solar
• Yingli Solar
   

Europe Solar PV Industry News:

• In January 2025, Trinasolar introduced its high-efficiency n-type solar total passivation (TOPAS) heterojunction (HJT) PV modules with an aperture module efficiency of 25.44%. This is independently confirmed by the photovoltaic calibration laboratory at the Fraunhofer ISE (CalLab) in Freiburg, Germany. Further, it features a substrate of large-area n-type phosphorus-doped Czochralski silicon (Cz-Si) wafer (210×105 mm²) and RF p-type emitter. 
   
• In May 2022, CHINT Group, in partnership with solar developer Econergy, provided EPC services for the installation of a 154 MWP PV power station in Romania. When connected to the grid, the plant is expected to provide clean energy to about one million homes, which will reduce CO2 emissions by approximately 160,000 tons per year. This collaboration is in consonance with the fresh energy development objectives of Romania, as well as the diversification of energy solutions to cement the country’s position in the industry.
   
• In August 2022, SUNEL GROUP and Ameresco Inc. signed an agreement with Cero Generation to develop the Delfini solar PV project in Greece with a capacity of 100 MW. For this engagement, SUNEL GROUP will take care of the engineering, procurement and construction of the solar park in accordance with the country’s strategic objectives for clean energy. This contract has given the company a stronger position within the region.
   
• In April 2021, Canadian Solar commenced mass production of highly efficient large cell modules up to 665 W. The latest generation of bifacial BiHiKu7 and mono-facial HiKu7 modules are built using 210 mm cells. These products have been integrated with state of the art inverter & tracker designs that enable solar systems deployment. By 2021, the production capacity of BiHiKu7 and HiKu7 reached approximately 10 GW.
   

This Europe solar PV market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “USD Million and MW ” from 2021 to 2034, for the following segments:

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Market, By Connectivity

• On Grid
• Off Grid

Market, By Mounting

• Ground Mounted
• Roof Top

Market, By End Use

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following countries:

• Austria
• Norway
• Denmark
• Finland
• France
• Germany
• Italy
• Switzerland
• Spain
• Sweden
• UK
• Netherlands
• Poland
• Belgium
• Ireland
• Baltics
• Portugal