Europe Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), By End-Use (Residential, Commercial & Industrial, Utility) & Forecast, 2024 – 2032

Europe Solar PV Market Size

Europe Solar PV Market size was valued at USD 37.27 billion in 2023 and is expected to register CAGR of around 7.1% from 2024 to 2032. Continuous reduction in the cost of solar panels and associated components along with increased competition have led to more affordable solar PV installations.
 

Solar Photovoltaic (PV) technology refers to the use of semiconductor materials to convert sunlight directly into electricity. When sunlight strikes these materials, it generates a flow of electricity known as direct current (DC). Moreover, government incentives, tax credits, and renewable energy mandates across the region will encourage the product adoption.
 

COVID- 19 Impact

The COVID- 19 outbreak has had a minimal impact on the sector on the account of stringent government regulations, limited personnel management, hindered industrial activity, and lowered raw material deployment. An organized approach to preserve the sustainable environment and minimize health risks will compliment the industry dynamics. In addition, shifting consumer focus toward implementing solar PV to enhance energy efficiency and reduce electricity bills will boost the product demand.
 

Europe Solar PV Market Trends

Solar PV systems typically consist of solar panels that contain numerous photovoltaic cells, an inverter to convert DC electricity into alternating current (AC), suitable for household or industrial use, and sometimes energy storage solutions comprising batteries. Further, rising carbon emissions in line with increasing interest of major players to develop high performance energy solutions will accelerate the business demand.
 

Europe Solar PV Market Analysis

On-grid solar PV market size is projected reach USD 68.9 billion by 2032, owing to features including advanced monitoring, remote control, and grid balancing capabilities. Ongoing research and development efforts focusing on improving the efficiency and durability of the solar PV materials along with innovations in materials like perovskite solar cells and flexible solar panels will stimulate the Europe solar PV market growth. Moreover, increasing awareness of climate change and environmental sustainability is driving consumers and businesses to seek clean energy sources.
 

Ground mounted solar PV market is set to grow at a CAGR of more than 7.3% through 2032. Advancements in solar panel technology, including higher efficiency and durability, are enhancing the economic viability of the system installations. Coupling of this equipment with energy storage solutions along with rising demand for large-scale ground-mounted solar farms will propel the business landscape. Additionally, the product enhances grid resilience and support critical infrastructure while significantly saving overall energy bills will drive the business scenario.
 

Residential solar PV market will witness a substantial growth over the coming years. Increasing investment of homeowners in solar energy storage systems in line with governmental incentives providing financial benefits to users will stimulate the market growth. Furthermore, growing customization options that blend solar installations seamlessly with a home's architecture coupled with services including monitoring and maintenance will positively influence the Europe solar PV market.
 

Germany solar PV market size is predicted to surpass USD 25.5 billion by 2032. Ongoing development of norms and mandates by the governing authorities and continuous improvement in the building infrastructures will thrust the business potential. Formation of strong private & public sector partnerships along with growing presence of large number of manufacturers primarily across the region will augment the business landscape. However, rising consumer preferences towards clean energy sources and export of expertise and technology to international markets will complement the industry statistics.
 

Europe Solar PV Market Share

Major manufacturers across the Europe solar PV market are :

• Trina Solar
• Canadian Solar
• JA SOLAR Technology Co., Ltd.
• Jinko Solar
• First Solar
• REC Solar Holdings AS
• Q CELLS
• CsunSolarTech
• Solaria Corporation
• LG Electronics
• Yingli Solar
• Shunfeng International Clean Energy
• Renesola
• EMMVEE SOLAR
• Solar Frontier KK
• Maxeon Solar Technologies, Ltd.
• ASUN TRACKERS PVT. LTD.
• Vikram Solar Ltd.
• LONGi. SUNEL GROUP
• CHINT Group

 These participants actively involved in strategic joint ventures & contracts to capture the regional market share.
 

Europe Solar PV Industry News

• In May 2022, CHINT Group along with its partner collaborated with solar developer Econergy to provide EPC services for installation of 154 MWP PV power station in Romania. It is reported that after grid connection, the plant is expected to provide clean energy for about 1 million households and reduce carbon dioxide emissions by about 160,000 tons per year. The collaboration aims to support the country’s new energy development goals and will create a positive footprint in delivering clean energy solutions. With this order, the company expanded its presence across the industry.
   
• In August 2022, SUNEL GROUP along with Ameresco Inc. has been selected by Cero Generation to develop Delfini, a 100 MWp solar PV project in Greece. Within the project, SUNEL GROUP will provide engineering, procurement and construction for the solar park, thereby supporting the country’s ambitious clean energy targets. The contract supported the company to establish a strong presence across the country.
   

This Europe solar PV market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2023 to 2032 for the following segments:

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By Connectivity

• On-Grid
• Off-Grid

By Mounting

• Ground Mounted
• Roof-Top

By End-Use

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following region and countries:

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