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Europe Solar PV Market Size

Report ID: GMI6669
Published Date: Sep 2023
Report Format: PDF

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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.

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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.

Europe Solar PV Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Solar PV Market Size in 2023:	USD 37.27 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.1%
2032 Value Projection:	USD 70.99 Billion
Historical Data for:	2019 to 2023
No. of Pages:	250
Tables, Charts & Figures:	452
Segments covered:	Connectivity, Mounting, End-Use
Growth Drivers:	Growing focus on green energy and net zero initiatives Favourable government schemes for adoption of solar energy
Pitfalls & Challenges:	Longer payback period

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of solar PV in Europe was worth over USD 37.27 billion in 2023 and will reach over USD 70.99 billion by 2032, due to increasing reduction in the cost of solar panels and associated components in the region.

Europe solar PV market size from the on-grid connectivity segment is expected to surpass USD 68.9 billion by 2032, on account of advantages, such as advanced monitoring, remote control, and grid balancing capabilities.

Germany solar PV industry will garner over USD 25.5 billion in revenue by 2032, owing to the development of norms and mandates by the governing authorities and continuous improvements in building infrastructures in the region.

Trina Solar, Canadian Solar, JA SOLAR Technology Co., Ltd., Jinko Solar, First Solar, REC Solar Holdings AS, Q CELLS, CsunSolarTech, and Solaria Corporation.