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Europe Solar PV Module Market Size
Europe Solar PV Module Market size was valued at USD 52.11 Billion in 2023 and is predicted to expand at over 5.2% CAGR from 2024 and 2032. Driven by growing demand for high-efficiency solar modules and continuous innovative technological development will boost the product penetration.
A solar photovoltaic module, commonly referred to as a solar panel, is a device designed to capture sunlight and convert it into electricity using semiconductor materials, typically silicon. Solar PV modules consist of multiple solar cells interconnected and encapsulated within a weather-resistant and protective frame. Ambitious renewable energy targets, declining solar PV costs, along with favorable policies will further boost the market trends.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 52.11 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 5.2% |
| 2032 Value Projection: | USD 81.32 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 400 |
| Tables, Charts & Figures: | 716 |
| Segments covered: | Technology, Product, Connectivity, Mounting, End-Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID- 19 Impact
The COVID- 19 outbreak has significantly impacted the market on account of severe government lockdowns, constrained industry operations, reduced personnel control, along with supply chain disruptions. Delayed deliveries of solar components including cells, batteries, modules, among others, led to setbacks in project completions, thereby impacting the overall market statistics. However, favorable regulatory landscape across the developing economies including FiT’s will contribute toward a favorable business scenario.
Europe Solar PV Module Market Trends
Solar PV module installations coupled with energy storage solutions comprising batteries to store the excess solar energy for use during periods of low sunlight or high demand, will support maintain grid stability and enable energy self-sufficiency. Integration of advanced monitoring and digitalization technologies into solar PV systems to optimize performance, enable predictive maintenance, and enhance the overall system efficiency is set to strengthen the business landscape. In addition, rising electricity demand along with positive outlook to support renewable energy solutions will stimulate the industry dynamics.
Europe Solar PV Module Market Analysis
Crystalline silicon solar PV module market size crossed USD 69.6 billion by 2032. Continuous decrease in the cost of these modules coupled with streamlined manufacturing processes have contributed to the business statistics. Higher efficiency modules can help generate more electricity from the same amount of sunlight, making them an attractive option for installations with limited space. Moreover, development of high-performance solar technologies amongst major players will continue to complement the Europe solar PV module market potential.
Polycrystalline solar PV module market is poised to witness about 6.5% CAGR through 2032, owing to increasing adoption of solar projects along with supportive regulatory frameworks. Rising number of solar development facilities across economies along with expanding private & public sector investments to accelerate cost effective clean electricity generation will fuel the business dynamics. Additionally, surging government legislations and schemes to expand the solar energy infrastructure and reduce dependency on fossil-based power supply across households will stimulate the business trend.
On-grid solar PV modules market will record nearly 6.5% growth rate from 2023 to 2032. Growing emphasis on sustainability, shifting focus on the recycling of end-of-life solar panels will proliferate the business growth. Integration of cutting-edge technology with on-grid solar PV modules along with ongoing expansion of financing options and incentives for system installation will boost the industry potential. However, rising interest to reduce dependency on conventional fuels will drive the Europe solar PV module market scenario.
Ground mounted solar PV module market size is estimated to surpass USD 30.5 billion by 2032, on the account of shifting focus to adopt renewable energy systems. Introduction of clean energy targets primarily by the developing economies will augment the industry landscape. Furthermore, strategic contracts and collaborations amongst major industry players along with continuous growth of large scale and grid connected power generation systems will enhance the business outlook.
Utility solar PV module market size was valued at USD 12.5 billion in 2022. Ongoing research and development activities focusing on development of advanced technologies featured with optimized performance characteristics of various components and modules will drive the business outlook. Continuous development of large-scale projects along with strategic investments across the private and public sectors to develop solar infrastructure will foster the Europe solar PV module market potential.
Germany solar PV module market is anticipated to expand at 11% CAGR during 2023 to 2032, owing to development of strategic government roadmaps along with increasing intervention of local governments to augment the solar installed capacity. Closed partnerships, joint ventures & mergers amongst the solar developers as well as state-owned companies to increase the rooftop & ground-mounted solar installations across the commercial & industrial establishments will sway the business scenario. Moreover, growing inclination toward solar infrastructure expansion will sway the business trends.
Europe Solar PV Module Market Share
Major participants across the Europe Solar PV Module market include
- Eternia Solar
- Trina Solar
- Canadian Solar
- JA SOLAR Technology Co., Ltd
- JinkoSolar
- First Solar
- REC Solar Holdings AS,
- BELECTRIC
- CsunSolarTech
- The Solaria Corporation
- LG Electronics
- Yingli Solar
- Shunfeng International Clean Energy Co., Ltd
- RENESOLA
- EMMVEE SOLAR
- SOLAR FRONTIER K.K.
- VIKRAM SOLAR LTD
- LONGi
Europe Solar PV Module Industry News
- In December 2022, BELECTRIC entered a contract with Vantage RE Limited for construction of two large scale solar farms with more than 100MWp combined in England. The project features bifacial solar modules installed on single-axis trackers – an advanced technology. Together, these solar modules can generate enough green energy to power nearly 37,000 houses. Further, the contract allowed the company to showcase its expertise in large-scale projects, thereby maintaining a strong position across the UK.
- In July 2021, Eternia Solar started the development of 10 MW solar power plant in Poland. The project includes 22,060 solar modules and covers an area of 1,652 hectares and will save more than ten lakh ton of CO2 emissions per year. Through the EPC project, the company strengthened its position across the industry.
This Europe solar PV module market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW and USD Million’ from 2023 to 2032 for the following segments:
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By Technology
- Think Film
- Crystalline Silicon
By Product
- Monocrystalline
- Polycrystalline
- Cadmium Telluride (CdTe)
- Amorphous Silicon (A-Si)
- Copper Indium Gallium Di-Selenide (CIGS)Think Film
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 countries:
- Europe
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
- Poland
- Belgium
- Ireland
- Baltics
- Portugal
Frequently Asked Questions (FAQ) :