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Europe Solar PV Module Market Size

Report ID: GMI6760
Published Date: Nov 2024
Report Format: PDF

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Europe Solar PV Module Market Size

Europe Solar PV Module Market was valued at USD 63.1 billion in 2024 and is estimated to grow at a CAGR of 7% from 2025 to 2034. A solar photovoltaic (PV) module is a device that converts sunlight into electrical energy using photovoltaic (solar) cells. It is the most common component used in solar energy systems. The modules are typically arranged in panels, which are connected together to form larger arrays capable of generating more power.

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Installing solar PV modules with energy storage solutions, such as batteries, allows for the storage of excess solar energy. This stored energy can be used during periods of low sunlight or high demand, enhancing grid stability and promoting energy self-sufficiency. Integrating advanced monitoring and digital technologies into solar PV systems optimizes performance, enables predictive maintenance, and improves overall system efficiency, strengthening the business landscape. Additionally, the increasing demand for electricity and a positive outlook on renewable energy solutions will drive the industry dynamics.

Europe Solar PV Module Market Report Attributes
Report Attribute	Details
Base Year:	2024
Europe Solar PV Module Market Size in 2024:	USD 63.1 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	7%
2034 Value Projection:	USD 125.8 Billion
Historical Data for:	2021 to 2023
No. of Pages:	80
Tables, Charts & Figures:	25
Segments covered:	Technology, Product, Connectivity, Mounting, End Use, and Country
Growth Drivers:	Growing focus on green and net zero initiatives Favorable government schemes Rapid deployment of solar modules
Pitfalls & Challenges:	Alternative renewable technologies

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Introduction of clean energy targets by developing economies is set to reshape the industry landscape. Strategic contracts and collaborations among key industry players coupled with the ongoing expansion of large-scale, grid-connected power generation systems, are poised to bolster the business outlook. Shifting focus to adopt renewable energy systems along with 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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The European market for solar PV module market was valued at USD 63.1 billion in 2024 and is estimated to grow at a 7% CAGR from 2025 to 2034, driven by increased emphasis on green initiatives and achieving net-zero targets.

The crystalline technology segment is projected to reach USD 116 billion by 2034, influenced by streamlined manufacturing processes and a consistent decline in module costs.

The on-grid segment is anticipated to grow at a rate exceeding 6.5% CAGR through 2034, propelled by an increasing emphasis on sustainability and the recycling of end-of-life solar panels.

Germany solar PV module market is forecasted to exceed USD 50 billion by 2034, led by strategic government initiatives and increased local government involvement.

Key players in the Europe solar PV module market include BELECTRIC, Canadian Solar, CsunSolarTech, Eternia Solar, EMMVEE SOLAR, First Solar, JA SOLAR Technology, JinkoSolar, LG Electronics, LONGi, REC Solar Holdings, RENESOLA, Shunfeng International Clean Energy, SOLAR FRONTIER K.K., The Solaria Corporation, Trina Solar, Vikram Solar, and Yingli Solar.