Europe Solar Photovoltaic (PV) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Solar Photovoltaic (PV) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The solar photovoltaic (PV) market in Europe is expected to grow at a CAGR of more than 6% in the forecast period of 2020-2025. The growing power demand and the pressure to meet the European Union’s goal to reduce carbon emission are driving the market of solar photovoltaics in the region. Different initiatives and policies by the governments across the region and increasing investment by corporates are resulting in the further growth of the market. On the other hand, the high initial investment to install solar energy and the COVID-19 is expected to restrain the growth of the market in the forecast period.

Key Highlights

• The utility sector is expected to witness the highest growth in the forecast period owing to numerous solar photovoltaic projects under construction and upcoming phases.
• The ambitious aim of the European Union to become carbon neutral by 2050 is expected to create significant opportunities for the solar photovoltaic market.
• Germany, with the largest installed capacity of solar photovoltaics, is expected to dominate the European solar photovoltaics (PV) market.

Key Market TrendsUtility Sector is Expected to Dominate the Market

• Utility solar photovoltaics plants are those who generate electricity using photovoltaic panels and feed it to the grid network, generally under a Power Purchase agreement serving for a definite period.
• In October 2019, the O’MEGA1 project, which is a 17 MW offshore solar plant, was inaugurated. The plant can feed 4733 homes and is expected to create new opportunities in the offshore solar market.
• In 2019, Iberdrola completed the Núñez de Balboa plant, the largest photovoltaic plant in Europe, comprising more than 1.4 million solar panels. The plant can feed 250,00 homes driving the solar photovoltaic market significantly.
• Europe has successfully installed more than138 GW of photovoltaic capacity by 2019, with a significant share from the utility sector. Countries like Germany, Italy, and the United Kingdom are the major contributors to the growth.
• With several large-scale projects under construction in Europe, the utility sector is expected to witness considerable growth in the forecast period.

Germany to Dominate the Europe Solar Photovoltaic (PV) Market

• With more than 48 GW of installed solar photovoltaic capacity, Germany generated more than one-third of entire Europe’s solar photovoltaic capacity in 2019.
• Germany added more than 1.1 GW of solar photovoltaic energy in the first quarter of 2020, reaching 50 GW in February 2020 and drove the market further significantly.
• In 2020, EnBW started construction of the Weesow-Willmersdorf solar farm, which is Germany’s largest solar farm without state funding with an installed output of 187MW. The plant will be housing 465,000 solar panels, driving the solar photovoltaics market significantly.
• With supporting policies of the German government and multiple bidding rounds in 2019, Germany is expected to dominate the market in the forecast period.

Competitive Landscape

The Europe solar photovoltaic (PV) market is fragmented. Some of the major companies include Hanwha Q CELLS Technology Co., Ltd, Iberdrola S.A., SunPower Corporation, JinkoSolar Holding Co., Ltd, Lightsource BP Renewable Energy Investments Limited, and others

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Hanwha Q CELLS Technology Co., Ltd
Iberdrola, S.A
JinkoSolar Holding Co., Ltd
SunPower Corporation
Lightsource BP Renewable Energy Investments Limited
Enel SpA
SunEdison Inc
Centrotherm International AG

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