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, 2023 - 2032

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, 2023 - 2032

Europe Solar PV Market size is projected to expand at around 7.4% CAGR from 2023 to 2032 driven by rising adoption due to the growing awareness of environmental sustainability across the region. The increasing emphasis on reducing carbon footprints, mitigating climate change, and transitioning towards cleaner energy sources is promoting the usage of solar PVs. Additionally, the integration of solar PV technologies into urban infrastructure and commercial establishments will foster market expansion.

Furthermore, the continuous investments in scaling up manufacturing facilities is enhancing the production efficiencies for streamlining supply chains to meet the escalating demand for solar photovoltaic systems across the region. For instance, in May 2023, Holosolis, a subsidiary of EIT InnoEnergy, established the largest solar PV giga factory to ramp up Europe's solar PV manufacturing capacity while contributing to its energy security.

The Europe solar PV industry is segmented into connectivity, mounting, end-use, and region.

Based on connectivity, the market size from the off-grid connectivity segment is likely to witness high demand from 2023 to 2032. The segment growth is attributed to the increasing adoption of off-grid solar photovoltaic systems in remote areas, rural communities, and isolated locations without access to conventional power grid. Moreover, the focus on promoting energy independence, addressing electricity access challenges, and reducing reliance on fossil fuels is leading to the increasing product adoption across residential, commercial, and industrial applications.

Europe solar PV industry is anticipated to gain significant traction from the commercial and industrial end-use segment between 2023 and 2032 propelled by the increasing emphasis on sustainable energy solutions. The growing adoption of solar photovoltaic systems in commercial establishments, industrial facilities, and large-scale enterprises driven by the focus on reducing carbon footprints, achieving energy independence, and optimizing operational costs will also contribute to segment growth.

Regionally, the U.K. solar PV industry witnessed substantial growth in 2022 and is estimated to exhibit robust rate from 2023-2032. With the rising focus on achieving net zero objectives by 2050, the solar panel industry the region may significantly expand. To that end, the increasing investments and installations of solar systems in the residential space will surge the need for solar PV.

Furthermore, the strong commitment to renewable energy targets is contributing to government incentives for solar installations, and the growing awareness of environmental sustainability. Moreover, the higher emphasis on promoting solar energy investments for fostering technological innovations and supporting solar infrastructure development will further augment the regional industry outlook.