Report Overview

Europe Solar PV Market - Industry Trends & Forecast Report, 2030

Europe Solar PV Market size was estimated to be worth USD 36.3 billion in 2023. During the forecast period between 2024 and 2030, Europe Solar PV Market size is projected to grow at a CAGR of 7.80%, reaching a value of USD 61.1 billion by 2030. Major growth factors for Europe Solar PV Market include rising government investment in solar power installations owing to ongoing energy crises and fluctuating energy prices. In addition, the declining cost of solar PV and increasing demand for electricity across regions is projected to drive Europe solar PV market growth during the period in analysis.

Solar PV (Photovoltaic) – Overview

An array of solar cells used to generate electricity from sunlight make up a solar panel. A semiconductor cell absorbs sunlight, which is then transformed into electricity as it passes through the circuit. Numerous uses for solar panels are possible, such as remote power systems for cabins, telecommunications equipment, remote sensing systems, and residential and commercial solar systems. The solar panel market can be divided into photovoltaic (PV) cells and concentrated solar power systems based on technology. The National Renewable Energy Laboratory defines solar PV as photovoltaic cells “convert sunlight directly into electricity.” It is a form of non-polluting, renewable energy that may be generated in a variety of locations, from massive photovoltaic plants to tiny generators for personal use. The average efficiency of a solar PV is 21%. However, researchers have developed PV modules with efficiencies close to 40%.

Europe Solar PV Market

Growth Drivers

Favorable Government Initiatives and Investments

The rising environmental concerns and increasing focus on reducing carbon emissions resulted in the launch of favorable policies and initiatives by governments of many European countries to boost the renewable energy sector. According to the International Energy Agency, the European Union is accelerating solar PV deployment amid the rising energy crises. They have also launched new policies and targets under the REPowerEU Plan and The Green Deal Industrial Plan, projected to boost investments in solar PV. Under The Green Deal Energy Projects, the EU aims to improve accessibility to public investment and funding required to achieve climate neutrality. Such favorable initiatives are projected to drive Europe Solar PV Market over the forecast period.

Challenges

Stringent Regulatory Standards and Policy Uncertainty

The stringent regulatory standards and frequent changes in policies across the region may limit the growth of Europe Solar PV Market. European countries significantly focus on renewable energy goals. However, changing policies or inconsistency may fragment the European market. For instance, shifts in subsidies and tariffs on imported solar components may lead to price volatility and may deter investors from planning long-term projects. In addition, regulatory standards and paperwork in European countries also delay the implementation of large-scale solar initiatives due to a lack of stability in policy frameworks.

Impact of Escalating Geopolitical Tensions on Europe Solar PV Market

Escalating geopolitical tensions could impact several different aspects of Europe Solar PV Market, such as supply chain, investment shifts, and regulatory changes. Geopolitical conflicts and tensions in Ukraine and Russia obstructed investments in the renewable energy sector and shifted their focus to essential activities. However, other European countries may boost their investment in the solar energy sector, leading to an increase in renewable energy projects to tackle energy price fluctuations. However, supply chain disruption may pose significant challenges for Europe Solar PV Market and leads to shortage of critical raw materials necessary for solar PV manufacturing, such as polysilicon, rare earth metals, and aluminum. These materials are needed to be imported from countries like China, the United States, and Southeast Asia. The disruption in the flow of raw materials could lead to price increases, delays, or shortages, limiting market growth.

Europe Solar PV Market

Segmental Coverage

Europe Solar PV Market – By Technology

Based on product, Europe Solar PV Market is segmented into Thin film, Crystalline Silicon (Mono Crystalline Silicon and Multi Crystalline Silicon), and other PV technologies. Because of its narrow design, durability, and flexible & lightweight materials, the thin-film segment holds a significant share in Europe Solar PV Market by technology. Thin-film solar PV panels are widely used in commercial and utilities-scale projects due to their low installation costs. The low efficiency of thin-film solar PV panels is offset by installation economies of scale. Thin-film solar panels are being developed as a low-cost alternative to silicon-based solar modules due to their ease of mass production.

Europe Solar PV Market – By Grid

Europe Solar PV Market by grid is divided into On-grid and Off-grid segments. The on-grid type segment accounted for a larger market share of Europe Solar PV Market by grid, primarily due to the low operating and maintenance costs of grid-connected solar PVs, as well as their simplicity. On-grid PVs account for lower operating costs than that of off-grid PVs, as excess electricity generated through on-grid PVs is transmitted to the grid. Off-grid PVs are self-sustaining systems that store and save energy obtained from solar PV in batteries for use when grids experience power outages.

Europe Solar PV Market – By Application

Based on application, Europe Solar PV Market is segmented into Residential, Industrial, and Commercial. The residential application segment holds a commanding market share in Europe Solar PV Market.

Europe Solar PV Module Market - By Installation

Europe Solar PV Market by installation is segmented into Ground Mounted, Rooftop, and other installations. The rooftop segment holds the largest market share of Europe Solar PV Market by installation. The reliable secondary power provided by rooftop solar PV coupled with an energy battery storage system in residential homes increases consumer demand across the residential segment. Extra-large rooftop solar PV systems have been adopted in order to adopt large-scale storage systems to protect against changes in peak demand power supply and store the desired power in batteries.

Europe Solar PV Market – By Country

The in-depth research report on Europe Solar PV Market covers the region’s major countries including Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, the Netherlands, and rest of Europe. Germany dominates Europe Solar PV Market owing to the high solar PV installations across the country. Germany Trade and Invest, a federal company of the government of Germany, reports that the country has around 80 GWp cumulated capacity in solar PV and accounts for one-quarter of the EU market. The government has been significantly investing in the renewable energy sector and launched favorable schemes to attract international enterprises to PV developments, contributing to solar PV market growth in Germany.

Competitive Landscape

Europe Solar PV Market is highly competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Hanwha Q Cells, REC Group, Meyer Burger, SMA Solar Technology AG, JinkoSolar, JA Solar, Trina Solar, LONGi Solar, and SolarEdge Technologies. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In November 2024 – Indielux, a Germany-based solar energy equipment supplier, and EPP Solar, a solar power system design and installation company located in Germany, launched plug-in PV system in Germany, Spain, Poland, France, and Austria.

Scope of the Report

By Technology

• Thin Film

• Crystalline Silicon

• Others

By Grid

• On-Grid

• Off-Grid

By Application

• Residential

• Industrial

• Commercial

By Installation

• Ground Mounted

• Rooftop

• Others

By Country

• Germany

• United Kingdom

• Italy

• France

• Spain

• Belgium

• Russia

• The Netherlands

• Rest of Europe

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Europe Solar PV Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Declining Costs
         2. Increasing Environmental Concerns
         3. Government Incentives and Subsidies
      2. Restraints
         1. Land Requirements
         2. Weather Dependency
      3. Opportunities
         1. Energy Security and Diversification
         2. Advancement in Technology
      4. Challenges
         1. Supply Chain Constraints
         2. Grid Integration Challenges
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Europe Solar PV Market: Marketing Strategies
5. Europe Solar PV Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Technology
         1. Thin Film
         2. Crystalline Silicon

5.2.1.2.1 Mono Crystalline Silicon

5.2.1.2.2 Multi Crystalline Silicon

5. 1. 1. 3. Others
      2. By Grid
         1. On-Grid
         2. Off-Grid
      3. By Application
         1. Residential
         2. Industrial
         3. Commercial
      4. By Installation
         1. Ground Mounted
         2. Rooftop
         3. Others
      5. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Belgium
         7. Russia
         8. The Netherlands
         9. Rest of Europe
6. Germany Solar PV Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Technology
      2. By Grid
      3. By Application
      4. By Installation
7. United Kingdom Solar PV Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Technology
      2. By Grid
      3. By Application
      4. By Installation
8. Italy Solar PV Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Technology
      2. By Grid
      3. By Application
      4. By Installation
9. France Solar PV Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Technology
      2. By Grid
      3. By Application
      4. By Installation
10. Spain Solar PV Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Technology
       2. By Grid
       3. By Application
       4. By Installation
11. Belgium Solar PV Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Technology
       2. By Grid
       3. By Application
       4. By Installation
12. Russia Solar PV Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Technology
       2. By Grid
       3. By Application
       4. By Installation
13. The Netherlands Solar PV Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Technology
       2. By Grid
       3. By Application
       4. By Installation
14. Rest of Europe Solar PV Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Technology
       2. By Grid
       3. By Application
       4. By Installation
15. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Europe Solar PV Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
16. Impact of Escalating Geopolitical Tensions on Europe Solar PV Market
17. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Hanwha Q Cells
    2. REC Group
    3. Meyer Burger
    4. SMA Solar Technology AG
    5. JinkoSolar
    6. JA Solar
    7. Trina Solar
    8. LONGi Solar
    9. SolarEdge Technologies
    10. Other Prominent Players
18. Key Strategic Recommendations
19. Research Methodology
    1.       Qualitative Research
       1.   Primary & Secondary Research
    2.       Quantitative Research
    3.       Market Breakdown & Data Triangulation
       1.   Secondary Research
       2.   Primary Research
    4.       Breakdown of Primary Research Respondents, By Country
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Europe Solar PV  Segmentation

Figure 2       Europe Solar PV Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Europe Solar PV Market Size, By Value (USD Billion), 2019–2030

Figure 5       Europe Solar PV Market Share, By Technology, By Value, 2019–2030  

Figure 6       Europe Solar PV Market Share, By Grid, By Value, 2019–2030   

Figure 7       Europe Solar PV Market Share, By Application, By Value, 2019–2030   

Figure 8       Europe Solar PV Market Share, By Installation, By Value, 2019–2030  

Figure 9       Europe Solar PV Market Share, By Coverage , By Value, 2019–2030    

Figure 10     Europe Solar PV Market Share, By Country, By Value, 2019–2030       

Figure 11     Germany Solar PV Market Size, By Value (USD Billion), 2019–2030     

Figure 12     Germany Solar PV Market Share, By Technology, By Value, 2019–2030

Figure 13     Germany Solar PV Market Share, By Grid, By Value, 2019–2030

Figure 14     Germany Solar PV Market Share, By Application, By Value, 2019–2030

Figure 15     Germany Solar PV Market Share, By Installation, By Value, 2019–2030

Figure 16     Germany Solar PV Market Share, By Coverage , By Value, 2019–2030 

Figure 17     United Kingdom Solar PV Market Size, By Value (USD Billion), 2019–2030    

Figure 18     United Kingdom Solar PV Market Share, By Technology, By Value, 2019–2030         

Figure 19     United Kingdom Solar PV Market Share, By Grid, By Value, 2019–2030

Figure 20     United Kingdom Solar PV Market Share, By Application, By Value, 2019–2030

Figure 21     United Kingdom Solar PV Market Share, By Installation, By Value, 2019–2030

Figure 22     United Kingdom Solar PV Market Share, By Coverage , By Value, 2019–2030

Figure 23     Italy Solar PV Market Size, By Value (USD Billion), 2019–2030  

Figure 24     Italy Solar PV Market Share, By Technology, By Value, 2019–2030      

Figure 25     Italy Solar PV Market Share, By Grid, By Value, 2019–2030       

Figure 26     Italy Solar PV Market Share, By Application, By Value, 2019–2030      

Figure 27     Italy Solar PV Market Share, By Installation, By Value, 2019–2030      

Figure 28     Italy Solar PV Market Share, By Coverage , By Value, 2019–2030       

Figure 29     France Solar PV Market Size, By Value (USD Billion), 2019–2030

Figure 30     France Solar PV Market Share, By Technology, By Value, 2019–2030  

Figure 31     France Solar PV Market Share, By Grid, By Value, 2019–2030   

Figure 32     France Solar PV Market Share, By Application, By Value, 2019–2030   

Figure 33     France Solar PV Market Share, By Installation, By Value, 2019–2030   

Figure 34     France Solar PV Market Share, By Coverage , By Value, 2019–2030    

Figure 35     Spain Solar PV Market Size, By Value (USD Billion), 2019–2030 

Figure 36     Spain Solar PV Market Share, By Technology, By Value, 2019–2030    

Figure 37     Spain Solar PV Market Share, By Grid, By Value, 2019–2030     

Figure 38     Spain Solar PV Market Share, By Application , By Value, 2019–2030    

Figure 39     Spain Solar PV Market Share, By Installation , By Value, 2019–2030   

Figure 40     Spain Solar PV Market Share, By Coverage  , By Value, 2019–2030     

Figure 41     Belgium Solar PV Market Size, By Value (USD Billion), 2019–2030       

Figure 42     Belgium Solar PV Market Share, By Technology, By Value, 2019–2030

Figure 43     Belgium Solar PV Market Share, By Grid, By Value, 2019–2030 

Figure 44     Belgium Solar PV Market Share, By Application , By Value, 2019–2030

Figure 45     Belgium Solar PV Market Share, By Installation , By Value, 2019–2030

Figure 46     Belgium Solar PV Market Share, By Coverage  , By Value, 2019–2030 

Figure 47     Russia Solar PV Market Size, By Value (USD Billion), 2019–2030

Figure 48     Russia Solar PV Market Share, By Technology, By Value, 2019–2030   

Figure 49     Russia Solar PV Market Share, By Grid, By Value, 2019–2030    

Figure 50     Russia Solar PV Market Share, By Application , By Value, 2019–2030  

Figure 51     Russia Solar PV Market Share, By Installation , By Value, 2019–2030  

Figure 52     Russia Solar PV Market Share, By Coverage  , By Value, 2019–2030    

Figure 53     The Netherlands Solar PV Market Size, By Value (USD Billion), 2019–2030    

Figure 54     The Netherlands Solar PV Market Share, By Technology, By Value, 2019–2030         

Figure 55     The Netherlands Solar PV Market Share, By Grid, By Value, 2019–2030

Figure 56     The Netherlands Solar PV Market Share, By Application, By Value, 2019–2030         

Figure 57     The Netherlands Solar PV Market Share, By Installation, By Value, 2019–2030         

Figure 58     The Netherlands Solar PV Market Share, By Coverage , By Value, 2019–2030

Figure 59     Rest of Europe Solar PV Market Size, By Value (USD Billion), 2019–2030      

Figure 60     Rest of Europe Solar PV Market Share, By Technology, By Value, 2019–2030

Figure 61     Rest of Europe Solar PV Market Share, By Grid, By Value, 2019–2030 

Figure 62     Rest of Europe Solar PV Market Share, By Application, By Value, 2019–2030 

Figure 63     Rest of Europe Solar PV Market Share, By Installation, By Value, 2019–2030

Figure 64     Rest of Europe Solar PV Market Share, By Coverage , By Value, 2019–2030  

List of Tables

Table 1        Europe Solar PV Market Size, By Value (USD Billion), 2019–2030

Table 2        Europe Solar PV Market Size, By Technology, By Value, 2019–2030

Table 3        Europe Solar PV Market Size, By Grid, By Value, 2019–2030

Table 4        Europe Solar PV Market Size, By Application, By Value, 2019–2030

Table 5        Europe Solar PV Market Size, By Installation, By Value, 2019–2030

Table 6        Europe Solar PV Market Size, By Coverage , By Value, 2019–2030

Table 7        Europe Solar PV Market Size, By Country, By Value, 2019–2030

Table 8        Germany Solar PV Market Size, By Value (USD Billion), 2019–2030

Table 9        Germany Solar PV Market Size, By Technology, By Value, 2019–2030

Table 10      Germany Solar PV Market Size, By Grid, By Value, 2019–2030

Table 11      Germany Solar PV Market Size, By Application, By Value, 2019–2030

Table 12      Germany Solar PV Market Size, By Installation, By Value, 2019–2030

Table 13      Germany Solar PV Market Size, By Coverage , By Value, 2019–2030

Table 14      United Kingdom Solar PV Market Size, By Value (USD Billion), 2019–2030

Table 15      United Kingdom Solar PV Market Size, By Technology, By Value, 2019–2030

Table 16      United Kingdom Solar PV Market Size, By Grid, By Value, 2019–2030

Table 17      United Kingdom Solar PV Market Size, By Application, By Value, 2019–2030

Table 18      United Kingdom Solar PV Market Size, By Installation, By Value, 2019–2030

Table 19      United Kingdom Solar PV Market Size, By Coverage , By Value, 2019–2030

Table 20      Italy Solar PV Market Size, By Value (USD Billion), 2019–2030

Table 21      Italy Solar PV Market Size, By Technology, By Value, 2019–2030

Table 22      Italy Solar PV Market Size, By Grid, By Value, 2019–2030

Table 23      Italy Solar PV Market Size, By Application, By Value, 2019–2030

Table 24      Italy Solar PV Market Size, By Installation, By Value, 2019–2030

Table 25      Italy Solar PV Market Size, By Coverage , By Value, 2019–2030

Table 26      France Solar PV Market Size, By Value (USD Billion), 2019–2030

Table 27      France Solar PV Market Size, By Technology, By Value, 2019–2030

Table 28      France Solar PV Market Size, By Grid, By Value, 2019–2030

Table 29      France Solar PV Market Size, By Application, By Value, 2019–2030

Table 30      France Solar PV Market Size, By Installation, By Value, 2019–2030

Table 31      France Solar PV Market Size, By Coverage , By Value, 2019–2030

Table 32      Spain Solar PV Market Size, By Value (USD Billion), 2019–2030

Table 33      Spain Solar PV Market Size, By Technology, By Value, 2019–2030

Table 34      Spain Solar PV Market Size, By Grid, By Value, 2019–2030

Table 35      Spain Solar PV Market Size, By Application , By Value, 2019–2030

Table 36      Spain Solar PV Market Size, By Installation , By Value, 2019–2030

Table 37      Spain Solar PV Market Size, By Coverage  , By Value, 2019–2030

Table 38      Belgium Solar PV Market Size, By Value (USD Billion), 2019–2030

Table 39      Belgium Solar PV Market Size, By Technology, By Value, 2019–2030

Table 40      Belgium Solar PV Market Size, By Grid, By Value, 2019–2030

Table 41      Belgium Solar PV Market Size, By Application , By Value, 2019–2030

Table 42      Belgium Solar PV Market Size, By Installation , By Value, 2019–2030

Table 43      Belgium Solar PV Market Size, By Coverage  , By Value, 2019–2030

Table 44      Russia Solar PV Market Size, By Value (USD Billion), 2019–2030

Table 45      Russia Solar PV Market Size, By Technology, By Value, 2019–2030

Table 46      Russia Solar PV Market Size, By Grid, By Value, 2019–2030

Table 47      Russia Solar PV Market Size, By Application , By Value, 2019–2030

Table 48      Russia Solar PV Market Size, By Installation , By Value, 2019–2030

Table 49      Russia Solar PV Market Size, By Coverage  , By Value, 2019–2030

Table 50      The Netherlands Solar PV Market Size, By Value (USD Billion), 2019–2030

Table 51      The Netherlands Solar PV Market Size, By Technology, By Value, 2019–2030

Table 52      The Netherlands Solar PV Market Size, By Grid, By Value, 2019–2030

Table 53      The Netherlands Solar PV Market Size, By Application, By Value, 2019–2030

Table 54      The Netherlands Solar PV Market Size, By Installation, By Value, 2019–2030

Table 55      The Netherlands Solar PV Market Size, By Coverage , By Value, 2019–2030

Table 56      Rest of Europe Solar PV Market Size, By Value (USD Billion), 2019–2030

Table 57      Rest of Europe Solar PV Market Size, By Technology, By Value, 2019–2030

Table 58      Rest of Europe Solar PV Market Size, By Grid, By Value, 2019–2030

Table 59      Rest of Europe Solar PV Market Size, By Application, By Value, 2019–2030

Table 60      Rest of Europe Solar PV Market Size, By Installation, By Value, 2019–2030

Table 61      Rest of Europe Solar PV Market Size, By Coverage , By Value, 2019–2030

Table 62      Hanwha Q Cells Company Overview

Table 63      Hanwha Q Cells Financial Overview

Table 64      REC Group Company Overview

Table 65      REC Group Financial Overview

Table 66      Meyer Burger Company Overview

Table 67      Meyer Burger Financial Overview

Table 68      SMA Solar Technology AG Company Overview

Table 69      SMA Solar Technology AG Financial Overview

Table 70      JinkoSolar Company Overview

Table 71      JinkoSolar Financial Overview

Table 72      JA Solar Company Overview

Table 73      JA Solar Financial Overview

Table 74      Trina Solar Company Overview

Table 75      Trina Solar Financial Overview

Table 76      LONGi Solar Company Overview

Table 77      LONGi Solar Financial Overview

Table 78      SolarEdge Technologies  Company Overview

Table 79      SolarEdge Technologies  Financial Overview