European Market Outlook for Solar Power

Recording of Tuesday, June 18, 2024 | The smarter E Europe 2024 | Conference Program | Language: English | Duration: 16:52 .

European Solar Market Sees 50% Growth in Annual PV Capacity, Surpassing 70 GW Installed in 2023

The European Solar Market Outlook presentation provides a comprehensive overview of the significant growth trends and future projections for solar PV capacity across Europe, utilizing GMO data. In 2023, Europe's annual solar PV capacity experienced over 50% growth year-on-year, installing more than 70 gigawatts. This marks an acceleration compared to previous years (30% in two years ago and 45% one year ago), indicating that the market is entering a new phase of rapid expansion. Germany leads with more than 10 gigawatts of annual installations, far exceeding other European markets. Other notable performers include Italy, Turkey, Austria, and Sweden—all showing substantial increases in installed capacities. Cumulative capacity on the continent crossed the milestone of 300 gigawatts in 2023 with a remarkable annual growth rate of 28%. The EU's share has slightly decreased compared to non-EU countries like the UK and Turkey contributing significantly. Projections forecast continued albeit slower growth at around 10% annually through to higher plateau levels by mid-2020s up until reaching approximately122 GW cumulative by 2028. In terms of VAT per capita installation rates: Netherlands leads globally second only behind Australia; Germany also performs strongly along smaller nations Estonia Luxembourg Switzerland comprising top global ranks evidencing Europe's clear leading position relative worldwide averages renewable energy sector development cycle overall stability optimistic outlook ahead

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Speaker

Raffaele Rossi
Head of Market Intelligence
SolarPower Europe
Belgium

Talk of session: Leading European PV Markets II: How to Keep Solar Momentum Growing After the Energy Crisis

After three consecutive years of more than 40 percent growth in the European solar market, the main drivers - the energy crisis and resilience support programs - no longer apply: energy prices have dropped to almost pre-pandemic levels. The key question is: How can we maintain the solar growth momentum across the continent, from major to emerging markets?This session will cover: Status of solar power demand in Europe Updated European installation forecasts through 2028 Obstacles & opportunities in leading and major emerging European solar markets.