Europe Solar Photovoltaic (PV) Market Size (2024 - 2029)

Europe Solar Photovoltaic (PV) Market Analysis

The Europe Solar Photovoltaic Market size in terms of installed base is expected to grow from 294.70 gigawatt in 2024 to 526.15 gigawatt by 2029, at a CAGR of 12.30% during the forecast period (2024-2029).

• Over the medium term, factors such as rising demand for electricity across the region, increasing investments in solar energy projects, and producing most of the electricity from renewable sources have driven the growth of the market.
• On the other hand, the rising emphasis on natural gas power generation and the availability of natural gas at lower prices for power generation restrain the market growth in the European region.
• However, the ambitious solar energy targets implemented to boost solar PV installation are expected to create lucrative opportunities for the market during the forecast period.
• Germany, with the largest installed capacity of solar photovoltaics, is expected to dominate the European solar photovoltaics (PV) market during the forecast period.

Europe Solar Photovoltaic (PV) Industry Segmentation

Solar PV stands for solar photovoltaic. It refers to the technology used to convert sunlight directly into electricity using solar panels, typically silicon-based materials. When sunlight hits the solar panels, it creates an electric current through the photovoltaic effect, generating electricity. Solar PV systems can be used for various applications, from small-scale residential installations to large utility-scale power plants. They are a key component of renewable energy systems, helping to reduce dependence on fossil fuels and mitigate climate change.

The European solar photovoltaic (PV) market is segmented by inverter type, end user, deployment, and geography. By type, the market is segmented into thin-film and crystalline silicon. By end user, the market is segmented into residential, commercial, and industrial (including SMEs). By deployment, the market is segmented into ground-mounted and rooftop. The report also covers the market size and forecasts for the solar photovoltaic market across major countries in the region. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).