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Europe Solar PV Market Size - By Connectivity (On Grid, Off Grid), By Mounting (Ground Mounted, Rooftop), By End Use (Residential, Commercial & Industrial, Utility), 2025 – 2034

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Europe Solar PV Market Size

The Europe solar PV market was valued at USD 63 billion in 2024 and is estimated to register at a CAGR of 7.1% from 2025 to 2034. Numerous countries in the region provide support for residential and commercial solar installations through rebates, grants, or tax credits for PV projects.
 

Large scale investments in solar systems to fulfill the energy needs in countries across Germany, UK, and France among others along with expanding residential installations fueled by government support will complement the business landscape. In January 2025 Italy has increased the budget for funding solar projects under the Transizione 5.0 Tax Credit scheme covering up to 35% of module costs, with tax credits rising to 140% for 23.5% efficient cells, 150% for bifacial/tandem 24% cells, and 130% for 21.5% efficient modules.
 

Europe Solar PV Market

Introduction of various government schemes including the EU Emission Trading Scheme to subsidize solar power consumption will drive the product demand. Major stakeholders are adopting solar PV from a multitude of sources, owing to increasing investment from state and local government controlled banks. In December 2024, a USD 234 million framework loan was obtained by Prologis, Inc., a growing leader in logistics real estate.
 

Within the last ten years the cost for solar PV modules has decreased greatly. The price of solar energy in many regions of Europe is now less expensive than traditional means of electricity, resulting in increased competition within the market. IRENA states that the expenses concerning the creation of solar PV modules have reduced by nearly 90% making it the most inexpensive source of electricity in recent times.
 

Europe Solar PV Market Trends

  • Increasing focus on homeowners towards investing in solar energy storage systems, driven by government incentives offering financial benefits, will boost the market growth. According to the European Commission report, USD 431 million investment from the Recovery and Resilience Facility will support solar panel installations for nearly 31,000 low-income households by 2026.
     
  • Rising customization of solar installations to harmonize with home architecture, along with services such as monitoring and maintenance, will further bolster the market growth. In October 2024, a French company specializing in off-grid solutions has created the Delta Flore, a photovoltaic planter that combines gardening with solar energy harvesting. With dimensions of 3.548m (L) x 0.869m (W) x 1.332m (H), the model will incorporate the planter as ballast, with the first units ready for sale by the end of the year.   
     
  • Solar energy allows homes and businesses to power systems in a sustainable way while lowering their dependence on the grid.  Moreover, this technology cuts electricity costs, improving economic prospects. Additionally, the increasing need for electricity will lead to profitable opportunities for Europe solar PV market expansion.
     
  • Moreover, the growing concerns from carbon emissions, in line with the heightened interest from companies in developing high-performance energy solutions, are poised to drive the demand for these systems. Ongoing collaboration and acquisitions to boost product adoption in various part of the region will propel the business statistics.
     
  • Expanding companies focus on regions with rich renewable energy base but less deployment of sustainable projects will encourage them to boost solar PV installations. Between December 2024 and January 2025, GoldenPeaks Capital, a European green power producer, secured 400 MW of ready-to-build solar PV assets in Poland.
     

Europe Solar PV Market Analysis

Europe Solar PV Market Size, By Connectivity, 2022-2034 (USD Billion)
  • The Europe solar PV industry was valued at USD 41.2 billion, USD 57.3 billion and USD 63 billion in 2022, 2023 and 2024 respectively. The industry is segmented in on grid connected and off grid based on connectivity.
     
  • The on grid segment is anticipated to reach more than USD 123.3 billion by 2034 on account of features including remote control, advanced monitoring, and grid balancing capabilities. Furthermore, current research and developments focus on improving the efficiency and longevity of existing solar PV materials and the upcoming innovations such as Perovskite Solar Cells and Flexible Solar Panels, will contribute to the market expansion.
     
  • Rising projects commissioning, driven by company and local government support will boost the connectivity adoption. For instance, in December 2024, EDP Renovaveis SA connected 103 MWp of solar capacity to Italy’s grid with the Castrum 13 and Tuscia 21 parks in Viterbo. They are expected to produce approximately 156 GWh of clean energy every year, enough to serve approximately 60 thousand homes.
     
  • The off-grid segment was valued at 1.4 billion in 2024 and expected to grow at a CAGR of around 9.7% from 2025 to 2034. Various remote regions in Europe, especially in Scandinavian nations, the Alps, and some areas in Eastern Europe, do not have dependable grid connections. This makes off-grid solar PV systems necessary as a cost-effective and environmentally friendly way to power remote homes, businesses, and farms.
     
  • The government's provision of electricity to rural areas has been a major factor in the adoption of off-grid technology. For instance, in November 2024, the EU government launched a USD 4.1 billion funding opportunity for clean energy projects, which includes significant allocations for solar initiatives.
     
  • Furthermore, the connectivity provides dependable energy solutions in case of grid breakdowns and natural disasters, guaranteeing uninterrupted energy for essential services. This resilience helps for maintaining operations in emergency situations thereby boosting product adoption.
     
Europe Solar PV Market Share, By Mounting, 2024
  • Based on mounting the Europe solar PV market is segmented into ground mounted and roof top. The ground mounting segment is set to grow at a CAGR of over 7% through 2034 on account of advancements in solar panel technology, marked by increased efficiency and durability, bolstering the economic feasibility of the system installations.
     
  • Emerging key players partnerships to improve product popularity and adoption will create lucrative opportunities for product growth. In December 2023, Korkia partnered with BIWO Renewables to develop a solar capacity of 1 GW in Italy. The project will include a combination of PV systems mounted on the ground, independent energy storage systems, and an agrivoltaic complex of new generation.
     
  • Moreover, the mounting style enables maximum sunlight exposure, unlike rooftop installations that are limited to the angles and shading provided by the roof. This working method promotes energy generation optimization by tracking the sun’s movements. Also, as part of improving grid resilience to enhance crucial infrastructure development, these products do help of saving energy bills, stimulating the business outlook.
     
  • The roof top segment in the Europe solar PV market holds revenue share of 54.8% in 2024. The changing trends in the energy prices due to geopolitical factors and disruptions in energy supply chain have prompted many homeowners and businesses to emerge self-sufficient in energy. This will reduce dependency on grid electricity and support the use of rooftop solar systems as a clean energy source.
     
  • Expanding standards to support roof top solar PV deployment will enhance the industry outlook. In January 2025, the Energy Performance of Buildings Directive officially come into effect.  SolarPower Europe reports that the EU's new Rooftop Solar Standard could lead to an extra 150 to 200 GW of rooftop solar capacity being installed across the EU from 2026 to 2030.
     
  • European governments are rolling out favorable regulations to boost rooftop solar installations. Greece's Ministry of Environment and Energy has launched a USD 247 million subsidy program for rooftop photovoltaics. This initiative will run until June 2024 or until the allocated funds are exhausted.
     
Germany Solar PV Market Size, 2022-2034 (USD Billion)
  • The Germany solar PV market was valued at USD 8 billion, 15.1 billion, and 18.4 billion in 2022, 2023 and 2024 respectively.
     
  • Germany government authorities are implementing new norms and mandates along with continuous improvements in building infrastructures driving the business potential. Strong partnerships between the private and public sectors coupled with an increasing number of manufacturers in the region, are enhancing the Europe solar PV market landscape.
     
  • The German mandate on solar PV installations on new buildings has augmented the market growth in multiple cities. In December 2022, the EU put forth new renewable energy funds in Germany to the sums of USD 29.1 billion to increase the adoption of renewable energy sources, especially solar energy.
     
  • Furthermore, businesses are implementing solar photovoltaic technology in an effort to boost their share of solar-powered energy production. Iberdrola, a pioneer in self-consumption energy solutions, reported a 75% rise in customers in 2022 and further expects 170,000 individuals to be using solar panels.
     
  • The solar PV market in the UK is expected to expand at a CAGR of about 9.6% through 2034. Increased public interest in self-sufficient energy use, favorable government regulations, and increased demand for power will all contribute to the expansion of solar PV technology adoption. technology. According to iChoosr, during the first semester of the Labour government, England saw a rise of about 10% in solar panel installations with a projection of installation of about 75,000 solar panels in the latter part of the year 2024.
     
  • Additionally, ongoing initiatives including the introduction of the rooftop revolution to encourage builders and homeowners to adopt solar energy solutions, the establishment of ambitious solar energy goals for 2030, and the establishment of Great British Energy to finance clean power projects will increase the product penetration.
     
  • Sweden is forecasted to grow at an annual rate of 5% due to the provision of different financial benefits such as tax credits and subsidies intended to promote residential and commercial solar PV installation. Additionally, Sweden’s Green Certificate System encourages the production of renewable energy by subsidizing projects that comply with set environmental criteria.
     

Europe Solar PV Market Share

Top five players, including Canadian Solar, First Solar, JA SOLAR Technology, Jinko Solar and Trina Solar account for nearly 40% of the Europe solar PV industry are investing heavily in R&D to improve the efficiency and performance of solar PV technologies. These companies are investing rigorously in developing innovative energy storage technologies, floating solar systems, and bifacial solar panels to maintain market dominance. First Solar is concentrating on thin-film solar technology, which offers a number of advantages in terms of cost-effectiveness and efficiency, especially in low light conditions.
 

In the European Solar PV market, vertical integration has empowered REC Solar Holdings and Solaria Corporation to dominate. By overseeing the entire solar value chain from manufacturing to installation and maintenance these companies not only cut costs but also guarantee product quality, enabling them to offer competitive pricing.
 

Major players are pursuing acquisition as a strategy to start growing within the Europe solar PV industry. For instance, iSolar developer ReneSola Power purchased Emeren, a UK PV and battery storage utility scale developer, in October 2021 as a means to expand its business footprint in Italy and other European markets.
 

Europe Solar PV Market Companies

Canadian Solar, a leader in the Europe solar PV industry, has revealed net revenue of 1.8 billion in the 2nd quarter of 2024. Recurrent Energy subsidiary of Canadian Solar announced to secures USD 1.3 billion financing for European project pipeline for developing and constructing solar and battery energy storage projects across the UK, Spain, Italy, the Netherlands, France and Germany.
 

First Solar is a market-leading company with net sales in the third quarter totaled USD 0.9 billion, down USD 0.1 billion from the previous quarter. In the second quarter of 2024, the company's net income per diluted share was USD 3.25 per share; this is down from USD 2.91 per share. The company acquired Evolar in 2023, a European thin-film company, to boost the development of next-generation PV technology.
 

Major players including Q CELLS, and Shunfeng International Clean Energy are forming partnerships and acquiring smaller players to expand their solar portfolio and scale up solar PV capacity. These partnerships enable access to new markets, technologies, and customer bases, while acquisitions help them consolidate their position in the rapidly growing renewable energy sector.
 

Eminent players operating in the Europe solar PV industry are:

  • Canadian Solar
  • CsunSolarTech
  • EMMVEE SOLAR
  • First Solar
  • JA SOLAR Technology
  • Jinko Solar
  • LG Electronics
  • Q CELLS
  • REC Solar Holdings
  • Renesola
  • Shunfeng International Clean Energy
  • Solaria Corporation
  • Solar Frontier
  • Trina Solar
  • Yingli Solar
     

Europe Solar PV Industry News

  • In November 2022, Qcells in collaboration with a set of European research institutes led by HZB, launched an initiative concentrating on enhancing the efficiency of tandem solar cells and modules. Dubbed the Pepperoni project, it seeks to set up a pilot manufacturing line at Qcells’ headquarters in Thalheim, Germany. The project's name is a nod to its full title: "Pilot Line for European Production of PEROvskite-Silicon tandem modules on Industrial Scale," which is succinctly abbreviated as PEPPERONI.
     
  • In May 2022, CHINT Group, alongside solar energy development company Econergy, executed EPC services for the construction of a 154 MWP PV power station in Romania. After grid connection, the plant is expected to provide renewable energy to around one million homes while reducing annual carbon dioxide emissions by approximately 160,000 tons. This partnership further enhances Romania's new energy development strategies while also providing a focus on newer clean energy technologies.
     
  • In August 2022, Cero Generation selected SUNEL GROUP and Ameresco to build the 100 MWp Delfini solar PV project in Greece. As part of the project, SUNEL GROUP will handle the engineering, procurement, and construction of the solar park, aligning with Greece's ambitious clean energy goals. This contract has solidified the company's foothold in the nation.
     

This Europe solar PV market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “USD Billion & MW” from 2021 to 2034, for the following segments:

Market, By Connectivity

  • On Grid
  • Off Grid

Market, By Mounting

  • Ground Mounted
  • Roof Top

Market, By End Use

  • Residential
  • Commercial & Industrial
  • Utility

The above information has been provided for the following countries:

  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
  • Poland
  • Belgium
  • Ireland
  • Baltics
  • Portugal

 

Authors: Ankit Gupta, Srishti Agarwal
Frequently Asked Question(FAQ) :
What will be the size of on grid segment in the Europe solar PV industry?
The on grid segment is anticipated to cross 123.3 billion by 2034.
How much is the Germany solar PV market worth in 2024?
How big is the Europe solar PV market?
Who are the key players in Europe solar PV Market?
Europe Solar PV Market Scope
  • Europe Solar PV Market Size
  • Europe Solar PV Market Trends
  • Europe Solar PV Market Analysis
  • Europe Solar PV Market Share
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    Premium Report Details

    Base Year: 2024

    Companies covered: 15

    Tables & Figures: 25

    Countries covered: 17

    Pages: 90

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