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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
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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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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.
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
Europe Solar PV Market Analysis
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:
Europe Solar PV Industry News
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:
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Market, By Connectivity
Market, By Mounting
Market, By End Use
The above information has been provided for the following countries: