Europe Solar Energy Market Forecast to 2030
Europe Solar Energy Market Forecast to 2030 – Regional Analysis – by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), Application (Electricity Generation, Heating, and Others), and End User (Residential, Commercial & Industrial, and Utility Scale)
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Description
Rising Government Initiatives for Solar Power Fuels Europe Solar Energy Market
The application of solar energy has rapidly increased in recent years due to its capability to reduce the adverse environmental effects of conventional energy resources such as coal, natural gas, and oil. Hence, governments of various countries across the globe-imposed tax incentives and favorable policies to support the remarkable growth of solar energy. Solar customers primarily take advantage of incentives to decrease the total installation expenditures of their system, from renewable electric certificates and electric utility rebates to state government discounts and state tax credits. In addition, in 2022, the German Parliament has sanctioned several tax benefits for small photovoltaic systems to boost the application of solar energy on the roofs of commercial and residential buildings across the country. Factors such as unpredictable fossil fuel prices have fueled renewable energy investments and boosted policy support through new initiatives in Europe; and a strong positioning of climate and energy security objectives, particularly in import-reliant economies. Thus, the rising number of government initiatives toward boosting solar power is driving the Europe solar energy market.
Europe Solar Energy Market Overview
Governments in the region have been actively focusing on developing the solar sector. The European Commission has announced its REPowerEU plan that focuses on the rapid deployment of renewable energy across Europe and putting an end to dependency on Russian fossil fuels. The REPowerEU plan aims to bring the European solar capacity to 320 GW of solar PV capacity by 2025 and further reach ~600 GW by 2030. Such initiatives are expected to drive the solar energy market across Europe and reduce the overall dependency on fossil fuels and energy imports across European countries.
The energy sector contributes to more than 75% of the European Union (EU) greenhouse gas emissions. One of the major targets that the EU has set is speeding up the production of energy from the development and deployment of renewable energy installations. It is vital for the Union to reach its 2030 renewable energy target and to contribute to reaching the 2030 Union target of at least 55% GHG emission reductions in accordance with Regulation (EU) 2021/1119 of the European Parliament and of the Council.
A few major solar PV installation developments in European countries that occurred in 2022 are mentioned below:
Germany doubled its solar installations in the second quarter of 2023 compared to the same in the second quarter of 2022. According to EIA, in Q2 2022, Germany installed ~1.9 GW, reaching an installation value of 3.3 GW in Q2 2023. The country has a total solar capacity of 73.8 GW.
In the UK, the number of households that installed solar PV panels on their rooftops reached approximately 50,700 between January and March 2023, which is the highest figure in the past seven years in the UK. These panels provide a total of 265 MW of solar power. Moreover, the commercial, industrial, and utility-scale solar PV installations witnessed strong growth in terms of deployment across the UK in 2022, which sums to more than 280 MW of solar power.
In 2022, Spain installed a renewable capacity of ~8,312 MW, including 4,281 MW of utility-scale solar, 2.64 GW of distributed-generation PV systems, and 1,382 MW of wind power. Also, more than 2,640 MW of solar energy was generated via rooftop solar systems across Spain. This shows a strong growth in deploying solar energy sources for power generation nationwide.
Such developments have strongly contributed to the growth of the European solar energy market.
Europe Solar Energy Market Revenue and Forecast to 2030 (US$ Million)
Europe Solar Energy Market Segmentation
The Europe solar energy market is segmented into technology, application, end user, and country.
Based on technology, the Europe solar energy market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic systems segment held a larger share of the Europe solar energy market in 2022. The photovoltaic systems is further sub segmented into monocrystalline, polycrystalline, and others. The concentrated solar power systems is further sub segmented into linear concentrator, dish/engine, and power tower systems.
Based on application, the Europe solar energy market is segmented into electricity generation, heating, and others. The electricity generation segment held the largest share of the Europe solar energy market in 2022.
Based on end user, the Europe solar energy market is segmented into residential, commercial & industrial, and utility scale. The utility scale segment held the largest share of the Europe solar energy market in 2022.
Based on country, the Europe solar energy market is segmented int o Germany, France, Italy, the UK, Spain, and the Rest of Europe. The Rest of Europe dominated the Europe solar energy market in 2022.
Abengoa SA, Acciona SA, Canadian Solar Inc, First Solar Inc, Heliogen Inc, and Trina Solar Co Ltd are some of the leading companies operating in the Europe solar energy market.
Summary Info
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According to The Research Team’ research, the Europe solar energy market was valued at US$ 39,155.32 million in 2022 and is expected to reach US$ 1,02,203.30 million by 2030, registering a CAGR of 12.7% from 2022 to 2030. Growing greenhouse gas emission and energy uncertainties and application of solar power in aerospace, space, and defense industries are among the critical factors attributed to the Europe solar energy market expansion.
The growing technological development and government initiatives are boosting the application of solar energy in various end-use sectors such as aerospace and defense. One of the key applications of solar power in the aerospace and defense industries is solar-powered UAVs. Solar-driven UAVs are unarmed platforms that depend solely on energy powered by the SUN to properly perform their functions. Solar UAVs are utilized in roles such as communications and persistent ISR. Solar-powered UAVs help secure communication in remote areas among defense forces, improving broadband connection. In addition, spacecraft have solar panels that transform the Sun’s energy into electricity that provides power to the spacecraft. Also, solar energy has been utilized to power spacecraft on Mars, including NASA’s Mars Exploration Rovers—Spirit and Opportunity and Mars’ Phoenix lander. Thus, the rising application of solar power in the aerospace, space, and defense industries is likely to create lucrative opportunities for the solar energy market players to boost the adoption of solar energy-based systems in the coming years.
On the contrary, irregular power supply and expensive storage facilities hampers the Europe solar energy market.
Based on technology, the Europe solar energy market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic systems segment held 100.0% share of Europe solar energy market in 2022, amassing US$ 39,155.29 million. It is projected to garner US$ 1,02,203.30 million by 2030 to expand at 12.7% CAGR during 2022–2030. The photovoltaic systems is further sub segmented into monocrystalline, polycrystalline, and others. The concentrated solar power systems is further sub segmented into linear concentrator, dish/engine, and power tower systems.
Based on application, the Europe solar energy market is segmented into electricity generation, heating, and others. The electricity generation segment held 66.8% share of Europe solar energy market in 2022, amassing US$ 26,136.92 million. It is projected to garner US$ 70,303.79 million by 2030 to expand at 13.2% CAGR during 2022–2030.
Based on end user, the Europe solar energy market is segmented into residential, commercial & industrial, and utility scale. The utility scale segment held 66.8% share of Europe solar energy market in 2022, amassing US$ 26,166.78 million. It is projected to garner US$ 67,978.34 million by 2030 to expand at 12.7% CAGR during 2022–2030.
Based on country, the Europe solar energy market has been categorized into Germany, France, Italy, the UK, Spain, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 32.0% share of Europe solar energy market in 2022. It was assessed at US$ 12,511.68 million in 2022 and is likely to hit US$ 32,224.70 million by 2030, exhibiting a CAGR of 12.6% during 2022–2030.
Key players operating in the Europe solar energy market are Abengoa SA, Acciona SA, Canadian Solar Inc, First Solar Inc, Heliogen Inc, and Trina Solar Co Ltd, among others.
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe Solar Energy Market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Europe Solar Energy Market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Solar Energy Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Solar Energy Suppliers
5. Europe Solar Energy Market – Key Industry Dynamics
5.1 Europe Solar Energy Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Growing Concerns Regarding Greenhouse Gas Emission and Energy Uncertainties
5.2.2 Rising Government Initiatives for Solar Power
5.2.3 Growing Demand for Energy
5.2.4 Growing Photovoltaic Applications in Residential, Commercial, and Industrial Sectors
5.3 Market Restraints
5.3.1 Irregular Power Supply and Expensive Storage Facilities
5.3.2 High Initial Expenditure for Installation
5.4 Market Opportunities
5.4.1 Application of Solar Power in Aerospace, Space, and Defense Industries
5.5 Future Trends
5.5.1 Growing Focus on Deploying Concentrated Solar Power Technology
5.6 Impact of Drivers and Restraints:
6. Solar Energy Market – Europe Market Analysis
6.1 Europe Solar Energy Market Revenue (US$ Million), 2022 – 2030
6.2 Europe Solar Energy Market Forecast and Analysis
7. Europe Solar Energy Market Analysis – Technology
7.1 Photovoltaic Systems
7.1.1 Overview
7.1.2 Photovoltaic Systems: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.1.3 Monocrystalline
7.1.3.1 Overview
7.1.3.2 Monocrystalline: Europe Solar Energy Market Revenue and Forecast to 2030 (US$ Million)
7.1.4 Polycrystalline
7.1.4.1 Overview
7.1.4.2 Polycrystalline: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.1.5 Others
7.1.5.1 Overview
7.1.5.2 Others: Europe Solar Energy Market Revenue and Forecast to 2030 (US$ Million)
7.2 Concentrated Solar Power Systems
7.2.1 Overview
7.2.2 Concentrated Solar Power Systems: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.2.3 Linear Concentrator
7.2.3.1 Overview
7.2.3.2 Linear Concentrator: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.2.4 Dish/Engine
7.2.4.1 Overview
7.2.4.2 Dish/Engine: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.2.5 Power Tower Systems
7.2.5.1 Overview
7.2.5.2 Power Tower Systems: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
8. Europe Solar Energy Market Analysis – Application
8.1 Electricity Generation
8.1.1 Overview
8.1.2 Electricity Generation: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
8.2 Heating
8.2.1 Overview
8.2.2 Heating: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
8.3 Others
8.3.1 Overview
8.3.2 Others: Europe Solar Energy Market Revenue, and Forecast to 2030 (US$ Million)
9. Europe Solar Energy Market Analysis – End User
9.1 Residential
9.1.1 Overview
9.1.2 Residential: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
9.2 Commercial & Industrial
9.2.1 Overview
9.2.2 Commercial & Industrial: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
9.3 Utility Scale
9.3.1 Overview
9.3.2 Utility Scale: Europe Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
10. Europe Solar Energy Market – Country Analysis
10.1 Europe Solar Energy Market Overview
10.1.1 Europe Solar Energy Market Revenue and Forecasts and Analysis – By Country
10.1.1.1 Europe Solar Energy Market Revenue and Forecasts and Analysis – By Country
10.1.1.2 Germany: Europe Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.2.1 Germany: Europe Solar Energy Market Breakdown by Technology
10.1.1.2.1.1 Germany: Europe Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.2.2 Germany: Europe Solar Energy Market Breakdown by Application
10.1.1.2.3 Germany: Europe Solar Energy Market Breakdown by End User
10.1.1.3 France: Europe Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.3.1 France: Europe Solar Energy Market Breakdown by Technology
10.1.1.3.1.1 France: Europe Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.3.2 France: Europe Solar Energy Market Breakdown by Application
10.1.1.3.3 France: Europe Solar Energy Market Breakdown by End User
10.1.1.4 Italy: Europe Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.4.1 Italy: Europe Solar Energy Market Breakdown by Technology
10.1.1.4.1.1 Italy: Europe Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.4.1.2 Italy: Europe Solar Energy Market Breakdown by Concentrated Solar Power Systems
10.1.1.4.2 Italy: Europe Solar Energy Market Breakdown by Application
10.1.1.4.3 Italy: Europe Solar Energy Market Breakdown by End User
10.1.1.5 UK: Europe Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.5.1 UK: Europe Solar Energy Market Breakdown by Technology
10.1.1.5.1.1 UK: Europe Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.5.2 UK: Europe Solar Energy Market Breakdown by Application
10.1.1.5.3 UK: Europe Solar Energy Market Breakdown by End User
10.1.1.6 Spain: Europe Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.6.1 Spain: Europe Solar Energy Market Breakdown by Technology
10.1.1.6.1.1 Spain: Europe Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.6.1.2 Spain: Europe Solar Energy Market Breakdown by Concentrated Solar Power Systems
10.1.1.6.2 Spain: Europe Solar Energy Market Breakdown by Application
10.1.1.6.3 Spain: Europe Solar Energy Market Breakdown by End User
10.1.1.7 Rest of Europe: Europe Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.7.1 Rest of Europe: Europe Solar Energy Market Breakdown by Technology
10.1.1.7.1.1 Rest of Europe: Europe Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.7.2 Rest of Europe: Europe Solar Energy Market Breakdown by Application
10.1.1.7.3 Rest of Europe: Europe Solar Energy Market Breakdown by End User
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 Heliogen Inc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Acciona SA
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Abengoa SA
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Trina Solar Co Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 First Solar Inc
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Canadian Solar Inc
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
13. Appendix
13.1 About The Research Team
13.2 Word Index
LIST OF TABLES
Table 1. Europe Solar Energy Market Segmentation
Table 2. List of Vendors in the Value Chain
Table 3. Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Table 4. Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million) – Technology
Table 5. Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million) – Photovoltaic
Table 6. Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million) – Concentrated Solar Power
Table 7. Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million) – Application
Table 8. Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million) – End User
Table 9. Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 10. Germany: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 11. Germany: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 12. Germany: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 13. Germany: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 14. France: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 15. France: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 16. France: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 17. France: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 18. Italy: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 19. Italy: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 20. Italy: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Concentrated Solar Power Systems
Table 21. Italy: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 22. Italy: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 23. UK: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 24. UK: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 25. UK: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 26. UK: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 27. Spain: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 28. Spain: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 29. Spain: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Concentrated Solar Power Systems
Table 30. Spain: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 31. Spain: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 32. Rest of Europe: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 33. Rest of Europe: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 34. Rest of Europe: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 35. Rest of Europe: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 36. List of Abbreviation
LIST OF FIGURES
Figure 1. Europe Solar Energy Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Europe Solar Energy Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Europe Solar Energy Market Revenue (US$ Million), 2022 – 2030
Figure 6. Europe Solar Energy Market Share (%) – Technology, 2022 and 2030
Figure 7. Photovoltaic Systems: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Monocrystalline: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Polycrystalline: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. Others: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Concentrated Solar Power Systems: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Linear Concentrator: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Dish/Engine: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Power Tower Systems: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. Europe Solar Energy Market Share (%) – Application, 2022 and 2030
Figure 16. Electricity Generation: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Heating: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. Others: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Europe Solar Energy Market Share (%) – End User, 2022 and 2030
Figure 20. Residential: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Commercial & Industrial: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Utility Scale: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 23. Europe Solar Energy Market, By Key Country – Revenue (2022) (US$ Million)
Figure 24. Europe Solar Energy Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 25. Germany: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 26. France: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 27. Italy: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 28. UK: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 29. Spain: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 30. Rest of Europe: Europe Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
The List of Companies – Europe Solar Energy Market
o Abengoa SA
o Acciona SA
o Canadian Solar Inc
o First Solar Inc
o Heliogen Inc
o Trina Solar Co Ltd
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