LONDON, June 9, 2021 /PRNewswire/ -- Nowadays, there is an increased demand for solar power all over Europe. The cumulative installed solar photovoltaic (PV) capacity in Europe reached 151.7GW at the end of 2020, which is - 10 per cent increase compared to 138GW at the end of 2019, according to the recently published study Europe Solar Photovoltaic (PV) Power Market Outlook: 2021 ÷ 2030. Germany was the largest market in 2020, adding 4.8GW new capacity, followed by the Netherlands (2.8GW), Spain (2.6GW), Poland (2.2GW), and France (0.9GW). Amarenco, Axpo, BayWa r.e., Enel Green Power, Hanhwa Q-Cells, Huawei, Iberdrola, First Solar, Jinko, Lightsource bp, LONGi Solar and SMA, are among the key players in the market.
More firms turn attention to environmental, social and governance (ESG), according to the study conducted between February and April 2021 by the Renewable Market Watch of 208 key decision-makers of European investment companies active in the solar energy sector. Some 58 % per cent of the interviewed managers plan to prioritise the integration of ESG considerations in their solar photovoltaic projects planned for realisation between 2021 and 2025.
In an increasing number of countries, the cost competitiveness of solar and the reduction of support levels is triggering new business models. The corporate renewable PPA boom has driven hundreds of megawatts (MWs) of new solar power capacity additions in European countries like Germany, Spain, France, Denmark, Italy, Poland and others. Also, many countries have started tender (auction) schemes to control costs and solar power installed capacity. These tenders have played a key role in reducing solar power prices and proved their effectiveness in solar PV sector development. Several EU member states have already committed to 100% renewable power or zero-carbon power targets, while the EU is pursuing a zero-emissions target by 2050.
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This is a unique, thorough and detailed market report, which offers an incisive and reliable overview of the solar photovoltaic (PV) sector of Europe for 2021 ÷ 2030. The number of fully permitted and ready to build projects has promptly increased. In many countries, a rooftop market segment is not developed and forecasted to score significant growth in the near future. The report provides a complete picture of the market situation, dynamics, risks, current issues and prospects. You will find more than 230 pages of valuable information in this unique in-depth analysis and will receive an overview of how the different EU measures and finance for post-COVID-19 recovery will impact this market.
Market Trends, Drivers, Constraints, and Opportunities:
- The utility-scale solar PV sector in Europe will emerge between 2021 and 2030 due to the low turn-key cost of the solar technology, corporate PPA schemes and tender (auction) support schemes announced in many European countries.
- More European countries have made long-term plans to expand their solar photovoltaic (PV) capacity by 2030 with significant numbers, which will continue the continent's leading position on the global solar energy market.
- Over 90 per cent of the rooftops in Europe are unused. These rooftops present an incredible opportunity for solar power generation equal to around 25 per cent of the EU's electricity demand.
- Renewable Market Watch estimates that an increase in the number of households with an electric vehicle (EV) will lead to an increase between 5 per cent in low case scenario and 17 per cent in high case scenario in installed residential net metering and self-consumption solar PV capacity by 2030.
- Grid connection restrictions due to saturation and especially market integration challenges may sometimes hamper the future of solar photovoltaic (PV) projects deployment.
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In terms of applications, the market can be divided into residential, commercial and utility. Industry analysts of Renewable Market Watch used a complex array of research sources to understand better the role of residential, commercial and utility solar PV systems and their application in all European countries under different local regulations and support schemes. For this reason, a unique approach was applied in the analytical and forecasting process to achieve and present a better explanation of fundamental drivers and future dynamics behind the solar PV market growth in Europe.
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