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The solar power market in Europe just continues to grow and grow and grow. And not by a little bit.
According to S&P Global Commodity Insights, and particularly solar market analyst Liam Coman, 56 gigawatts (GW) of solar power capacity were installed in Europe in 2023, approximately 95 GW are expected to be installed in 2024, and about 110 GW are expected to be installed next year, in 2025.
“In three years, the market will grow from about a 50GW market to a 110GW market in 2025, more than doubling in just three years,” Coman said. They expect 130 GW a year to be installed by the end of the decade. 85 GW a year will come from the rooftop solar market by 2030, according to the organization.
Accounting for almost half of Europe’s solar economy are the following key growth markets: Germany, Eastern Europe, Spain, and Italy.
However, growth is expected to slow down in the second half of this decade, dropping below double-digit percentage growth annually. Coman contends that it will get worse due to grid interconnection challenges that need to be addressed. “The number one thing that we need to do is invest in the grid,” Coman said.
“Coman added that global growth is diversifying, with 45 countries expected to install over 1 GW by 2024, up from 16 in 2021,” Solar & Storage Xtra writes. “In Europe, Romania, Lithuania, and Ireland are set to exceed 1 GW for the first time this year, while Malaysia, Uzbekistan, and Iran will see similar milestones by 2025.”
