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The energy crisis has necessitated an urgent acceleration of the transition to renewable energy and the improvement of EU energy security. The solar sector emerged as one of the early industries to acknowledge this imperative. Solar PV has been the fastest growing renewable energy source in the EU in 2023. The EUPD estimation is that by the end of 2023 around 57-60 GWdc of new solar PV has been installed in the EU-27, registering a YoY growth rate of 40%.
Germany is estimated to close the 2023 as the largest European solar power hub, followed by Spain and Italy. Germany installed around 14 GWdc of new solar PV systems last year, followed by Spain, Italy, Poland and the Netherlands. Italy had an extraordinary performance as well as the country es estimated to have doubled its annual PV installation capacity from 2.4 GWdc in 2022 to ~5 GWdc. In 2023, around 15 member states had achieved the GW market rank and except for a few markets, almost all EU-27 Member States installed more solar than the previous year.
The total EU-27 solar PV fleet now amounts to ~273 GWdc, up from the 216 GWdc in 2022. With regard to cumulative PV capacity, Germany continues to be the largest contributor to the PV market with ~81 GWdc followed by Spain ~38 GWdc and Italy ~30 GWdc. While Germany leads both the cumulative and yearly installed PV in the EU, the Netherlands retains its top spot regarding the installed PV capacity per capita, reaching 1,318 W/capita in 2023 followed by Germany which is nearing the 1 kW threshold, at 960 W/capita.
Solar will continue its upward trajectory in 2024. However, the growth rate is estimated to be slightly slower than 2023. The moderate growth rate is impacted by a decrease in residential demand, which surged in the preceding 2 years due to the energy crisis. At the same time, legislative improvements are expected to take few years before their impacts on largescale utility plant developments could become apparent.
Through an integrated internationalisation strategy, KEY is consolidating its position as a reference point for Europe and the Mediterranean basin. Thanks to a successful synergy with the Italian Trade Agency and the Ministry of Foreign Affairs and International Cooperation, KEY 2024 attracted +33 international associations and several media partners were involved.
Visitors had a chance to discover the latest advancements and trends in the EU large-scale segment and cutting-edge technologies, including energy storage. EUPD Research‘s and IBESA‘s conference session – Addressing the Challenges of Europe’s Solar & Storage Boom (Large-scale Focus) – on March 1, provided a comprehensive exploration of key EU markets, offering exclusive insights into investment hotspots, as well as ground-breaking developments in project design and equipment innovations. Haven’t you been able to navigate with us on-site through the dynamic landscape of new installations?
Then, stream Saif Islam presenting th European Solar Market Developments in 2024 and Beyond now!
Last but not least – Whether you were able to attend the trade show or not, we make sure you can benefit from Interviews and digital Booth Walktrough Videos.
