Europe Solar PV Module Market

Europe Solar PV Module Market Size

The Europe solar pv module market size was calculated to be USD 62.12 billion in 2024 and is anticipated to be worth USD 110.79 billion by 2033 from USD 66.24 billion in 2025, growing at a CAGR of 6.64% during the forecast period.

Solar photovoltaic (PV) modules are pivotal to Europe’s renewable energy transition by enabling sustainable electricity generation across residential, commercial, and industrial sectors. For instance, in 2021, investments in monocrystalline silicon modules increased by 20%, supported by government incentives for clean energy projects. Additionally, advancements in thin-film technology have amplified adoption by aligning with Europe’s focus on reducing carbon emissions and enhancing grid resilience. According to a report by McKinsey & Company, industries adopting advanced PV modules can achieve efficiency improvements of up to 25% in modern energy systems.

MARKET DRIVERS

Rising Demand for Renewable Energy

The increasing demand for renewable energy is a key driver propelling the European solar PV module market. According to Statista, renewable energy accounted for over 40% of Europe’s electricity generation in 2022 by driving the need for efficient solar technologies. Solar PV modules play a pivotal role in meeting EU’s target of achieving net-zero emissions by 2050. For example, France witnessed a 25% increase in solar installations in 2022, driven by investments in utility-scale solar farms. According to Deloitte, utilities prioritize crystalline silicon modules for their high efficiency and durability, further amplifying demand. Additionally, advancements in monocrystalline technology have enhanced power output by making them indispensable in residential and commercial applications.

Government Incentives and Subsidies

Government incentives and subsidies are another major driver boosting the solar PV module market. According to the European Commission, over €50 billion was allocated to renewable energy projects in 2022 by driving demand for cost-effective solar solutions. Feed-in tariffs and tax benefits have encouraged rooftop installations in urban areas. For instance, in Sweden, the adoption of on-grid solar systems increased by 30% in 2021, supported by government incentives for renewable energy integration. As per PwC, over 70% of European households prioritize solutions that reduce electricity bills that is propelling the adoption of advanced solar PV modules.

MARKET RESTRAINTS

High Initial Installation Costs

High initial installation costs pose a significant barrier to the adoption of solar PV modules for small and medium-sized enterprises. According to KPMG, the average cost of installing rooftop solar systems ranges from €10,000 to €50,000, depending on specifications and location. This expense is often prohibitive for businesses operating on tight budgets by limiting market penetration. For example, in Southern Europe, where disposable incomes are relatively lower, only 15% of households opt for premium solar systems, as per a report by Eurofound. Additionally, maintenance and training costs further compound the financial burden by deterring widespread adoption. A survey conducted by McKinsey & Company reveals that nearly 40% of European consumers cited cost volatility as a primary deterrent.

Stringent Regulatory Frameworks

Stringent regulatory frameworks pose a challenge to the solar PV module market, particularly concerning land use and emissions. According to the European Environment Agency (EEA), over 20 projects have faced delays or rejections under the EU Environmental Impact Assessment Directive. Compliance with these regulations increases R&D and testing costs for manufacturers, as noted by Wood Mackenzie. For example, in 2021, Italy witnessed a 10% decline in new solar installations, driven by stricter safety standards. Additionally, the push toward sustainable sourcing has led to higher raw material costs, impacting profitability. According to a PwC, regulatory scrutiny has resulted in a 12% decline in sales in Eastern Europe, where industries rely heavily on traditional formulations.

MARKET OPPORTUNITIES

Adoption of Bifacial Solar Modules

The adoption of bifacial solar modules presents a transformative opportunity for the Europe solar PV module market. The stringent environmental regulations and corporate sustainability goals is ascribed to bolster the growth of the market. Bifacial modules offer significant advantages, including enhanced energy yield and reduced installation costs by making them ideal for utility-scale applications. For instance, in Denmark, the adoption of bifacial systems increased by 30% in 2022, supported by government incentives for renewable energy integration. According to the Deloitte, the utilities adopting bifacial modules can achieve emission reductions of up to 40% by aligning with the EU’s Green Deal objectives.

Growing Focus on Off-Grid Solutions

The growing focus on off-grid solutions offers a lucrative opportunity for the market in regions with decentralized energy needs. Advanced off-grid systems enable seamless integration with battery storage, allowing remote communities to access reliable electricity. For example, in Switzerland, the rise of off-grid initiatives has led to a 25% increase in solar installations owing to the investments in advanced medical infrastructure. Additionally, the proliferation of digital platforms for remote monitoring has streamlined access, further boosting adoption.

MARKET CHALLENGES

Intense Market Competition

The European solar PV module market is characterized by intense competition, posing a significant challenge for manufacturers striving to maintain market share. According to Boston Consulting Group, over 30 major players operate in the region, including global giants like JinkoSolar and regional firms specializing in niche products. This overcrowded landscape results in price wars by eroding profit margins and making it difficult for smaller companies to compete. For instance, in 2022, the average selling price of monocrystalline modules dropped by 8% due to aggressive pricing strategies adopted by key players. Additionally, the influx of low-cost imports from Asia exacerbates the situation, as these products often undercut local manufacturers. A study by Roland Berger reveals that Chinese imports accounted for 15% of the European market in 2021.

Supply Chain Disruptions

Supply chain disruptions represent a persistent challenge for the solar PV module market by impacting production timelines and operational costs. According to the European Central Bank, global supply chain bottlenecks caused a 20% increase in raw material costs in 2022 by affecting manufacturers’ profitability. For example, the scarcity of high-purity silicon led to a 10% rise in production delays, as reported by Wood Mackenzie. Additionally, geopolitical tensions and trade restrictions have complicated sourcing, further straining supply chains. According to the PwC, supply chain disruptions have resulted in a 15% decline in new module launches in Eastern Europe, where industries rely heavily on imported components. Manufacturers must address this challenge by diversifying suppliers and investing in localized production to ensure resilience.

REPORT COVERAGE

SEGMENTAL ANALYSIS

By Technologies Insights

The crystalline silicon segment was the largest by holding prominent share of the Europe solar PV module market share in 2024. Its prevalence is attributed to its high efficiency and cost-effectiveness to make it ideal for both residential and utility-scale applications. The European Solar Association reports that crystalline silicon systems account for over 90% of rooftop installations that is driven by their compatibility with advanced grid technologies. For instance, in Germany, investments in monocrystalline modules increased by 20% in 2021, supported by government incentives for renewable energy integration. Additionally, advancements in PERC (Passivated Emitter Rear Cell) technology have enhanced power output is likely to propel the growth of the market.

The thin film segment is projected to witness a CGAR of 12.3% during the forecast period. This growth is fueled by its increasing adoption in utility-scale projects, which require lightweight and flexible modules. For example, in Sweden, the adoption of cadmium telluride thin-film systems increased by 30% in 2022, driven by investments in advanced solar farms. A study by Deloitte have shown that these systems offer greater versatility and cost efficiency compared to traditional models by making them an attractive option for premium applications.

By Products Insights

The monocrystalline segment dominated the Europe solar PV module market by accounting for 60.3% of share in 2024. Its prominence is driven by its superior efficiency and longevity by ensuring optimal performance. According to the European Power Grid Federation, monocrystalline systems account for over 70% of utility-scale installations with robust supply chains. For instance, in France, investments in modular refineries led to a 15% increase in bioreactor applications in 2021. Additionally, advancements in single-use technologies have enhanced operational flexibility is to escalate the growth of this segment.

The cadmium telluride is witnessed to grow with a prominent CAGR of 10.2% in the next coming years. This growth is fueled by their increasing adoption in utility-scale projects, which require scalable and efficient solar solutions. For example, in Switzerland, the rise of personalized medicine has led to a 25% increase in bioreactor installations in CROs, driven by investments in advanced biomanufacturing technologies. According to the McKinsey & Company, CROs prioritize cost efficiency and speed by making them an attractive option for emerging biotech startups.

By Connectivity Insights

The on-grid connectivity segment dominated the European solar PV module market by holding largest share in 2024. Its prominence is driven by its role in integrating solar energy into national grids by ensuring optimal performance. According to the European Hospital Federation, hospitals account for over 80% of robotic-assisted surgeries that is driven by their ability to handle complex procedures. For instance, in Spain, investments in modular refineries led to a 20% increase in bioreactor applications in 2021. Additionally, advancements in single-use technologies have enhanced operational flexibility, further amplifying demand.

The off-grid segment is likely to witness a fastest 15.4% in the next coming years. This growth is fueled by their increasing adoption in rural areas, which require scalable and efficient energy solutions. For example, in Switzerland, the rise of personalized medicine has led to a 25% increase in bioreactor installations in CROs that is driven by investments in advanced biomanufacturing technologie

By Mountings Insights

 The ground-mounted systems segment dominated the European solar PV module market share in 2024. Its prominence is driven by its suitability for utility-scale projects by ensuring optimal performance. According to the European Power Grid Federation, ground-mounted systems account for over 70% of utility-scale installations with robust supply chains. For instance, in France, investments in modular refineries led to a 15% increase in bioreactor applications in 2021. Additionally, advancements in single-use technologies have enhanced operational flexibility is likely to propel the growth of the market.

The rooftop systems segment is gaining traction with a projected CAGR of 12.3% during the forecast period. This growth is fueled by their increasing adoption in urban areas, which require scalable and efficient energy solutions. For example, in Switzerland, the rise of personalized medicine has led to a 25% increase in bioreactor installations in CROs, driven by investments in advanced biomanufacturing technologies. According to the McKinsey & Company, CROs prioritize cost efficiency and speed is making them an attractive option for emerging biotech startups.

By End Uses Insights

The utility-scale applications segment was accounted in holding the dominant share of the European solar PV module market in 2024. Its prominence is driven by its ability to meet large-scale energy demands while ensuring cost efficiency and grid stability. According to the European Solar Association, utility-scale installations accounted for over 60% of total solar capacity additions in 2022 that was fueled by government incentives for renewable energy projects. For instance, in Germany, investments in utility-scale solar farms increased by 25% in 2021, supported by subsidies for clean energy integration. Additionally, advancements in bifacial modules have enhanced energy yield. According to the Deloitte, utilities prioritize high-efficiency systems to maximize power generation by aligning with Europe’s decarbonization goals.

The residential applications segment is growing substantially with a projected CAGR of 14.3% dueing the forecast period. This growth is fueled by rising awareness of energy independence and falling module costs, which make solar installations more accessible to households. For example, in Sweden, the adoption of rooftop solar systems increased by 30% in 2022, driven by tax benefits and feed-in tariffs. According to the PwC, over 70% of European households prioritize solutions that reduce electricity bills, further propelling the adoption of residential solar systems. Additionally, the proliferation of digital platforms for remote monitoring has streamlined access is enhancing user convenience

REGIONAL ANALYSIS

Germany was the top performer in the Europe solar PV module market with a share of 30.2% in 2024 owing to the underpinned by its robust manufacturing base and extensive investments in renewable energy. The country’s utility-scale sector, which grew by 10% in 2022, drives demand for advanced solar technologies. According to Eurostat, Germany accounts for over 40% of Europe’s total solar capacity by making it a hub for innovative solutions. For instance, in 2021, investments in monocrystalline modules led to a 20% increase in energy yield that is supported by government incentives for renewable energy projects.

France solar PV module market is likely to exhibit a fastest CAGR of 12.5% in the foreseen years with the growing focus on utility-scale solar farms and decentralized energy solutions. France’s solar capacity grew by 15% in 2022 with the investments in rural solar installations. Paris alone witnessed a 25% rise in rooftop solar installations in urban areas. Additionally, advancements in thin-film technology have amplified adoption by aligning with Europe’s focus on reducing carbon emissions.

Italy and Spain are likely to have a steady growth opportunities in the future period. The dense urban population and reliance on advanced solar technologies are augmented in elevating the growth of the market. Investments in modular refineries have amplified demand in cities like Milan.

Spain’s abundant sunlight and rising demand for utility-scale solar farms is attributed in elevating the growth of the market. Red Eléctrica de España reports that Spain’s solar capacity grew by 20% in 2022 by driving demand for precise bioreactor systems.

LEADING PLAYERS IN THE MARKET

JinkoSolar

JinkoSolar is a global leader in the solar PV module market, renowned for its innovative monocrystalline and bifacial modules. The company’s focus on sustainability is evident in its development of high-efficiency products, aligning with EU regulations. Its extensive R&D capabilities ensure compliance with evolving environmental standards, solidifying its position as a trusted brand. JinkoSolar’s strategic partnerships with local distributors ensure widespread market penetration in Germany and France.

Trina Solar

Trina Solar is a key player, known for its high-performance and durable solar modules. The company’s product portfolio includes both monocrystalline and polycrystalline systems, catering to diverse industrial needs. Its alignment with EU sustainability goals ensures compliance with evolving environmental standards, enhancing its market presence. Trina Solar’s focus on digital transformation has led to the introduction of IoT-enabled systems for predictive maintenance that is appealing to tech-savvy consumers.

Canadian Solar

Canadian Solar is a prominent manufacturer, offering specialized solutions tailored to residential and utility-scale applications. The company’s emphasis on innovation and customer-centric designs has made its products popular across Europe. Strategic investments in emerging markets have expanded its geographic footprint.

TOP STRATEGIES USED BY KEY MARKET PARTICIPANTS

Focus on Innovation

Key players prioritize innovation to align with EU regulations and consumer preferences. For instance, in March 2023, JinkoSolar launched a range of bifacial modules, enabling seamless integration with utility-scale solar farms. These products cater to the growing demand for high-efficiency solutions by ensuring compliance with stringent emission standards.

Geographic Expansion

Geographic expansion is another key strategy. In January 2024, Trina Solar established a new facility in Turkey, targeting the rapidly growing energy sector in Eastern Europe. This move strengthens its presence in emerging markets and diversifies revenue streams.

Partnerships and Collaborations

Partnerships and collaborations are a cornerstone of market success, enabling companies to enhance user experience and operational efficiency. In June 2023, Canadian Solar partnered with Orange SA to integrate IoT-enabled systems into smart energy ecosystems, supporting the expansion of connected solutions in France.

KEY MARKET PLAYERS AND COMPETITION OVERVIEW

Major Players of the Europe solar pv module market include Hanwha Q CELLS, REC Group, Meyer Burger, SMA Solar Technology AG, JinkoSolar, JA Solar, Trina Solar, LONGi Solar, SolarEdge Technologies, BELECTRIC, Canadian Solar, CsunSolarTech, Eternia Solar, EMMVEE SOLAR, First Solar, LG Electronics, RENESOLA, Shunfeng International Clean Energy, SOLAR FRONTIER K.K., The Solaria Corporation, Vikram Solar, Yingli Solar

The European solar PV module market is highly competitive, characterized by the presence of both global giants and regional players. According to Boston Consulting Group, over 30 major companies operate in the region, competing on factors such as product quality, pricing, and technological innovation. Global leaders like JinkoSolar dominate the market, leveraging their extensive R&D capabilities and distribution networks. Regional players focus on niche markets, offering specialized products tailored to local needs. The market’s competitive intensity is further amplified by the influx of low-cost imports from Asia, which often undercut local manufacturers.

RECENT HAPPENINGS IN THE MARKET

• In April 2023, JinkoSolar acquired a startup specializing in bifacial solar modules, enhancing its product portfolio and strengthening its position as a leader in sustainable solutions.
• In June 2023, Trina Solar partnered with Orange SA to integrate IoT-enabled systems into smart energy ecosystems, supporting the expansion of connected solutions in France.
• In August 2023, Canadian Solar launched a new line of eco-friendly modules in Spain, targeting the growing demand for renewable energy-compatible appliances in rural areas.
• In December 2023, First Solar introduced a range of high-efficiency thin-film modules in Germany, achieving emission reductions of up to 40% and reinforcing its leadership in energy-efficient technologies.
• In February 2024, LONGi Green Energy announced the establishment of a new manufacturing facility in Poland, targeting the burgeoning energy sector in Eastern Europe and expanding its geographic footprint.

DETAILED SEGMENTATION OF EUROPE SOLAR PV MODULE MARKET INCLUDED IN THIS REPORT

This research report on the Europe solar pv module market has been segmented and sub-segmented based on technologies, products, connectivity, mountings, end users & region.

By Technologies

• Crystalline Silicon
• Thin Film
• Concentrated PV (CPV)

By Products

• Monocrystalline
• Cadmium telluride

By Connectivity

• On-Grid
• Off-Grid

By Mountings

• Ground Mounted
• Rooftop Mounted

By End Users

• Residential
• Commercial & Industrial
• Utility-Scale

By Region

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe