Market Research Report
Europe Solar PV Market Outlook 2021
|Europe Solar PV Market Outlook 2021|
Published: November 29, 2021
Wood Mackenzie - Power & Renewables
Delivery time: 1-2 business days
This regional report analyses the 10-year outlook for solar power development in Europe. Strong policy targets and carbon mandates are supporting strong solar deployment. Between 2020 and 2030, 306 GWdc of PV is projected to be installed in Europe, and cumulative installations should exceed 450 GWdc. This represents an average annual growth of 28 GWdc and a CAGR of 11%. Germany and Spain are forecasted to drive solar growth, installing around 56 GWdc and 33 GWdc respectively over 2020-2030. Meanwhile, government auctions remain the main mechanism for driving utility-scale solar in most European countries. That said, short- and mid-term headwinds limit the region's full solar PV potential, which includes growing grid capacity and permitting constraints.