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Europe: Cumulative PV installations expected to reach 462GW in 2028

published: 2024-06-27 17:54

According to research firm EUPD Research's recent forecast, the size of the European PV market will grow from 65GW last year to 75GW this year, and by 2028, the cumulative installed capacity of photovoltaic systems installed in Europe will reach 462GW.

A key driver will be the demand for private rooftop PV systems with an installed capacity of 10kW. According to the 295-page European Market Leadership Study published by EUPD Research, the firm's analysts expect 122GW of new private rooftop PV systems to be added in Europe over the next five years. The study focuses on 13 major European PV markets, including Germany, Italy and the Netherlands.

Following the outbreak of the Russian-Ukrainian conflict, demand in the private PV sector in Europe increased significantly, especially due to the sharp rise in energy prices. The installed capacity of small-scale PV systems installed in Europe rises from 7GW in 2021 to 12GW in 2022, eventually reaching 18GW in 2023.This market growth is gradually slowing down, and as a result EUPD Research expects growth rates of less than 10% over the next few years, leading to 28GW of new installed PV system capacity being added to the European PV market in 2028.

Given the optimization of PV self-consumption by many householders, the deployment of energy storage systems for rooftop PV systems has become increasingly popular in recent years, and EUPD Research expects the storage capacity of deployed energy storage systems to grow to 14 GWh this year, said Markus Höhner, CEO of EUPD Research: "The trend towards self-consumption of photovoltaic systems is becoming more pronounced as householders strive to offset rising electricity and gas bills. Combined with the widespread popularity of electric vehicles and heat pumps, this trend creates strong synergies for householders to utilize PV technology."

These reports also analyze the competitive landscape for PV system installers and find that the European PV market is markedly fragmented, as reflected in the differences in market maturity and acceptance rates in different countries. Germany leads Europe with around 6,300 PV system installers. This is followed by Italy and the UK with around 3,100 and 2,900 PV system installers respectively.EUPD Research says that this figure demonstrates the rapid growth of the European PV industry and the vibrant market activity. Companies have been exploring new strategies to gain market share, such as flexible financing options, energy management solutions and dynamic tariffs that provide returns on portfolios of PV systems, energy storage systems, wall boxes and heat pumps.

Source: https://news.solarbe.com/202406/26/379721.html

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