September 24, 2023

Europe Solar Photovoltaic Panel Market, Outlook and Forecast : Ken Research

Solar Photovoltaic Panel Market Definition and Overview

Solar Photovoltaic (PV) Panel is a device that produces electricity from sunlight. The panels are also known as solar cells or photovoltaic modules. The photovoltaic panels are made up of small photovoltaic cells which produce about 1 or 2 watts of power and are comprised of semiconducting material, usually silicone. The cells are sandwiched between protective materials in a combination of glass or plastic to withstand outdoor conditions. When the sun shines over the solar cells an electric field is created which generates electrical energy. The PV cells can be connected in chains to form modules or panels. Several modules can be connected to form arrays or can be used individually. The arrays can be connected to an electrical grid to form a complete PV system. This modular structure helps the PV system to meet any kind of electric power need.  Hence, PV panels help in the reduction of greenhouse gas emissions and allow sustainable development for electricity production.

Europe Solar Photovoltaic Panel Market Outlook, Drivers, and Challenges

The Solar Photovoltaic Panel Market in Europe is expected to witness strong growth of at least 10% CAGR over the next five years, owing to the rise in the demand for energy and increasing incentives for the adoption of renewable energy sources in the region. Furthermore, most of the countries in Europe are either expanding/building new power plants or are shifting towards renewable sources of energy especially solar power to meet the rise in demand.

In 2021, European Commission proposed a new regulatory framework ‘Fit for 55’ to reduce Greenhouse Gases (GHG) by 55% by 2030 and achieve climate neutrality by 2050. The region also focuses on achieving the terms of the Paris Agreement which states to limit global warming to 1.5 degrees Celsius as compared to the pre-industrial level. With the signing of this agreement, the countries resolve to reduce greenhouse gas emissions by scaling up the use of renewable energy such as solar energy. Some of the additional drivers that will lead to the growth of solar panels include proposal by the European Commission for 40% renewable energy usage by 2030. The European Solar market is also driven by a net-metering system that uses a discount mechanism to balance the annual energy that was delivered and purchased. The solar PV installed in Europe grew from 10 GW in 2018 to in 17 GW 2019 such measures.

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Land accessibility is one of the major challenges in the Europe solar photovoltaic market. The difficulties are faced in accessing land for ground-mounted PV projects specifically on agricultural land.  For rooftop PV, the major challenge is the length of permitting times both at administrative and network levels. In addition, at middle and high voltage levels due to lack of grid capacity, long delays and project non-realization are the challenges.

Europe Solar Photovoltaic Panel Market Value Chain Analysis

The solar photovoltaic panel value chain consists of a raw material provider that provides raw materials such as crystalline silicon, thin film, and others. Raw materials are then processed into ingot casting and wafer manufacturing to form the solar cells by the manufacturers. The solar cells are interconnected in matrix to form Solar Module. Several solar modules are connected to form solar panels by photovoltaic panel manufacturers. The solar panels are used by solar energy equipment assemblers to build solar energy plants which are distributed through different channels to the end-user segments such as residential, commercial, industrial, and utilities sectors.


Europe Solar Photovoltaic Panel Market Segmentation

Europe solar photovoltaic panel market can be segmented by type of Technology into categories such as Monocrystalline Silicon, Thin Film and Polycrystalline Silicon. Based on the Connectivity, the market is categorized as On-Grid and Off-Grid. Based on Deployment, the market is categorized as Ground-Mounted and Rooftop Solar. From the demand side, the market can be segmented into Residential, Commercial, Industrial and Utilities categories. Geographically, the major country markets in Europe are Germany, Spain, the Netherlands, France and Poland.

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Europe Solar Photovoltaic Panel Market Competitive Landscape of Major Competitors

Some key competitors in the Europe solar photovoltaic panel market are Hanwha, JinkoSolar Holding Co., Ltd, First Solar, JA Solar Technology Co., Ltd, Canadian Solar Inc. and Trina Solar Co., Ltd.

Impact of Covid-19 on Europe Solar Photovoltaic Panel Market

The shutdown of various manufacturing facilities has led to a decrease in the demand for the power equipment hence affecting the solar PV panel market. Utility-scale projects had witnessed delays due to supply chain disruption, labor constraints, and construction delays for the initial few days. The distributed PV was more at risk as it relies on both individuals and SMEs who were severely affected by the Covid-19 lockdown. Despite of Covid-19 crisis the Solar PV Panel Market in Europe witnessed positive growth, owing to the continuous efforts to reach the climate goals. For instance, the Netherlands witnessed an addition of almost 3GW in 2020, and Poland grew by 28% as compared to 2019 becoming a ‘newcomer’ as it installed more than 1 GW in 2020.

Key Segments Covered in Europe Solar Photovoltaic Panel Market:-

Europe Solar Photovoltaic Panel Market By Technology

Monocrystalline Silicon

Thin Film

Polycrystalline Silicon

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Europe Solar Photovoltaic Panel Market By Connectivity



Europe Solar Photovoltaic Panel Market, By Deployment


Rooftop Solar

Europe Solar Photovoltaic Panel Market, By End User Segment





Europe Solar Photovoltaic Panel Market, By Geography and Major Countries



The Netherlands



Key Competitors in Europe Solar Photovoltaic Panel Market:-


JinkoSolar Holding Co., Ltd

First Solar

JA Solar Technology Co., Ltd

Canadian Solar Inc.

Trina Solar Co., Ltd

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Time Period Captured in the Report:-

Historical Period: 2017-2021

Forecast Period: 2022-2027F

Key Target Audience:-

Solar Cells Manufacturers

Solar Panel Manufacturers

Solar Panel Raw Material Suppliers

Solar Panel Assemblers

Solar Panel Distributors

Solar Energy Equipment Assemblers

Solar Power Generation Equipment Manufacturers

Utilities Departments

Solar Energy Research Organizations

Renewable Energy Research Organizations

Investment Funds

Independent Power Producers (IPP)

Allied/Auxiliary industries for Solar Panels

Potential Investors in Solar Panel Companies

Renewable Energy Providers

Ministries of Energy and Power Generation

Ministries of Energy and Power Distribution

Environment Control and Emission Regulatory Organizations

For any queries or feedback, reach out to the author at

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Ken Research

Ankur Gupta, Head Marketing & Communications


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