The year 2023 will be a record year for European solar installations as Rystad Energy expects the region to lock in more than 58 GW DC of new capacity, with rooftop solar accounting for a 70% share. It believes the continent is already matching the total installed in all of last year.
According to SolarPower Europe’s Global Market Outlook 2023-2027, Europe added 46.1 GW PV capacity in 2022 with a global market share of 19%. It expects the continent to exit 2023 with 62.4 GW with a 35% annual increase (see Global Solar Market Outlook 2023-2027).
Rystad’s forecast expects 30% annual growth for solar this year to be led by Germany for which it expects a total of 13.5 GW DC, projecting 84% YoY jump. Till September 2023, the country had exceeded 9 GW in solar installations this year, thus exceeding the official target (see Germany Installed 919 MW Solar In Sept. 2023).
The other strong market of Spain ‘faces challenges in maintaining momentum this year,’ as per the analysts.
Poland and the Netherlands, the other key solar markets in the continent, will grow with the rooftop PV segment, a surge in which is being seen in the rest of Europe as well.
Rooftop solar is soaring due to its adaptability and ease of deployment with comparatively fewer regulatory hurdles compared to ground mounted projects.
“Rooftop solar is driving the transformation of Europe’s renewable energy landscape, from a niche market to a powerful force in reshaping the continent’s energy mix,” said Vice President and Head of EMEA Renewables Research at Rystad, Vegard Wiik Vollset.
In comparison, the development of onshore wind energy faces permitting bottlenecks and rising supply chain costs as well as escalating interest rates in the continent. Rystad analysts see onshore wind energy installations declining by around 11% YoY in 2023.
Although offshore wind sector deployments grew 2% annually, it is marred by project delays and potential cancellations in countries like the UK and Denmark.
