Solar PV Deployment in Europe Enters New Era of Growth
Solar PV deployment in Europe is entering a new era of growth, largely fueled by a bright future for utility-scale systems. In 2019, new installations in the utility-scale segment (systems larger than 5 MW) more than tripled from 2018, to 12 GW. By 2025, IHS Markit forecasts annual installations of these large PV plants in Europe to reach 34 GW. This growth is driven by a combination of EU 2030 targets and the sheer economics of generating renewable power from solar PV.
In terms of technology, these new-built PV projects are following a global trend of using 1500V inverters (or even higher voltage over the coming years) and a growing penetration of string inverters. The use of tracking structures is gaining interest also in less sunny European markets where fixed systems have been the norm. Across Europe, PV system designs incorporate larger modules with increased efficiency, and we see a growing share of bifacial modules in suitable locations. The profitability of individual PV projects will depend highly on technology decisions.
Download our infographic below summarizing the inroads made in solar PV deployment in Europe:
Learn more about the demand for solar PV across the world and the latest technology trends in IHS Markit's Global Clean Energy Technology service.
This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.