European Photovoltaic Market Outlook and Policies

Europe is playing a pioneering role in the energy transition, especially in the development of the photovoltaic industry. As the Ukraine-Russia conflict intensifies and traditional energy prices rise, European policymakers have accelerated the pace of renewable energy, especially solar energy, in an effort to reduce reliance on traditional energy sources and achieve a more sustainable future.

Many european countries has updated its own 2030 renewable energy target. For example, Italy, Spain and Germany have all significantly raised their photovoltaic installation targets.  

The country's policy decisions further strengthen Europe's commitment to the photovoltaic industry and provide solid support for the future development of the industry.

According to market research company InfoLink, by 2023, European markets demand for photovoltaic modules in China is expected to reach 92-114GW, and by 2027, this demand is expected to grow to 141-160GW.

Europe's LCOE will fall to US$34.9/MWh, and may further fall below US$29.5/MWh by 2027. This cost competitiveness will further encourage policymakers and investors to support the photovoltaic industry, ensuring that the industry continues to play a key role in the energy transition in Europe and globally.