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According to analysis by Wood Mackenzie Power & Renewables, new solar installations are expected to double in Europe over the next three years, bringing more than 250GW
of installed capacity by 2024.
Wood Mackenzie released its 2019 European solar PV market outlook at the end of June, predicting that new solar installations across Europe will double over the next three years to around 20 GW of new energy per year
.
Germany is expected to remain Europe's largest solar PV market, with 21 GW installed between 2019 and 2024, while Spain will follow with nearly 20 GW, mostly utility-scale
solar.
Overall, a total of seven European countries will install at least 5 GW between 2019 and 2024, while 18 countries are expected to install more than 1 GW
.
"Solar PV in Europe is growing in the context of rapid decarbonisation of the power sector," said
Tom Heggarty, senior analyst at Wood Mackenzie Power & Renewables.
"Several EU member states have already committed to 100% renewable energy or zero-carbon electricity targets, while the EU is discussing adopting an economy-wide net-zero emissions target
by 2050.
More than 170GW of gas, coal and nuclear capacity will be "retired"
from the market by 2040.
By 2040, the share of solar PV will rise from 4% today to 13%.
"Competitive auctions have replaced feed-in tariffs as
Europe's most popular means of sourcing solar PV.
By the end of 2018, 24GW of capacity was awarded and another 47GW was confirmed
in more than a dozen markets.
In line with EU guidelines on state assistance for renewable energy, technology-neutral procurement is becoming more common, and solar is increasingly entering direct competition with other renewable energy technologies, particularly onshore wind
.
”
As solar technology continues to mature and the industry continues to consolidate, government support mechanisms will gradually be withdrawn, just like the
above-mentioned feed-in tariffs (FiTs).
"Investors are starting to explore new avenues, such as corporate PPAs and commercial investments," Heggarty added
.
At the same time, distributed solar power for self-consumption (mainly rooftop solar) will remain an important part of the European solar market and will account for nearly 40%
of all new capacity installed between 2019 and 2024.
Heggarty concludes: "There is a patchwork of different models in the region that can incentivize deployment, from FIT to net metering to investment
.
As government support shrinks, it is necessary to increase the rate of self-consumption in order to increase
investment.
In the future, pairing solar energy with battery storage will become more common
.
”
According to analysis by Wood Mackenzie Power & Renewables, new solar installations are expected to double in Europe over the next three years, bringing more than 250GW
of installed capacity by 2024.
Wood Mackenzie released its 2019 European solar PV market outlook at the end of June, predicting that new solar installations across Europe will double over the next three years to around 20 GW of new energy per year
.
Germany is expected to remain Europe's largest solar PV market, with 21 GW installed between 2019 and 2024, while Spain will follow with nearly 20 GW, mostly utility-scale
solar.
Overall, a total of seven European countries will install at least 5 GW between 2019 and 2024, while 18 countries are expected to install more than 1 GW
.
"Solar PV in Europe is growing in the context of rapid decarbonisation of the power sector," said
Tom Heggarty, senior analyst at Wood Mackenzie Power & Renewables.
"Several EU member states have already committed to 100% renewable energy or zero-carbon electricity targets, while the EU is discussing adopting an economy-wide net-zero emissions target
by 2050.
More than 170GW of gas, coal and nuclear capacity will be "retired"
from the market by 2040.
By 2040, the share of solar PV will rise from 4% today to 13%.
"Competitive auctions have replaced feed-in tariffs as
Europe's most popular means of sourcing solar PV.
By the end of 2018, 24GW of capacity was awarded and another 47GW was confirmed
in more than a dozen markets.
In line with EU guidelines on state assistance for renewable energy, technology-neutral procurement is becoming more common, and solar is increasingly entering direct competition with other renewable energy technologies, particularly onshore wind
.
”
As solar technology continues to mature and the industry continues to consolidate, government support mechanisms will gradually be withdrawn, just like the
above-mentioned feed-in tariffs (FiTs).
"Investors are starting to explore new avenues, such as corporate PPAs and commercial investments," Heggarty added
.
At the same time, distributed solar power for self-consumption (mainly rooftop solar) will remain an important part of the European solar market and will account for nearly 40%
of all new capacity installed between 2019 and 2024.
Heggarty concludes: "There is a patchwork of different models in the region that can incentivize deployment, from FIT to net metering to investment
.
As government support shrinks, it is necessary to increase the rate of self-consumption in order to increase
investment.
In the future, pairing solar energy with battery storage will become more common
.
”
