New report reveals promising outlook on revived energy source: 'What we're seeing is a broadening out'
Europe looks poised to practically double its solar capacity within the next year, bringing the industry back into the limelight.
Liam Coman, a solar market analyst at S&P Global Commodity Insights, claimed during a presentation at Tongwei's new European office event in Frankfurt, Germany, that the market will grow from about 50 gigawatts into a 110-gigawatt market by the end of 2025.
According to the trade association SolarPower Europe's (SPE) yearly report, Europe added a record 56GW of solar photovoltaic in 2023. However, SPE only forecasted 62GW in 2024. The key markets for the growth over the past three years were Germany, Eastern Europe, Spain, and Italy.
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In 2024 alone, the markets of Romania, Lithuania, and Ireland saw a solar capacity of over 1GW in a single year for the first time, a sign that the industry is rapidly expanding its scope.
The rapid expansion of solar panel capacity in Europe will not only provide more clean energy to homeowners and businesses, saving them money on their energy bills, but it will also drive the growth of the global market, pushing for greater innovation and investment.
A recent report from the Guardian also found that, for the first time, wind turbines and solar panels produced about 30% of the energy needed in the European Union, finally surpassing traditional fossil fuels.
Coman stated that S&P forecasts global solar installations to reach 580GW in 2025, primarily driven by China, which has doubled its installed photovoltaic capacity since 2023.
"What we're seeing is a broadening out of where solar is being installed," Coman said.
"While mature markets are going to keep high levels of installation in the coming years, it's really these growth markets that we need to look to to drive the solar market forward in the coming years."
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