Europe Residential Solar PV Panels Market Predicted to Surpass Around USD 62.56 Billion by 2030

The Europe residential solar PV panels market was valued at USD 32.33 billion in 2021 and it is predicted to surpass around USD 62.56 billion by 2030 with a CAGR of 7.61% from 2022 to 2030

The global Europe residential solar PV panels market size was USD 32.33 Billion in 2021 and is expected to reach USD 62.56 Billion by 2030 and register a revenue CAGR of 7.61% during the forecast period, 2022-2030.


Report Highlights
  • In terms of revenue, thin film accounted for the largest share of 46.3% in 2021.

  • The crystalline silicon segment is expected to progress at a CAGR of 6.97% over the forecast period.

  • In terms of revenue, the on-grid type segment accounted for a 97.3% share in 2021.

  • The off-grid type segment is projected to grow at a CAGR of 18.3% over the forecast period.

  • In 2021, the U.K. held the largest share of 17.25%.

  • Based on revenue, France is expected to grow at a CAGR of 8.28% from 2022 to 2030.

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Rising concerns over carbon gas emissions caused by power generation and the transition from non-renewable energy to renewable energy are expected to result in a surge in the demand for residential solar energy and panels in Europe over the forecast period.

According to the European Commission, the price of solar PV panels decreased by 75% from 2009 to 2019 while the market demand grew. The cost of solar PV modules fell from USD 2.4 per watt to USD 0.4 per watt. The prices are projected to further decline during the forecast period. The demand for solar PV panels for residential use has been increasing owing to the rising costs of oil and gas and decreasing costs of solar PV panels, making them attractive to homeowners.

The growth of the thin film technology segment of the market can be attributed to the increased usage in commercial and utility-scale projects as these lightweight panels have reduced installation costs. The efficiency of thin-film modules is less compared to crystalline solar panels so the panels are installed in homes where large rooftops are available and where economies of scale can be achieved.

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The on-grid segment dominated the market due to low operating costs as the excess electricity generated by them is transmitted to grids. The solar power generation systems being connected to the grid can transfer excess energy to the grid and do not require the installation of battery storage solutions in the house. On-grid solar PV panel installation is used in the residential sector as the government incentive schemes for solar PV installations require them to be connected to the grid. These reasons are expected to drive the growth of the market over the forecast period.

The government of France has implemented various incentive schemes to promote the use of solar PV panels for residential use as a part of its energy transition process from fossil fuels. The country provides preferential loans to homeowners who want to install solar PV panel systems in their houses.

The U.K. government has set a net-zero electricity grid target by 2035 and plans to stop using fossil fuels for energy generation. The country has been issuing favorable policies to achieve this target.  In January 2022, the government of the U.K. reduced the tax on solar PV panels and other renewable power generation products to promote the adoption of solar PV panels for residential applications. The value-added tax was reduced by 5% for the installation of residential solar PV panel systems.

The global spread of the COVID-19 disrupted supply chains and sharply curtailed demand for commodities worldwide. The restrictions imposed on the supply and transportation owing to slowing down or halting of operations of factories due to partial or complete lockdowns in different countries to contain the spread of coronavirus negatively impacted the growth of the Europe residential solar PV panels industry.

Technology Insights

Based on technology, the Europe residential solar PV panels market has been segmented into thin film, crystalline silicon, and others. In terms of revenue, thin film accounted for the largest share of 46.3% in 2021. The growth can be attributed due to its narrow design, strong durability, and manufacturing from flexible & lightweight materials. Thin-film solar PV panels find major application in commercial and utility-scale projects as these lightweight panels have reduced installation costs. The low efficiency of thin-film solar PV panels is compensated with the economies-of-scale installation. Thin-film solar panels are being developed as a cost-effective substitute for silicon-based solar modules as these panels can be easily produced in mass.

Crystalline silicon is witnessing high demand and outperforming production capacities, which are driving the prices. The crystalline silicon segment is expected to progress at a CAGR of 6.97% over the forecast period. Crystalline silicon panels are manufactured by encapsulating cells of crystalline silicone in a grid between glass and an anti-reflective coating which make up the larger panel.

The others segment includes the organic and concentrating types of solar PV panels. Organic solar PV panels use conductive organic polymers or small organic molecules to generate electricity. The majority of organic solar PV panels are polymer based and are used for off-grid applications in consumer electronics and home appliances. Organic solar PV panels are not as efficient as thin film and crystalline silicon making them unviable for large-scale energy production.

Grid Type Insights

Based on grid type, the market is segmented into on-grid and off-grid. In terms of revenue, the on-grid type segment accounted for a 97.3% share in 2021. The dominant position of the on-grid type segment in the solar PV panels market can be attributed to the low operating cost of the on-grid system and grid-connected PV systems being able to transfer energy through the grid coupled with their non-complexity. On-grid PV systems have low operating costs as the excess electricity generated by them is transmitted to grids.

The increased demand for grid-connected solar power sources and the surged usage of solar energy storage solutions, along with government policies and incentives, to encourage the installation of solar PV systems contribute to the growth of the on-grid type segment of solar PV panels market in the region.

The off-grid type segment is projected to grow at a CAGR of 18.3% over the forecast period. Off-grid systems are self-sustaining systems as they store and save energy obtained from solar PV into batteries for use when grids face power outages. The rising energy demand from isolated locations worldwide, along with the formulation and stringent implementation of various regulatory policies for decentralizing the power generation sector, is expected to positively influence the growth of the off-grid type segment.

Country Insights

In 2021, the U.K. held the largest share of 17.25%. Factors including reducing dependence on oil and gas for energy production and promotion of small-scale solar PV panel installation for self-consumption for end users are projected to drive the adoption of the solar PV panels for residential applications over the forecast period.

The increasing cost of generating electricity using fossil fuels coupled with the carbon emission goals set up by different countries to reduce the emission of greenhouse gases is expected to propel the growth. The countries in Europe have implemented favourable regulations and incentive schemes for the adoption of residential solar PV panels. The European Union has increased funding to promote R&D and manufacturing activity of solar PV panels which is one of the major factors driving the region's growth.

Based on revenue, France is expected to grow at a CAGR of 8.28% from 2022 to 2030. The government of France has implemented various incentive schemes to promote the use of solar PV panels for residential use as a part of its energy transition process from fossil fuels. The country provides preferential loans to homeowners who want to install solar PV panel systems in their houses.

The loans are tax-free and offer a low interest rate to incentivize people to set up a solar power system. Homeowners who generate more electricity than the consumption can sell the surplus electricity back to power companies at a premium price of up to USD 0.203 per kWh.

In 2016, the government of Germany introduced a subsidy on solar PV panels with battery storage installations in houses. The scheme provides loans to homeowners on up to 25% of the total cost of the installation of solar PV panels and storage solutions. The country also has a feed in tariffs for the surplus energy generated by the solar power station. The feed in tariffs were up to USD 0.14 per KWH for the sale of the surplus energy generated.

Key Players
  • DAIKIN INDUSTRIES, Ltd.

  • E.ON UK plc

  • EDF Group

  • Edison Spa

  • Enel Spa

  • ENGIE

  • ENI Group

  • Jinko Solar

  • LG Electronics

  • LONGi

  • TotalEnergies

Market Segmentation

By Technology Outlook
  • Thin Film

  • Crystalline Silicon

  • Others

By Grid type Outlook
  • On Grid

  • Off Grid

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