Solar installation levels in Europe are set to exceed expectations this year and grow by 30% compared to 2022, according to energy research firm Rystad Energy, According to Rystad Energy modeling, new solar capacity additions are on track to grow 30% year on year, surpassing 58 GW (DC) of new panels by the year’s end. Germany is retaking the lead with a projected 84% annual growth this year, reaching a record high of 13.5 GW of total solar PV capacity.Other key markets include Poland and the Netherlands, with their growth fueled by a surge in rooftop installations. Rooftop PV is expected to account for 70% of all newly installed solar across the continent.
Furthermore, the International Energy Agency (IEA) estimates that the world could have the manufacturing capacity to produce over 1,200 GW of solar panels annually by the end of the decade. However, a new report from the IEA's STEPS initiative has found that just 500 GW of solar power will be deployed globally by 2030, less than half of the module nameplate capacity potentially available for deployment. This indicates that while solar energy is expanding rapidly, there is still significant untapped potential for this renewable energy source to reach its full potential. As the world looks to build a sustainable energy future and meet ambitious climate goals, investing in solar energy could play a critical role in reducing greenhouse gas emissions and ensuring a cleaner, more resilient energy system.
