New report: European solar sector issues yellow card as market data reveals 92% growth decline and investment slump
17 December 2024
Following several years of over 40% year-on-year growth, a new report from SolarPower Europe warns that 2024 brings only 4% annual growth to the EU solar market. This represents a 92% growth slowdown. The EU installed 66 GW of solar in 2024, inching past 2023’s record of 63 GW.
2024 also marks the first year where annual investment in solar installations in the EU dropped in the 2020s. A decline of 13% to 55 billion EUR is attributed to falling component prices lowering capital expenditure.
At national-level, five of 2024’s top ten solar markets installed less solar than in 2023 (Spain, Poland, Netherlands, Austria, and Hungary). The other leading markets, Germany, Italy, France, Greece, and Portugal offered modest growth, with most installing around 1 GW more than they did in 2023.
Demand for residential rooftop solar declined in 2024, as the impact of the energy crisis fades. In 2024, new home solar installations decreased by almost 5 GW compared to last year, with 12.8 GW installed.
While gas crisis impacts wear off for now, a slower solar forecast in the years to come is credited to wider system challenges. Sluggish electrification rates suppress demand and a lack of energy system flexibility leads to solar curtailment and negative pricing, undermining European energy security and competitiveness.
Again: assuming that solar will grow "exponentially", persistently for decades and without any government intervention due to its sheer technological prowess and ultra-cheapness, is a faulty assumption that is already having some material consequences
www.solarpowereurope.org/press-releas...