The EU solar sector continues to set records, with 65.5 GW of solar PV installed in 2024, marking eight consecutive years of growth. This achievement is a testament to the resilience and potential of solar power, solidifying the EU’s position as a global leader in renewable energy. These remarkable trends, along with the challenges shaping the solar market, are explored in the latest EU Market Outlook for Solar Power 2024-2028, published by SolarPower Europe. REIB is proud to support this influential report as a sponsor, contributing to the vital discussions driving the future of clean energy.
The report provides an in-depth analysis of the EU’s solar journey, projecting solar capacity to surpass 400 GW by 2028. However, it also highlights challenges that could hinder this growth. The annual growth rate for new installations has slowed to 4.4% in 2024, a significant decline from the rapid 41-53% growth observed between 2021 and 2023. Grid constraints, infrastructure bottlenecks, and policy uncertainties are some of the pressing issues that must be addressed to maintain momentum in the solar transition.
Despite these challenges, the report emphasizes the opportunities that lie ahead. Solar energy is expected to increase its contribution to the EU’s electricity mix from 14% in 2024 to 23% by 2028, underlining the need for continued investment in both solar power and energy storage solutions. At REIB, we recognize the critical role of insurance in mitigating risks and enabling the sustainable expansion of renewable energy projects. By partnering with industry leaders and contributing to initiatives like this report, we reaffirm our commitment to supporting the renewable energy sector.
We extend our gratitude to SolarPower Europe for their exceptional work on this comprehensive report. To explore the full analysis and key insights, we encourage you to read the complete EU Market Outlook for Solar Power 2024-2028
