New European solar installations are expected to double over the next three years, according to analysis from Wood Mackenzie Power & Renewables, and will push installed capacity over the 250 gigawatt (GW) mark by 2024.
Wood Mackenzie published their Europe Solar PV Market Outlook 2019 towards the end of June, revealing its analysis that new solar installations across Europe will double over the next three years to reach a level of approximately 20 GW per year.
Germany is expected to remain Europe’s largest solar PV market, installing 21 GW between 2019 and 2024, while Spain will eke into a close second, installing almost 20 GW — made up mostly of utility-scale solar.
All in all, a total of seven European countries will install at least 5 GW during the 2019-2024 period, while eighteen countries are expected to install over 1 GW.
“Solar PV is growing in Europe against a backdrop of rapid power sector decarbonisation,” said Tom Heggarty, Wood Mackenzie Power & Renewables Senior Analyst.