Spain, preceded by Germany and followed by Italy, is one of Europe’s most attractive markets for solar energy.
Aurora Energy Research has concluded its first report on the attractiveness of European solar markets. The forecast? By 2030, as per their projections, the three countries mentioned above are expected to possess 58% of the continent’s installed PV capacity. Moreover, they are set to draw 83% of the necessary investment to fulfill the anticipated growth from 2023 to 2030.
The success of the solar sector in Spain is ensured by political support for facilities and the economics of the projects. Two elements that will make Spain the market with the highest return on investment on unsubsidized developments to be commissioned in 2030.
There is also a natural advantage for the country: solar irradiance levels are, in fact, higher than in most European markets.
The potential of European solar energy
According to the report, solar PV is projected to surpass all other sources of power generation globally. And, by 2023, it is expected to contribute to 65% of the overall growth in renewable energy worldwide.
The analysis focuses on Europe, which stands out for its ambitious decarbonization objectives, further intensified following the energy crisis. Aurora’s estimation suggests that the continent will achieve a significant milestone of 475 gigawatts of installed solar PV capacity by 2030, more than doubling the current figure (221 gigawatts).
Aurora assesses that this growth projection presents an investment opportunity valued at €148 billion. According to the consultancy firm, Europe’s appeal to investors will be enhanced if the support schemes for these facilities are expanded. Currently, government support serves as the primary driving force, responsible for 80% of the existing installed capacity. Looking ahead, unsubsidized projects will gain momentum as construction costs are expected to decrease by over 40% between 2023 and 2050.