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European policy and PV market outlook
Release time:
2023-12-25 00:00
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Under the Net Zero Industry Act, by 2030, the EU will simplify administrative procedures and train skilled personnel, so that more than 40% of the annual installed capacity of many "strategic net-zero technologies", including photovoltaics, must come from local manufacturing. The Critical Raw Materials Act stipulates that the proportion of critical raw materials that are indispensable in the processing process, especially lithium and rare earth metals related to renewable energy, shall not exceed 65% from a single third country.
The Green New Deal Industrial Plan, supported by numerous bills, is seen as a strong response to the Inflation Reduction Act passed in the United States last year. The Inflation Reduction Act is expected to invest $369 billion in the renewable energy sector over a decade, including additional subsidies and tax breaks for industries such as photovoltaics, wind power, energy storage, and more.
In addition to the EU-led policies, many European countries have also recently updated their renewable energy targets for 2030, such as Italy announced that it will raise its PV installation target from 52 GW to 79.9 GW, an increase of about 53%, Spain raised its PV installation target from 39 GW to 76 GW, an increase of 94%, and Germany, which has long been a major PV city in Europe, adjusted its installation target from 200 GW to 215 GW as early as in Ukraine's cooperation with Russia. War.
Overall, policy developments in European countries will drive end-user demand in the PV market. According to InfoLink, PV module demand in the European market, including the UK, will be roughly between 92-114GW in 2023. Although in the short term, the grid connection will be delayed due to excess inventory and labor shortage, in the long term, with favorable policies and supply chain technology and cost optimization, module demand in the European market is expected to reach -160 GW by 141 to 2027, with a compound annual growth rate (CAGR) of about 7%-8.9%, which shows that the growth potential of the European PV market is still considerable.
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