Bloomberg New Energy Finance, the analyst group, foresees continued growth in PV installations up to around 1.4 TW of capacity by 2050, with Germany and France representing the two largest markets on the continent.
The analyst firm expects annual installations to peak at roughly 70 GW around 2036, followed by a dip and then renewed activity, in excess of 50 GW a year, in the first half of the 2040s.
“There’s going to be lot of solar in the future,” observes Jenny Chase, Bloomberg New Energy Finance’s manager of solar insight. “It will have to be cheap.”
Meanwhile, the amount of money that asset owners can make from solar power is diminishing as the industry moves from generous government-backed subsidies and feed-in tariffs to much more competitive auctions and power-purchase agreements (PPAs).
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Long-term forecast, cumulative installed PV in Europe