Several European countries have updated their renewable energy targets for 2030 in the recent past, with Italy announcing an upward revision of its PV installation target from the past 52 GW to 79.9 GW, an increase of about 53%, and Spain a significant upward revision from 39 GW to 76 GW, a staggering increase of 94%, while Germany, which has long been a PV heavyweight in Europe, as early as during the U.S.-Russia War, changed its installation target from 200 GW to 215 GW.

To summarize, the policy development of European countries will drive the end demand of PV market. And according to InfoLink, the demand for PV modules in the European market (including the UK) will be roughly between 92-114 GW in 2023. Although the short-term is affected by problems such as excess inventory and delayed progress of grid connection due to lack of work, in the long run, in line with favorable policies and optimization of supply chain technologies and costs, it is expected that the module demand in the European market will reach 141-160 GW by 2027, with an annualized compound 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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