European Solar Market Growing in 2023

March 30, 2023

Micheal Bannigan

Solar energy has been growing rapidly in recent years, and Europe is leading the charge. In fact, a recent report from Forbes has revealed that solar and wind power in Europe have surpassed gas power for the first time. This is a significant milestone that highlights the growth and importance of renewable energy sources in Europe.

According to the Forbes article, solar and wind power now account for more than 40% of Europe's electricity generation capacity, compared to gas power's 37%. This shift towards renewable energy sources is largely driven by government policies that support clean energy and a growing awareness of the environmental impact of fossil fuels. A recent report by the World Economic Forum highlights that Europe's renewable energy capacity is set to grow significantly in 2023. According to the report, the average prediction for 2023 is that renewable energy capacity in Europe will grow by 25 gigawatts (GW), with solar power contributing the most to this increase. The report also suggests that Europe's renewable energy capacity will continue to grow in the coming years and reach 484 GW by 2026. This growth is essential as it will not only help reduce carbon emissions but also address the current energy crisis in Europe.

One country in Europe that has seen significant growth in solar energy is Ireland. Ireland is on track to meet its 70% renewable electricity target by 2030, with solar energy playing a key role in this achievement.

Solar energy capacity in Ireland has grown by 400% in the past five years alone. This growth is expected to continue in the coming years, with more than 800 MW of solar projects in the pipeline.

So, what is driving this growth in solar energy in Ireland? The answer is down to several factors, including falling costs of solar panels, government incentives for renewable energy projects, and a growing demand for clean energy from businesses and consumers.

By investing in renewable energy, Europe can ensure a stable and sustainable energy supply while promoting economic growth and job creation. The growth of the European solar market is, therefore, a step towards a more sustainable future, and continued investment and innovation in renewable energy will be crucial to ensuring its success. As governments and businesses continue to invest in clean energy, we can expect to see even more growth and innovation in the years to come.

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