In the context of carbon neutrality and the rise in traditional energy prices caused by the Ukrainian Russian war, the issue of energy transformation and security has become crucial. The photovoltaic markets around the world have recently used a series of policy levers to directly or indirectly support the growth of domestic photovoltaic manufacturing industry. Among them, the European Union has officially announced an energy plan called ‘RepuowerEU’.
The REpowerEU program has set ambitious goals for the renewable energy industry, involving a funding scale of up to 210 billion euros (approximately $221 billion) over the next five years, increasing imports of renewable energy and liquefied natural gas, and reducing energy demand, thereby reducing dependence on Russian energy and accelerating the shift towards green energy.
In addition to EU led policies, several countries in Europe have recently updated their renewable energy targets for 2030. For example, Italy announced an increase in its photovoltaic installation target from 52 GW to 79.9 GW, an increase of approximately 53%. Spain significantly increased its target from 39 GW to 76 GW, an astonishing 94% increase. Germany, which has long been a major photovoltaic hub in Europe, had already changed its installation target from 200 GW to 215 GW during the Ukrainian Russian War.
Overall, the policy development of European countries will drive the terminal demand of the photovoltaic market. According to Infolink, the demand for photovoltaic modules in the European market (including the UK) in 2023 is roughly between 92 and 114 GW. Despite being affected by issues such as excessive inventory and delayed grid connection progress caused by job shortages in the short term, in the long run, in conjunction with favorable policies, as well as optimization of supply chain technology and costs, it is expected that by 2027, the demand for components in the European market will reach 141-160 GW, with an annualized compound growth rate (CAGR) of about 7% -8.9%. Therefore, it can be seen that the growth potential of the European photovoltaic market is still considerable.
At this moment, the wave of energy transformation is sweeping the world, and the unremitting efforts of counterparts in the photovoltaic industry are objectively promoting greater technological fission and accelerating the process of energy revolution. Through the integration of ecological circles, continuous cross-border combinations are carried out, application scenarios are expanded, and new species, new formats, and new models are formed. MULTIFIT Solar fully leverages its own advantages, provides more high-quality products, solutions, and services, creates greater value for the local photovoltaic market, and, together with other counterparts and partners, uses respective advantages to promote the popularization and application of photovoltaic new energy, making the photovoltaic industry shine and change.
In the future, MULTIFIT Solar will continue to adhere to the combination of core business and low-carbon transformation, actively improve the innovation ability of photovoltaic technology, follow the path of high-quality green development, implement the concept of harmonious coexistence between humans and nature, and promote the global sustainable development process as a leader in photovoltaic technology. Full of new expectations and shouldering new missions, we will base ourselves on the present and face the future, pragmatically and continuously strive to contribute to the development of the new energy industry!
Post time: Sep-12-2023