EU: Market for Solar Cells and Light-Emitting Diodes 2024

Market Size for Solar Cells and Light-Emitting Diodes in the EU

In 2022, the EU market for solar cells and light-emitting diodes decreased by -37.3% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, consumption, however, showed a measured increase. As a result, consumption attained the peak level of $X, and then fell significantly in the following year.

Production of Solar Cells and Light-Emitting Diodes in the EU

In value terms, solar cells and light-emitting diodes production contracted to $X in 2022 estimated in export price. Over the period under review, production recorded a drastic downturn. The pace of growth appeared the most rapid in 2016 with an increase of 14%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Solar Cells and Light-Emitting Diodes

Exports in the EU

After five years of growth, overseas shipments of solar cells and light-emitting diodes decreased by -29.6% to X units in 2022. Over the period under review, exports, however, saw a moderate expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 145%. As a result, the exports reached the peak of X units, and then dropped notably in the following year.

In value terms, solar cells and light-emitting diodes exports reduced dramatically to $X in 2022. Overall, exports continue to indicate a mild setback. The pace of growth was the most pronounced in 2021 when exports increased by 81% against the previous year. As a result, the exports reached the peak of $X, and then contracted markedly in the following year.

Exports by Country

The Netherlands was the largest exporter of solar cells and light-emitting diodes in the European Union, with the volume of exports resulting at X units, which was approx. 62% of total exports in 2022. It was distantly followed by Germany (X units), making up a 19% share of total exports. Belgium (X units), Spain (X units), Italy (X units), Slovenia (X units) and France (X units) followed a long way behind the leaders.

Exports from the Netherlands increased at an average annual rate of +19.2% from 2012 to 2022. At the same time, Slovenia (+21.9%) displayed positive paces of growth. Moreover, Slovenia emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +21.9% from 2012-2022. By contrast, France (-2.3%), Spain (-3.3%), Germany (-4.6%), Italy (-7.5%) and Belgium (-9.5%) illustrated a downward trend over the same period. While the share of the Netherlands (+47 p.p.) and Slovenia (+2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of France (-1.6 p.p.), Spain (-3.1 p.p.), Italy (-5.1 p.p.), Belgium (-11.7 p.p.) and Germany (-23.5 p.p.) displayed negative dynamics.

In value terms, the Netherlands ($X), Germany ($X) and France ($X) constituted the countries with the highest levels of exports in 2022, with a combined 82% share of total exports. Italy, Belgium, Spain and Slovenia lagged somewhat behind, together comprising a further 11%.

Slovenia, with a CAGR of +9.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the European Union stood at $X per unit in 2022, rising by 11% against the previous year. Overall, the export price, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2016 when the export price increased by 24% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2017 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($X per unit), while the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+7.9%), while the other leaders experienced mixed trends in the export price figures.

Imports of Solar Cells and Light-Emitting Diodes

Imports in the EU

In 2022, overseas purchases of solar cells and light-emitting diodes decreased by -37.1% to X units for the first time since 2015, thus ending a six-year rising trend. Overall, imports, however, continue to indicate a moderate increase. The most prominent rate of growth was recorded in 2021 when imports increased by 97%. As a result, imports reached the peak of X units, and then dropped rapidly in the following year.

In value terms, solar cells and light-emitting diodes imports shrank markedly to $X in 2022. Over the period under review, imports recorded a pronounced slump. The growth pace was the most rapid in 2021 when imports increased by 89%. As a result, imports reached the peak of $X, and then dropped rapidly in the following year.

Imports by Country

In 2022, the Netherlands (X units) represented the main importer of solar cells and light-emitting diodes, committing 42% of total imports. Germany (X units) ranks second in terms of the total imports with a 19% share, followed by Poland (7.1%), France (6.9%) and Italy (4.5%). The following importers - Greece (X units), Belgium (X units), Austria (X units) and Hungary (X units) - together made up 12% of total imports.

Imports into the Netherlands increased at an average annual rate of +19.5% from 2012 to 2022. At the same time, Poland (+74.9%), Austria (+11.9%), Greece (+9.0%), France (+7.7%) and Hungary (+7.5%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing importer imported in the European Union, with a CAGR of +74.9% from 2012-2022. By contrast, Germany (-3.6%), Belgium (-6.4%) and Italy (-8.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands, Poland and France increased by +31, +7.1 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X), Germany ($X) and France ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 63% of total imports. Poland, Italy, Belgium, Austria, Greece and Hungary lagged somewhat behind, together comprising a further 23%.

In terms of the main importing countries, Poland, with a CAGR of +30.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in the European Union amounted to $X per unit, picking up by 11% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2014 when the import price increased by 25% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Austria ($X per unit), while Greece ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-3.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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