Photovoltaic (PV) can play a key role in achieving EU Climate and Energy objectives, with a potential of meeting up to 15% of the EU electricity demand by 2030. Efficiency of PV modules is increasing while their production cost will further decrease, with a need for new production capacity targeting a growing global market potential. To maintain its research leadership in the PV industry and reverse current production delocalisation trends, Europe must invest in innovation to increase efficiency and to strengthen production capacity and deployment in Europe.