Global PV Market Snapshot 2025

WHAT IS IEA PVPS TCP? The International Energy Agency (IEA), founded in 1974, is an autonomous body within the framework of the Organizationfor Economic Cooperation and Development (OECD). The Technology Collaboration Programme (TCP) was created witha belief that the future of energy security and sustainability starts with global collaboration. The programme is made up of The IEA Photovoltaic Power Systems Programme (IEA PVPS) is one of the TCPs within the IEA and was established in1993. The mission of the programme is to “enhance the international collaborative efforts which facilitate the role ofphotovoltaic solar energy as a cornerstone in the transition to sustainable energy systems.” In order to achieve this, the The IEA PVPS participating members are Australia, Austria, Belgium, Canada, China, Denmark, Enercity SA, EuropeanUnion, Finland, France, Germany, India, Israel, Italy, Japan, Korea, Malaysia, Morocco, the Netherlands, Norway,Portugal, Solar Energy Research Institute of Singapore (SERIS), SolarPower Europe, South Africa, Spain, Sweden, Visit us at:www.iea-pvps.org WHAT IS IEA PVPSTASK1? The objective of Task1of the IEA Photovoltaic Power Systems Programme ispromoting and facilitating the exchangeand dissemination of information on the technical, economic, environmental and social aspects of PV power systems.Task 1 activities support the broader PVPS objectives: to contribute to cost reduction of PV power applications, to increase Authors ➢Data:IEA PVPS Reporting Countries, Becquerel Institute (BE). DISCLAIMER The IEA PVPS TCP is organised underthe auspices of the International Energy Agency (IEA) but is functionally and legally autonomous.Views, findings and publications of the IEA PVPS TCP do not necessarily represent the views or policies of the IEA Secretariat or its COVER PICTURE PV panelsin Lotus Parking canopiesin Hangzhou Chinacredit: LONGi 2025Snapshot of Global PV Markets IEA PVPS April2025 TABLE OF CONTENTS Executive Summary..........................................................................................................41Snapshot of the Global PV Market in 2024............................................................71.1Evolution of Annual Installations.................................................................71.2Impact of over-capacity in manufacturing...................................................91.3Focus on the Top Markets in 2024.............................................................101.4Market Segmentation.................................................................................102Cumulative Installed Capacity in the World............................................................112.1Evolution of Regional Share of PV Installations..........................................122.2Limits of Reporting Conventions.................................................................142.3Decommissioning, Repowering and Recycling...........................................14 EXECUTIVESUMMARY The globalPVcumulativecapacitygrewtosignificantlyover2.2TW at the end of 2024,up from1.6TW in 2023, withover600 GWofnew PV systemscommissioned.After severalyears of tension on materialand transportcosts, modulepricescontinuedto drop through Major trends include: Withactive development policies,China’s annual installations increased again to357.3GW or nearly60% of new globalcapacity,reachingover1TWof cumulative capacity. The rest of theworld represented just over 40% of new installations but that number grewsignificantly in 2024also, adding 244.6GW to reach1198.0GWinstalled. Europedemonstrated continuedstrong growthinstalling71.4GW(of which62.6GWinthe EU),led byGermany (16.7GW)and Spain (7.5GW). In the Americas, both major markets grew—the USA, continued strongly, adding 47.1GW(224.1GW cumulative)whilst Brazil continued to grow with 14.3GW, bringing its cumulative Indiahad apositive growthyear leaping to 31.9 GW, predominantly in centralised systems.Pakistan had a large volume of installationsreaching 17GW,in4thplacegloballyforannual installations;other Asia-Pacific markets slowed down(Australia to 4.0 GW and PV energy production reached more than 10% of the world electricity consumption for the firsttime. Thetheoretical penetration rate of PV has grown across the worldas capacity increases faster than consumption, displacing coal and gas in increasingly large volumes.More than 25countrieshaveinstalledcapacitiesable to supply more than 10% of national consumptionandhalf a dozenof thesecountriesareapproaching or over 20%; forthosecountrieswiththehighest penetration rates,curtailment is increasingly prevalentand investments in griddecongestionandinterconnections,as well as flexibility,storageand sector couplingwill beneeded in the future to take advantage of peak capacity; the provision of alternative servicesby generators (hybridsystems, capacity reserves, system services) is likely to become Marketdevelopment remains subject to regulations a