Thirty-five countries now operate GW-scale annual PV markets

The global solar market set yearly records for solar installations, solar module production and solar module manufacturing capacity in 2024, according to the IEA-PVPS Trends in PV Applications 2025 report.

The report highlights that between 553 GW and 601 GW of solar was added worldwide last year, taking cumulative capacity past 2,260 GW.

Around 373 GW, or 62%, of last year’s installations were centralized systems, defined as installations above a few MW in size that feed electricity to the grid. A further 228 GW were added in the distributed segment, covering installations below a few MW, as well as those connected to a consumption point. The share of utility-scale installations represented around 57% of cumulative installed capacity in 2024, remaining stable when compared to 2023.

China accounted for nearly 60% of all new installations, adding between 309 GW and 357 GW of solar. IEA-PVPS says this market dominance is similar to the role of Germany in the mid-to-late 2000s, adding that its long-term impact remains difficult to judge. Behind China, the United States installed 47 GW of solar, followed by India (32 GW) and Germany (17.2 GW). IEA-PVPS says close to 35 countries now operate GW-scale annual markets, while over 40 countries have more than 4 GW of cumulative solar capacity.

In the report’s forward, IEA PVPS Chair Daniel Mugnier and Task 1 Manager Gaëtan Masson wrote that the solar sector’s expansion in 2024 continued alongside economic turbulence, with the extreme module overcapacities that started in 2023 translating into unsustainably low prices that threatened the viability of manufacturers across all regions. “In 2024, signs of price stabilization began to appear towards the end of the year as concerted efforts were made to work on manufacturers’ sustainability,” the pair added.

Global production of solar modules reached 728 GW in 2024. This represents an 18.5% increase on 2023, which equates to a significant slowdown when compared to the 61.7% year-on-year growth observed between 2022 and 2023.

China accounted for 86.4% of global solar module production last year. Outside of China, IEA-PVPS says production was modest but still notable. India produced 24 GW of PV modules, followed by the USA with 23 GW, Vietnam with around 20 GW, Thailand with approximately 10 GW and Malaysia with about 7 GW.

IEA-PVPS noted changes to the components and configurations of PV modules last year, including a growing share of bifacial modules. According to the China Photovoltaic Industry Association, 77.6% of crystalline silicon PV modules manufactured in China were bifacial, in an attempt to match market demand for higher energy yields.

The report also notes that total global solar module manufacturing capacity reached 1,405 GW annually, of which 83% was located in China.

IEA-PVPS highlights that many solar module manufacturers faced financial pressures last year, with a growing number reporting net losses in their 2024 financial results.

The report adds that these challenging market conditions persisted into mid-2025. “As of July 2025, several major manufacturers were reassessing their capital expenditure plans and production strategies,” IEA-PVPS says. “In response, some companies are shifting focus toward energy storage systems and integrated solutions businesses in an effort to diversify revenue streams and stabilize operations.”

Elsewhere, worldwide solar wafer production totalled 804 GW in 2024, for an 18% increase on 2023, of which 97% was in China. The report says that Vietnam, Thailand and Malaysia began to attract wafer investments from investors looking to circumvent tariffs on Chinese products entering the USA, but added production volumes remain relatively limited in scale.

Global wafer manufacturing capacity increased 43% year-on-year in 2024 to stand at 1,395 GW per annum, with China accounting for 1,349 GW of the total.

IEA-PVPS says nearly all crystalline silicon wafers used in solar cell manufacturing last year were single crystalline (sc-Si). Within this category, n-type wafers increased their market share from 30% in 2023 to 70% in 2024, thereby becoming the dominant technology.

Meanwhile, global production of solar cells, including thin-film technologies, reached 753 GW in 2024 for a yearly growth rate of 17%, down from the 63% increase observed in 2023.

Total solar cell manufacturing capacity worldwide reached 1,427 GW annually last year, with China accounting for 91%. IEA-PVPS says the geographic distribution of cell production is expected to diversify in the near future, highlighting expansions underway in the USA and India.

The report also noted a major shift in solar cell technology last year. While p-type PERC cells enjoyed the largest market share in 2023 at approximately 64%, their share dropped to around 20% in 2024. They were overtaken by TOPCon-type crystalline silicon cells, whose market share rose from around 30% in 2023 to 70% in 2024. Meanwhile, other technologies, including heterojunction and back-contact cells, remained below 5% market share each.

The report also highlights continued work on emerging technologies, such as perovskites and tandem technologies, but says large-scale commercial production is yet to commence.

The trends report forms part of IEA-PVPS Task 1, which focuses on market and industry analysis.

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