India, the US, and the Middle East are projected to collectively add 100 GW of solar capacity in 2025, while China is expected to maintain its dominance in the sector, according to Wood Mackenzie. The report also highlights that module prices are set to rise this year after two years of low prices driven by global overcapacity.
This will compensate for the significant losses in profits that manufacturers experienced, it said. “Emerging hubs in India, the US and the Middle East are expected to add at least 100 GW to the global solar manufacturing capacity,” Wood Mackenzie said.
China will remain the dominant manufacturing hub, continuing to serve as the world’s solar manufacturing center, accounting for 75% (1.2 TW) of the global operational capacity for major module components, the report stated.
In 2025, advanced solar technologies like TOPCon and Heterojunction (HJT) are expected to dominate utility-scale applications, replacing p-type PERC technology. This shift will lead to improved module efficiencies and higher power densities.
The global solar industry will need to adjust to a more uncertain policy environment in 2025, as many countries’ 2024 elections bring new administrations with conservative climate agendas.
This uncertainty around renewable energy policies and incentives could slow or halt solar project development in many regions.
“For example, developers and manufacturers in India struggle with higher costs of domestic modules and upstream components, and the policies affect project timelines and economic feasibility, hindering the growth seen in 2024,” Wood Mackenzie said.
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This uncertainty around renewable energy policies and incentives could slow or halt solar project development in many regions.