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Market Scenario : Global & Indian
Solar PV Module manufacturing industry overview : Capacities by country
The global solar PV market was valued at approximately USD 151 billion in 2020, with projections to exceed USD 300 billion by 2026. Global Solar PV Manufacturing Capacity Projected to Hit 1,100 GW by 2024 and 1,300 GW by 2028, Surpassing Demand, projected to grow at a CAGR of 8-10% until 2030.
Leading countries in global solar panel manufacturing share:
Global growth by product type & technology:
The global solar PV manufacturing capacity has experienced significant growth, reaching between 650 and 750 gigawatts (GW) by the end of 2023. Notably, 30% to 40% of polysilicon, cell, and module manufacturing capacity came online in that year alone.
Global PV manufacturing capacity:
Projected Renewable capacity by region:
PV Module manufacturing overview:
- According to a 2023 report by Wood Mackenzie, China is projected to hold over 80% of global solar manufacturing capacity from 2023 to 2026. Additionally, data from Statista indicates that in 2023, China accounted for approximately 85% of global photovoltaic module production.
- Manufacturing capacity Projected to reach 1300 GW 2028.
- Achieved 500 GW 2023
- Emerging markets like Latin America, ASEAN, and MENA are accelerating their renewable deployment, while Sub-Saharan Africa shows potential for expansion. The data underscores a strong global shift toward clean energy, presenting a favourable environment for setting up renewable manufacturing and supply chain operations.
- Decentralized Manufacturing, supply Chain and operations will reduce the cost in long term .
- World is today starved for solar PV
Technological Edge:
China targets R&D, new technologies ahead of space.
Most leading players focus on high-efficiency modules such as:
2023-24 - MONO PERC
2024-25 - TOPCON
2025-26 - HJT
2023-25 - Bifacial Modules
2026-27 - HBC And HJT Tandem are in channel
India as the rising beacon in solar PV module manufacturing:
The total energy demand in India is projected to increase by nearly 35 per cent, and its electricity generation capacity is likely to triple to 1,300 GW by 2035, Solar power leads the renewable sector with an installed capacity of 92.12 GW, representing approximately 45.3% of the total renewable energy capacity