What is the global solar module manufacturing capacity?

Image: International Energy Agency Global solar module manufacturing capacity is set to exceed 1.5 TW by 2035, according to forecasts from the IEA. Its latest report, “ Energy Technology Perspectives 2024,” covers the production of solar, wind turbines, electric cars, batteries, electrolyzers, and heat pumps.

How has solar module manufacturing changed over the years?

Solar module manufacturing has grown five-fold after the passage of critical federal energy policies. As a result, the United States is now the 3 rd largest solar module producer in the world. Learn more about the surging American solar manufacturing sector. ### About SEIA®:

What is the global demand for solar modules?

The report forecasts that global demand for solar modules will grow from 460 GW in 2023 to 674 GW in 2035, at an average growth rate of 3% per year, to 724 GW in 2050 under STEPS. Under APS, global solar module demand is expected to reach 860 GW by 2035 and 894 GW by 2050.

How many solar modules will the US produce in 2025?

CEF estimates that at the end of 2025, the US will have an annual nameplate production of 55-60GW for solar modules, assuming nearly 10GW of manufacturing proposal cancellations.

Are solar module prices a 'critical driver'?

PV module prices have remained a “critical driver” for the decline of solar PV capex, explained CEF, along with the collapse of polysilicon prices in the last couple of years. The US remains an outlier in this situation, with average capex exceeding US$1,200/kW due to tariffs on imported solar modules.

How much does a solar PV project cost?

Furthermore, the global average capital expenditure (capex) for solar PV projects has drastically reduced from US$3,000/kW in 2014-2016 to nearly US$1,000/kW in 2024-26, according to CEF. This was driven by solar cell and module efficiency improvements, which have cut costs by 60%.