How has global solar PV manufacturing capacity changed over the last decade?

Global solar PV manufacturing capacity has increasingly moved from Europe, Japan and the United States to China over the last decade. China has invested over USD 50 billion in new PV supply capacity – ten times more than Europe − and created more than 300 000 manufacturing jobs across the solar PV value chain since 2011.

How can the solar PV industry support growing demand?

Annual investment levels need to double throughout the supply chain. Critical sectors such as polysilicon, ingots and wafers would attract the majority of investment to support growing demand. The solar PV industry could create 1 300 manufacturing jobs for each gigawatt of production capacity.

Are solar PV supply chains cost-competitive?

Currently, the cost competitiveness of existing solar PV manufacturing is a key challenge to diversifying supply chains. China is the most cost-competitive location to manufacture all components of the solar PV supply chain. Costs in China are 10% lower than in India, 20% lower than in the United States, and 35% lower than in Europe.

How many jobs will the solar PV industry create?

The solar PV industry could create 1 300 manufacturing jobs for each gigawatt of production capacity. The solar PV sector has the potential to double its number of direct manufacturing jobs to 1 million by 2030. The most job-intensive segments along the PV supply chain are module and cell manufacturing.

Is China's solar industry a competitive market?

While the rise of China’s solar manufacturing sector initially provided a significant export market, a highly competitive local industry has since emerged. Today, at least 38 European solar PV module production equipment manufacturers operate on the continent, in nine countries (DE, FR, IT, NL, CH, ES, HU, FI, NO).

What is the global PV market like in 2023?

China continues to dominate the global market, representing ~60% of 2023 installs, up 120% y/y. The rest of the world was up 30% y/y. The U.S. was the second-largest market in terms of cumulative and annual installations. Analysts project that cumulative global PV installations will reach 2 TWdc – 5 TWdc by 2030 and 4 TWdc – 15 TWdc by 2050.