Analysis of the Global Solar Market Outlook 2025 - 2029

On May 6th, the European Photovoltaic Association released the Global Solar Market Outlook 2025 - 2029 report, which delves into the development landscape of the global photovoltaic (PV) market and forecasts the industry trends over the next five years. Several key findings are outlined in this report.

Firstly, the global PV installed capacity continues to break records. In 2024, the global newly installed PV capacity reached a new high of 597 gigawatts (GW), accounting for 81% of the world's newly added renewable energy capacity. By the end of 2024, the cumulative global PV installed capacity reached 2.2 terawatts (TW), equivalent to 2,200 GW. Just two years after achieving the first cumulative 1 TW milestone in 2022, the second 1 TW mark was crossed. Notably, the installed capacity added in 2023 - 2024 was equal to the total installed capacity over the previous 70 years.

Secondly, significant differentiation exists among regional markets. The Asia - Pacific region has continuously strengthened its dominant position, contributing 70% of the global newly added capacity and achieving an annual growth rate of 37%. Meanwhile, the Americas and Europe witnessed growth rates of 40% and 15% respectively. Conversely, the Middle East and Africa were the only region to experience a 2% year - on - year decline in 2024.

Thirdly, China remains the global leader in the PV market. In 2024, China's newly installed capacity set a new record at 329 GW, accounting for 55% of the global total. This scale is more than twice the combined total of the United States (8%), India (5%), Brazil (3%), and Germany (3%).

Finally, the industry faces the pressure of growth rate adjustment in the future. In the long run, the decline in cost prices, the acceleration of the electrification process, and the demand for energy security constitute the three major growth drivers for PV installed capacity. However, in the short term, development is constrained by multiple risks, including the rollback of fossil energy policies, macroeconomic fluctuations, and the evolution of the geopolitical landscape. According to institutional forecasts, the newly installed PV capacity is expected to reach 655 GW in 2025 and is likely to exceed the 1 TW target by 2030.

In conclusion, despite short - term challenges, the global PV market demonstrates a promising long - term growth trend, with China playing a crucial role in driving its development.