Market Report
Global solar PV market outlook update: Q1 2025
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Report summary
Bringing together our regional expertise in the Americas, Europe, Asia Pacific, the Middle East and Africa, Wood Mackenzie's Global solar PV market outlook Q1 2025 breaks down how the key policy, supply chain, finance and other market developments from the past quarter will affect solar PV buildout across all segments in all territories in the next 10 years. We estimate global solar PV cumulative capacity will reach 7.7 TWdc globally by 2034, growing by 250% from year-end 2024 totals. In 2024, China’s solar installations hit a record 330 GWdc, an increase of 29% year-on-year. 2025 is expected to mark a turning point for China’s rapidly expanding solar market, as all renewable generation will be required to be sold in the open market, increasing revenue risks. India, the third largest global solar PV market, is also expected to see 2025 year-on-year growth in installations moderate, despite robust electricity demand growth, as domestic content requirements increase PV module prices.
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