A Snapshot of the Global PV Market and Industry

This paper presents the latest survey results for the calendar year 2024 concerning photovoltaics (PV) markets and policies, as well as other key issues relevant for the PV deployment development such as PV Industry status. An ever-increasing number of national markets experienced notable volumes and growth in 2024, and have active policy and measures towards achieving the needed energy transition. The global PV market grew to at least 520 GWp in 2024, compared to 456 GWp in 2023. Asia scored the very first place again in 2024 with China (290 GWp), India (30 GWp) and more appearing in the top markets. With around 40 GWp deployed this year, the annual market in USA (up from 33 GW in 2023). The market in the European Union (EU) grew significantly to around 65.5 GWp. The top countries in EU are Germany (16 GWp), Spain (9.3 GWp) and Italy (6.4 GWp). In Latin Americas, market growth was observed once again in Brazil, achieved 15 GWp of installations. The global installed capacity reached over 2,000 GW in 2024, which means that it took less than 2 years to double the cumulative capacity from 2022. While production capacities and production amount of PV modules increased following the market growth, excess capacity along the supply chain from polysilicon, wafer, cell to PV modules resulted in harsh competitive conditions among the manufacturers. This paper gives an overview of global PV market trends and the issues addressed by the PV industry for the annual TW market.