Solar Power’s Wild Ride in 2024-2025 and What’s Next for 2026
The list of Solar Panel Manufacturers List – online catalog worldwide
Introduction
The solar energy manufacturing sector has emerged as a cornerstone of the global energy transition, driven by plummeting costs, technological advancements, and robust policy support.
In 2024, the industry achieved unprecedented milestones, with global installations surpassing 593 GW – a 29% year-over-year increase, and U.S. domestic module production tripling to meet surging demand.
As we move into 2025, challenges like policy uncertainty and supply chain disruptions loom large, yet the sector's resilience points to continued expansion. This article examines key analytics for 2024 and the first half of 2025, alongside predictions for 2026, highlighting trends in production capacity, market growth, and emerging hurdles.
Analytics for 2024: Record-Breaking Expansion
2024 marked a watershed year for solar manufacturing, fueled by the U.S. Inflation Reduction Act (IRA) and global demand for clean energy. Worldwide, solar photovoltaic (PV) module shipments from the top 10 manufacturers reached a staggering 500 GW, nearly doubling from 2023 levels and capturing 89% of global output. This surge was propelled by China's dominance, which accounted for over 80% of the supply chain from polysilicon to modules, and installed 277 GW domestically, representing 59% of new global capacity.
In the U.S., domestic module manufacturing capacity exploded by 190%, from 14.5 GW at the end of 2023 to 42.1 GW by year-end, surpassing 50 GW in early 2025. This growth, concentrated in Southern states like Texas (8.6 GW) and Georgia (8.4 GW), was supported by over $95 GW of announced supply chain investments since the IRA's passage. U.S. production hit 4.2 GW in the first half of the year alone – a 75% increase year-over-year split, evenly between crystalline silicon (c-Si) and thin-film technologies. Globally, manufacturing capacity reached nearly 1,000 GW, far outpacing installations and leading to module prices dipping to record lows of $0.10/Wdc.
Key trends included the resumption of U.S. cell manufacturing for the first time since 2019, with Suniva restarting a 1 GW facility in Georgia, and a shift toward n-type modules, which comprised over 87% of shipments from leaders like Jinko Solar.
However, overcapacity—global wafer and cell production exceeded demand by over 100% triggered financial strains, with many manufacturers reporting losses amid polysilicon prices below production costs ($5.86/kg in Q3).
| Metric | 2023 Growth | 2024 Growth |
|---|---|---|
| Global Installations | +31% | +29% |
| U.S. Module Capacity | +45% | +190% |
| Top 10 Shipments | +25% | +100% |
| U.S. Production (H1) | +50% | +75% |
Analytics for 2025: Stabilization Amid Headwinds
Through the first half of 2025, the sector showed signs of maturation rather than explosive growth. U.S. installations totaled 18 GWdc, accounting for 56% of new grid capacity, but marked a 24% decline from Q2 2024 due to high interest rates, policy shifts, and tariff escalations. Residential solar contracted 13% year-over-year to 1.1 GW in Q1, while commercial installations hit a Q2 record of 585 MWdc, up 27%.
Manufacturing capacity continued to build, reaching 55.4 GW for modules by mid-year, with an additional 12.9 GW added in Q1 and Q2. Upstream progress lagged: cell capacity hit 2 GW (plus 10.6 GW thin-film), but polysilicon, ingot, and wafer facilities remain nascent, with first U.S. ingot/wafer plants expected by late 2025. Globally, module capacity is projected to hit 1.8 TW by year-end, a 29% increase in China alone, exacerbating overcapacity and pressuring prices to $0.096/W.
Supply chain issues intensified, with U.S. tariffs on Southeast Asian imports (e.g., 25% on Canada/Mexico, up to 300% on Cambodia) slashing module inflows from 3.8 GW/month in 2024 to 1.1 GW/month in Q1 2025. This shift boosted domestic utilization to 69% but raised costs – U.S. modules averaged $0.31/W versus $0.11/W imported. Investments dipped slightly, with $9.4 billion in new announcements (down 23% from Q1 2024), offset by $6.9 billion in cancellations amid macroeconomic pressures.
Emerging trends include AI integration for manufacturing optimization and a pivot to n-type and perovskite cells for efficiencies exceeding 26%. Data center demand, projected to grow U.S. electricity needs by 4-15% through 2029 further underscores solar's role, with corporates like Meta securing 55% of Q1 utility contracts.
Predictions for 2026: Resilience and Realignment
Looking to 2026, analysts forecast a plateau in U.S. installations at ~43 GWdc annually through 2029, with a 1% average contraction due to interconnection delays, labor shortages, and maturing markets. Utility-scale additions are expected to dip as pipelines contract post-2025 momentum, though 199 GWdc is projected from 2025-2030 overall. Globally, cumulative PV capacity could triple to surpass coal by 2027, with installations exceeding 700 GWdc amid India's 23 GW target and Europe's steady 30% growth.
Manufacturing will see U.S. module capacity stabilize at 57-66 GW by 2027, but upstream gaps persist: cell/wafer ramps may only cover 55% of rapid-decarbonization needs by 2035. Overcapacity will ease slightly as weaker players consolidate, but tariffs and trade barriers could inflate costs by 10-20%, favoring domestic thin-film (e.g., First Solar's 10.6 GW). The market value for PV panel manufacturing is poised to grow at 11.9% CAGR to $439.62 billion by 2029, driven by bifacial and high-efficiency tech.
Optimistic drivers include IRA extensions and data center PPAs, potentially adding 15% to demand. Risks? Escalating tariffs (e.g., 30% on China) and silver supply crunches could hike prices 5-10%. Overall, 2026 signals a pivot from volume to value, with U.S. reshoring reducing China reliance from 97% (wafers) to under 80%.
Conclusion
Solar manufacturing's 2024 boom transitioned to 2025's steady buildout, underscoring the sector's adaptability amid volatility. With global capacity dwarfing demand and U.S. investments nearing $70 billion since 2022, the foundation for 2026's projected 700+ GW installations is solid – yet hinging on policy stability and supply chain diversification. As tariffs reshape imports and tech like perovskites promise 30% efficiencies, the industry must prioritize resilience to fuel the net-zero push. For stakeholders, the message is clear: innovate boldly, localize strategically, and seize data-driven opportunities to power tomorrow's grid.
The list of Solar Equipment Manufacturers: Solar Panel Manufacturers List
