Global solar manufacturing capacity is expected to reach over 1 100 GW by the end of 2024, more than double projected PV demand. This oversupply has caused module prices to more than halve since early 2023, leading to negative net margins for integrated solar PV manufacturers in 2024.
U.S. solar company Suniva has started producing cells at its Georgia factory and is shipping them to customers, executives told Reuters, calling it a milestone in the effort to build a robust domestic solar supply chain.
IEA. Licence: CC BY 4.0 The European Union and the United States are both forecast to double the pace of renewable capacity growth between 2024 and 2030, while India sees the fastest rate of growth among large economies.
By 2030, China is expected to maintain more than 80% of global manufacturing capacity for all PV manufacturing segments. Meanwhile, solar cell and module manufacturing capacity almost triples in the United States and India. However, manufacturing PV modules in the United States and India currently costs two to three times more than in China.
Solar PV manufacturers are scaling back investment plans due to a deepening supply glut and record-low prices. Global solar manufacturing capacity is expected to reach over 1 100 GW by the end of 2024, more than double projected PV demand.
The US might be making more solar panels, but the rate at which people are installing them has slowed recently. After years of growth, Wood Mackenzie expects residential solar installations to fall 19 percent this year.