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Renewables 2025
Solar PV generation increased by a record 320 TWh (up 25%) in 2023, reaching over 1 600 TWh. It demonstrated the largest absolute generation growth of all renewable technologies in 2023. This generation growth rate is close to the level envisaged from 2023 to 2030 in the Net Zero Emissions by 2050 (NZE) Scenario. Continuous growth in the economic attractiveness of PV, massive development in the supply chain and increasing policy support, especially in China, the United States, the European Union and India, are expected to further accelerate capacity growth in the coming years.
Maintaining a generation growth rate aligned with the NZE Scenario will require doubling of annual capacity additions by 2030. Achieving this will require continuous policy ambition and effort from both public and private stakeholders, especially in the areas of grid integration and in addressing policy, regulation and financing challenges. 

New, ambitious policies and targets in the biggest solar PV markets will further accelerate capacity growth
New, ambitious policies and targets in the biggest solar PV markets will further accelerate capacity growth
Countries and regions making notable progress to advance solar PV include:
Solar PV electricity generation achieved another record increase in 2023, with the technology remaining on track with the 2030 milestones under the NZE Scenario
Solar PV electricity generation achieved another record increase in 2023, with the technology remaining on track with the 2030 milestones under the NZE Scenario
Power generation from solar PV increased by a record 320 TWh in 2023, up by 25% on 2022. Solar PV accounted for 5.4% of total global electricity generation, and it remains the third largest renewable electricity technology behind hydropower and wind.
China was responsible for half of solar PV generation growth in 2023, thanks to record-breaking capacity additions in 2022 and 2023. The second largest generation growth (a 12% share of the total) was recorded in the European Union, followed by the United States (9%). Growing overcapacity in solar PV supply chain and fierce competition among producers led to 50% decrease in global PV module spot prices between December 2022 and December 2023. Low equipment prices together with continued policy support led to almost doubling of capacity additions in 2023, with almost 430 GW installed. PV module prices continued to decline in 2024 which is expected to be an important factor leading to further acceleration of global capacity growth.
Reaching an annual solar PV generation level of approximately 9 200 TWh in 2030, in alignment with the NZE Scenario, up from the current 1 600 TWh, will require annual average generation growth of around 28% during 2024-2030. This rate is similar to the expansion recorded in 2023, but maintaining this momentum as the PV market grows will require continuous effort.

Distributed systems play an increasingly important role in global solar PV deployment
Distributed systems play an increasingly important role in global solar PV deployment
Utility-scale plants were responsible for 57% of global solar PV capacity additions in 2023, followed by distributed capacity in the commercial and industrial (23%) and residential (19%) segments. Utility-scale plants growth more than doubled in 2023, driven by record installations in China, increasing this segment’s share in total PV additions from 52% in 2022 to 57% in 2023.  
The 50% decrease in solar PV module spot prices observed in 2023, was an important driver of increased investment. Utility-scale systems are the cheapest source of electricity generation in most parts of the world. However, building large-scale installations is becoming increasingly challenging in many countries due to the lack of suitable sites and complicated permitting procedures, which favours small-scale, rooftop PV systems.
Continuous support for all PV segments will be needed for annual solar PV capacity additions to increase to about 900 GW, in order to reach 6 700 GW of total installed capacity in 2030 envisaged in the NZE Scenario. Distributed and utility-scale PV need to be developed in parallel, depending on each country’s potential and needs.

Solar PV manufacturing capacity expansion is well on track to exceed 2030 demand in the NZE Scenario
Solar PV manufacturing capacity expansion is well on track to exceed 2030 demand in the NZE Scenario
The solar PV market is dominated by crystalline silicon technology, for which the production process consists of four main steps:
In 2023, global solar PV cells manufacturing capacity almost doubled, polysilicon manufacturing increased close to 90%, nidyke 75% and wafer 60%. By the end of the year, the manufacturing of the lowest-capacity segment, polysilicon, reached 850 GW. China accounted for almost 95% of new facilities throughout the supply chain.
According to investment announcements by manufacturers and the expected impact of industrial policies introduced in the United States (IRA), India (Production Linked Incentive) and the European Union (The Green Deal Industrial Plan), global capacity will reach almost 1000 GW in 2030. However, despite these efforts to geographically diversify the supply chain, announced projects indicate that China is likely to maintain its 80-90% share in solar PV manufacturing capacity.
While solar PV manufacturing capacity in 2030 is expected to be above what is required to cover 2030 demand in the NZE Scenario, greater efforts are needed to increase the resilience and geographic diversification of the supply chain. 

Crystalline silicon remains the dominant PV technology, with new, more efficient designs expanding their market shares
Crystalline silicon remains the dominant PV technology, with new, more efficient designs expanding their market shares
Crystalline polysilicon remains the dominant technology for PV modules, with a market share of more than 98%. Various different types of wafers and cells are used for crystalline polysilicon solar, with some more efficient than others. The shift to more efficient monocrystalline wafers accelerated in 2022, with the technology capturing almost all crystalline PV production. In parallel, a more efficient cell design (Passivated Emitter and Rear Cell [PERC]) also expanded its dominance with almost 60% market share. Currently, manufacturers are investing heavily in retooling their plants and switching mostly to TOPCon technology, which is expected to obtain a market share of over 70% in 2024.

For more information
Strong policy support for solar PV is driving the acceleration in capacity growth
Strong policy support for solar PV is driving the acceleration in capacity growth
Policy support remains a principal driver of solar PV deployment in the majority of the world. Various types of policy are behind the capacity growth, including auctions, feed-in tariffs, net-metering and contracts for difference. The following important policy and target changes affecting solar PV growth have been implemented in the past couple of years:
View all solar PV policies
In 2023, solar PV further strengthened its leading position as the power generation technology with the most investment
In 2023, solar PV further strengthened its leading position as the power generation technology with the most investment
Global solar PV investments in capacity additions increased by about 30% in 2023 and surpassed USD 480 billion, marking another record year. Solar PV investment in 2023 amounted more than all other power generation technologies combined. Investment in PV is expected to grow further in the coming years thanks to ambitious government targets, policy support and increasing competitiveness. 
For more information, please see World Energy Investment 2024.

Many global and bilateral collaboration initiatives are advancing technological development and policy support for solar PV
Many global and bilateral collaboration initiatives are advancing technological development and policy support for solar PV
Beyond global renewable energy initiatives that include solar PV (see Renewables), there are numerous international organisations, collaboration programmes, groups and initiatives aimed specifically at accelerating solar PV growth around the world, such as:  
Solar PV is the main renewable technology of choice in the private sector
Solar PV is the main renewable technology of choice in the private sector
The private sector’s main activity in solar PV deployment can be divided into two categories: 
Lengthy and complicated permitting processes are one of the main challenges to the faster deployment of utility-scale solar PV plants in many parts of the world, especially in Europe. Establishing administrative “one-stop shops”, developing clear rules and pathways for developers applying for a construction permit, determining strict timeframes for application processing, and public engagement in the identification of land suitable for investment could significantly accelerate solar PV deployment. 

Distributed solar PV expansion, driven by rapid cost reductions and policy support, is transforming electricity markets. Currently, some distributed solar PV remuneration policies (like unbalanced net-metering) can have undesirable effects in the long term, disrupting electricity markets by raising system costs, challenging the grid integration of renewables and reducing the revenues of distribution network operators. Tariff reforms and appropriate policies will be needed to attract investment to distributed solar PV while also securing sufficient revenue to pay for fixed network assets and ensuring that the cost burden is allocated fairly among all consumers.

The wide array of system designs now available – off-grid, mini-grid and on-grid – increases the number of methods available to obtain electricity access. Such decentralised systems can help fill the energy access gap in remote areas by delivering electricity at a level of access that is currently too expensive to be met through a grid connection, and in urban areas by providing back-up for an unreliable grid supply. 

While solar PV market and technology have developed enormously in the recent years, R&D efforts focused on efficiency and other fundamental improvements in solar PV technology need to continue to remain on track with the NZE Scenario. Public support for R&D in solar PV technology can be an important factor in achieving further efficiency gains and cost reductions.

While solar PV market and technology have developed enormously in the recent years, R&D efforts focused on efficiency and other fundamental improvements in solar PV technology need to continue to remain on track with the NZE Scenario. Public support for R&D in solar PV technology can be an important factor in achieving further efficiency gains and cost reductions.

Last update on 03 Feb 2025
The Photovoltaic Power Systems (PVPS) Technology Collaboration Programme advocates for solar PV energy as a cornerstone in the transition to sustainable energy systems. It conducts various collaborative projects relevant to solar PV technologies and systems to reduce costs, analyse barriers and raise awareness of PV electricity’s potential.
Over the last decade, the amount of solar PV deployed around the world has increased massively while its costs have declined drastically. Putting the world on a path to reaching net zero emissions requires solar PV to expand globally on an even greater scale, raising concerns about security of manufacturing supply for achieving such rapid growth rates – but also offering new opportunities for diversification.
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