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Global shipments of clean-energy products reached $479 billion in 2025, marking a 1% annual increase across clean-tech, battery metals, and grid equipment. The rise reflects an overall rebound in trading volumes, which had declined 7% between 2023 and 2024. According to BloombergNEF’s Energy Transition Supply Chains 2026 report, cross-border clean-tech trade also surged in 2025 despite the US reinstating and revising numerous tariffs across energy transition sectors.
The BNEF report highlighted a shift in the global solar trade toward midstream solar cells rather than downstream photovoltaic modules. This trend reflects the rapid expansion and diversification of final module assembly outside China. Solar cells accounted for 44% of the global cell and module trade in 2025, up from 25% a year earlier. The report also noted that energy storage systems accounted for 29% of internationally traded lithium-ion battery shipments within the segment, registering 64% year-on-year growth. It found that this trend could benefit economies heavily exposed to high fossil-fuel prices, such as Cambodia, Laos, and Vietnam, which are implementing supportive policies in response to rising gasoline, diesel, and other fuel costs.
Historical BNEF data suggest that countries heavily dependent on fuel imports have generally recorded stronger growth in imports of solar equipment, batteries, and EVs. Pakistan stands out as a key example.
In 2022, the country’s solar module imports surged 189% to $1 billion, partly driven by the global fuel-price shock following Russia’s invasion of Ukraine. Small-scale solar installations in Pakistan reached a record 18.3 GW in 2025 after years of steady growth.
Historical BNEF data suggest that countries heavily dependent on fuel imports have generally recorded stronger growth in imports of solar equipment, batteries, and EVs. Pakistan stands out as a key example. In 2022, the country’s solar module imports surged 189% to $1 billion, partly driven by the global fuel-price shock following Russia’s invasion of Ukraine.
The Iran conflict has also sharply increased global fossil-fuel prices, impacting Asian and African countries. The research found that energy storage systems accounted for 29% of internationally traded lithium-ion battery shipments within the segment, registering 64% year-on-year growth. Additionally, manufacturing capacity expansion outside China is further intensifying the global supply glut. Markets such as Southeast Asia, India, and Turkey are emerging as major solar manufacturing hubs, while countries including Egypt and Ethiopia are also developing their industries.
Overcapacity remains a defining feature of global supply chains, largely driven by Chinese overinvestment, and continues to pressure margins across major clean-tech products. This trend spans multiple sectors, with global manufacturing capacity now exceeding 200% of the level required to meet demand across the value chain. Wind and battery markets are also significantly oversupplied.
The expansion of manufacturing capacity outside China is further intensifying the global supply glut. Markets such as Southeast Asia, India, and Turkey are emerging as major solar manufacturing hubs, while countries including Egypt and Ethiopia are also developing their industries.
“As conflict in the Middle East persists, many markets are doubling down on the deployment of clean technology to improve their energy security and resilience,” said Antoine Vagneur-Jones, head of trade and supply chains at BloombergNEF and lead author of the report. “This presents a huge opportunity for manufacturers to expand exports of the equipment and products required to power the energy transition.”
We are India’s leading B2B media house, reporting full-time on solar energy, wind, battery storage, solar inverters, and electric vehicle (EV)
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