2024 was a year of dual narratives. On the one hand, unprecedented volumes of solar PV capacity were deployed, led by China with an estimated 357.3 GW, followed by the European Union (62.6 GW), the United States (47.1 GW), and India (31.9 GW), and over 30 countries installed more than 1 GW each. On the other hand, the industry grappled with intense overproduction, steep price declines, and increasing pressure on manufacturers.
This paradoxical growth pattern serves as a perfect example of how quickly global PV markets are becoming more complex. Rapid deployment has outpaced regulatory and infrastructure development in many regions, straining systems, grid interconnections, and local manufacturing ecosystems. Because of this, stakeholders must re-evaluate supply chain resilience, financing models, and long-term policy frameworks.
In addition to market forces, climate policy and investor…
