Recently, the IEA released the "Global Photovoltaic Market Overview in 2025" report. Some of the data and analysis in it are quite referenceable. Now I share them as follows.
Let's review the data of the past year. The IEA report stated that by the end of 2024, the global photovoltaic installed capacity will reach 602GW, and the cumulative capacity will increase significantly to more than 2.2TW. In the past year, 34 countries in the world have installed photovoltaic capacity of more than 1GW, and 23 countries have installed a total of 10GW of photovoltaic installed capacity.
Among them, China's annual installation volume has once again set a new record, reaching 357.3GW, accounting for nearly 60% of the world's new capacity, and the cumulative capacity exceeds 1TW. The world's top 10 photovoltaic markets are out, and the growth rate has slowed by 50%!
By the end of 2024, China has nearly half of the world's photovoltaic installed capacity. The rest of the world accounts for just over 40% of the new installations, but this number is still growing.
The EU's photovoltaic installed capacity continues to grow strongly, ranking second, led by Germany (16.7GW) and Spain (7.5GW).
In the Americas, both major markets, the United States and Brazil, achieved strong growth, with the United States adding 47.1GW, while Brazil continued to grow by 14.3GW, bringing its cumulative capacity up to 52.1GW.
India's annual installations were 31.9GW, mainly in the centralized sector. Another market that has received more attention, Pakistan, has installed 17GW in 4 years; other Asia-Pacific markets have slowed down, such as Australia at 4 GW and Japan at 5.5GW.
In the Middle East and Africa, Turkey is the most dynamic market, with new installations exceeding 4GW in the past two years, with a cumulative capacity of 19.6GW. The South African market has slowed to about 1.2GW, but there are still a large number of projects in the development stage.
With the increase in capacity, the penetration rate of photovoltaic power generation is growing around the world, increasingly replacing coal and natural gas. The installed capacity of each country can meet more than 10% of national consumption, and six of them are approaching or exceeding 20%.
PV penetration is growing around the world as capacity increases, increasingly replacing coal and gas. Countries have installed capacity to meet more than 10% of national consumption, with six countries approaching or exceeding 20%.
In addition, market development remains subject to regulation and support policies, with factors such as power consumption, prices and grid connection costs all having an impact.
Looking ahead to 2025, PV installations are expected to continue to stabilize or grow slightly in 2025 in most IEA PVPS member countries.
However, it is important to note that policy changes in France to reduce feed-in tariffs and investor support mechanisms; and policy changes in Switzerland, Sweden, Austria and the United States may have an adverse impact on these markets. Although further development of market forces and power purchase agreements should reduce volatility, these policy changes may trigger.
The slowdown in the Netherlands will have some impact on PV generation. The Turkish market has grown over the past two years and the PV industry is expected to remain strong as local manufacturing develops.
In other countries, changing policies may support more growth, such as in Japan, which is seeking change, and Australia, which is actively developing energy storage system. The cumulative photovoltaic installed capacity of Germany and Japan will exceed 100GW by 2025.
