Global solar PV market outlook update: Q1 2025 Report

Market Report 31 March 2025

Get this report*

$5,990

You can pay by card or invoice

Share link

First name
Last name
Job Title
Company
Email
Telephone

Country

Message

Consent

Please keep me informed about Wood Mackenzie products, services and events.

Submit Category

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

Bringing together our regional expertise in the Americas, Europe, Asia Pacific, the Middle East and Africa, Wood Mackenzie's Global solar PV market outlook Q1 2025 breaks down how the key policy, supply chain, finance and other market developments from the past quarter will affect solar PV buildout across all segments in all territories in the next 10 years. We estimate global solar PV cumulative capacity will reach 7.7 TWdc globally by 2034, growing by 250% from year-end 2024 totals. In 2024, China’s solar installations hit a record 330 GWdc, an increase of 29% year-on-year. 2025 is expected to mark a turning point for China’s rapidly expanding solar market, as all renewable generation will be required to be sold in the open market, increasing revenue risks. India, the third largest global solar PV market, is also expected to see 2025 year-on-year growth in installations moderate, despite robust electricity demand growth, as domestic content requirements increase PV module prices.