2025 Taiwan Industrial Outlook - Emerging Energy Industry
In 2024, the global solar photovoltaic (PV) market reached USD 277.65 billion, down 2.1% from USD 283.59 billion in 2023. The decline was mainly driven by ongoing overcapacity and inventory clearance across the PV industry supply chain, resulting in heightened market competition. Although it has driven growth in global installation volumes, it has also led to a decline in levelized costs, ultimately resulting in a decrease in overall market value. By product type, ground-mounted solar power plants remained the dominant segment, with falling transportation and module costs helping to support project development. In 2024, global newly installed solar PV capacity reached 533.9 GW, representing a 41.2% increase compared to 2023. This growth was largely driven by system deployment efforts in countries such as China, the United States, and India.