India, US and West Asia to Add 100 GW Solar by 2025: Wood Mackenzie

India, the US, and West Asia are projected to collectively increase solar capacity by 100 GW by 2025, whereas China will continue to be a leading force in the industry, as per Wood Mackenzie. As per its recent study, module prices are set to rise this year, following a two-year period of reduced solar panel prices due to worldwide overcapacity.

This will offset the considerable profit losses that manufacturers faced, it stated.

"According to Wood Mackenzie, new centers in India, the US, and West Asia are projected to contribute at least 100 GW to the worldwide solar manufacturing capacity."

China will continue to be the leading center for manufacturing. According to the report, China will remain the global hub for solar manufacturing, holding 75 percent (1.2 TW (terawatts)) of the total operational capacity for key module components.

Wood Mackenzie stated that collaboration among Chinese producers, backed by the Chinese government, will be crucial for achieving industry rationalization. By 2025, cutting-edge solar technologies TOPCon and Heterojunction (HJT) will dominate cell technologies for utility-scale use, replacing p-type PERC (Passivated Emitter and Rear Contact) technology.

This change will lead to improved module efficiencies and increased power densities. The worldwide solar sector will need to adjust to a new and more unpredictable policy environment this year, as numerous nations held elections in 2024, and certain incoming administrations are introducing a more conservative climate agenda.