A report by Wood Mackenzie forecasts that India, the United States, and West Asia will collectively add 100 Gigawatts (GW) of solar capacity by 2025, marking a significant contribution to the global solar market. The report notes that after a period of declining solar panel prices due to global overcapacity, prices are expected to rise in 2025, helping to recover losses faced by solar manufacturers.
India, the US, and West Asia are emerging as key players in solar manufacturing, with these regions set to play a major role in the global expansion of solar capacity. The report also highlights the shift towards advanced solar technologies, with TOPCon and Heterojunction (HJT) expected to dominate utility-scale applications, replacing the older PERC technology. These innovations are expected to improve module efficiency and power density.
Despite these advancements, the solar industry faces challenges, particularly as many countries are likely to have new leadership following elections in 2024, potentially leading to more conservative climate policies. Protectionist measures and local content mandates may also create hurdles for solar project development.
India’s commitment to renewable energy is evident, as the country’s total non-fossil fuel-based capacity reached 217.62 GW by January 2025.
