1. Global Installations: Closing at 530 GW, China Continues to Lead

1.1 Global Market: Cumulative Capacity Exceeds 2 TW, 34 Countries Join the GW‑Class Club

In 2024, global PV new installations reached 530 GW, a year‑on‑year increase of 35.9%, and cumulative capacity surpassed 2 TW for the first time, reaching 2,076 GW. According to IEA‑PVPS, new installations were at least 554 GW and could be as high as 601.9 GW, with China accounting for nearly 60% of the global total.

Regionally, China, the EU, and the US together accounted for over 70% of new installations. At least 34 countries added more than 1 GW of new PV capacity in 2024, up from 29 in 2023. Currently, 25 countries have cumulative capacity exceeding 10 GW, of which 7 have surpassed 40 GW.

China: Added 277.57 GW in 2024, up 28.3% year‑on‑year – equivalent to the cumulative installations of the 11 years from 2010 to 2020 – and has ranked first globally for 12 consecutive years since 2013. Cumulative capacity exceeded 880 GW, with utility‑scale plants accounting for 57%, overtaking distributed PV.

United States: Added approximately 50 GW, up 21% year‑on‑year, with utility‑scale additions of 41.4 GW. Affected by California‘s NEM 3.0 policy, residential solar installations fell 31% year‑on‑year, while C&I installations grew 8%.

European Union: Added 65.5 GW, up 4.4% year‑on‑year, a slower growth rate. Germany led with 16.1 GW, Italy added 6.79 GW (growth >30%), and France added 4.7 GW (roughly flat).

Emerging markets: India added approximately 24.5 GW, nearly double that of 2023; Turkey added 7.9 GW, up 243% year‑on‑year, reaching its 2025 target of 18 GW ahead of schedule; Saudi Arabia completed a fifth round of 3.7 GW PV tenders and launched a sixth round of 5.5 GW mega‑projects.

2. Policy and Markets: Capacity Control, Export Rebate Cut, Trade Barriers Escalate

2.1 China: Higher Manufacturing Thresholds, Lower Export Rebates

“Photovoltaic Manufacturing Industry Standard Conditions (2024 Edition)” was officially released on 20 November, significantly raising the technical thresholds for new and expanded PV manufacturing projects. For example, the average photoelectric conversion efficiency for N‑type monocrystalline silicon cells is required to be no less than 26%, and for modules no less than 23.1%. The policy explicitly aims to “reduce pure capacity expansion”, steering the industry from inefficient capacity growth toward high‑quality development.

Export tax rebate reduction: The Ministry of Finance and the State Taxation Administration announced that from 1 December, the export tax rebate rate for PV products would be reduced from 13% to 9%, covering wafers, cells, and modules. This was seen by the industry as an important measure to prevent “involution” from spilling overseas and to promote price repair. While it increases export costs in the short term, it is expected to improve the industry ecosystem in the long run.

2.2 United States: Higher Tariffs, Manufacturing Reshoring

The US continued to expand the scope and amount of Section 301 tariffs on Chinese PV products, stepping up efforts to counter the overseas expansion of China‘s PV industry. After the new administration took office in early 2025, although support for new energy declined somewhat, the push for PV manufacturing reshoring continued.

2.3 European Union: Net‑Zero Industry Act Enters into Force

On 28 June, the EU Net‑Zero Industry Act officially came into force, setting a target that by 2030, the EU‘s domestic manufacturing capacity for net‑zero technologies should meet at least 40% of the EU’s deployment needs, covering strategic technologies including solar PV and batteries. In April, the European Commission and 23 Member States signed the “European Solar Charter”, advocating the establishment of resilient tendering mechanisms to reduce dependence on single suppliers.

2.4 Distributed PV Policy Tightens

In October, the National Energy Administration issued the “Distributed PV Power Generation Development and Construction Management Measures (Draft for Comments)”, specifying that “large‑scale C&I distributed PV plants below 6 MW must be fully self‑consumed”, sparking industry debate. Grid connection constraints for distributed PV became increasingly severe, with more than 450 counties nationwide showing red zones for low‑voltage hosting capacity, putting pressure on distributed project returns.

3. Industry Chain Dynamics: Ice and Fire

3.1 Manufacturing: Output Growth, Price Plunge

In 2024, output in every segment of China‘s PV manufacturing chain maintained growth of more than 16% year‑on‑year, but prices continued to fall – polysilicon, wafer, and cell prices dropped by more than 35%, 45%, and 25% respectively, while module prices fell from RMB 2/W to around RMB 0.65/W, falling below the industry’s cost line. In the first half of the year, national PV module output reached 271 GW, up 32.8% year‑on‑year, with full‑year module output expected to reach 556.3 GW.

3.2 Company Divergence: Inverters and Equipment Makers Profitable, Module Makers Under Pressure

According to the annual reports of 95 A‑share listed PV companies, 33 achieved revenue growth, but most experienced varying degrees of revenue decline and net profit drops. PV inverter, equipment, and auxiliary material manufacturers were the biggest winners – Sungrow‘s net profit attributable to shareholders reached RMB 11.036 billion, up 16.9% year‑on‑year; equipment manufacturers Laplas and Jiejia Weichuang both posted net profits exceeding RMB 2 billion.

In contrast, module makers suffered collectively. Among the world’s top four module shippers, only JinkoSolar managed a marginal net profit of RMB 99 million, while LONGi, Trina Solar, and JA Solar experienced varying levels of losses. JinkoSolar balanced risk by leveraging high‑price markets such as Europe and the Middle East, with overseas sales contributing 68.6% of revenue and overseas module shipments accounting for nearly 57.8% of its total.

3.3 Capacity Consolidation Accelerates

Under supply‑demand imbalance, some small and medium‑sized enterprises declared bankruptcy. In 2024, the PV industry gradually achieved capacity consolidation and technological transition in an environment of “ice and fire”. Policies restricting inefficient capacity and encouraging technology iteration pushed the industry from “low‑price involution” toward “technology‑driven competition”.

4. Technology Transition: N‑Type Fully Replaces PERC, Efficiency Records Repeatedly Broken

4.1 N‑Type Technology Becomes Market Mainstream

In 2024, N‑type technology rapidly replaced traditional P‑type, becoming the dominant route in China‘s PV industry. TOPCon production capacity accounted for more than 80% of all cell technologies, with mass‑production average efficiency reaching 25.4%. N‑type wafer market share exceeded 70%, while unit silicon consumption continued to decline. According to CPIA forecasts, TOPCon’s market share will further increase to 60% in 2024, and will remain the dominant technology with a share exceeding 75% for the next three years.

4.2 Efficiency Records Broken

Trina Solar set world records for n‑type TOPCon at 25.9% and 26.58% in October and November, then pushed n‑type fully passivated heterojunction (HJT) cell efficiency to 27.08% in December – the first time double‑side contact technology broke the 27% efficiency barrier, verified by ISFH.

JinkoSolar shipped 81.29 GW of N‑type modules, accounting for 88% of its total module shipments. Its “golden zone” cell mass‑production efficiency exceeded 26.7%, and laboratory perovskite tandem cell efficiency reached 34.22%.

LONGi Green Energy bet on BC technology, with its HPBC 2.0 mass‑production line fully operational, achieving module mass‑production efficiency of 24.8% and total BC product shipments exceeding 17 GW in 2024.

4.3 Perovskite and Tandem Technology Accelerate Industrialisation

According to Infolink‘s PV technology trends report, BC and perovskite technologies will accelerate industrialisation within the next five years. Emerging technologies such as perovskite tandem and 0BB (busbar‑less) are accelerating towards industrialisation, with leading companies continuing to increase their R&D investment ratios.

5. Inverters and Storage: 1500 V Becomes Standard, PV‑Storage Integration Accelerates

5.1 Inverters: 1500 V String Inverters Become Standard for Large Plants

In 2024, 1500 V systems became the standard configuration for large‑scale ground‑mount power plants, significantly reducing line losses and system costs. Sungrow launched the new high‑power string inverter SG150CX‑CN, with a conversion efficiency of up to 98.8% at 400 V AC voltage, and global MPPT scanning technology that can increase system generation by about 2%.

Solis introduced the S6 250‑350K 1500 V string inverter series in North America, with efficiency exceeding 99%, power ratings from 250 kW to 350 kW, supporting up to 16 MPPT channels, and a fuse‑less design reducing O&M costs. TBEA brought a 1500 V 450 kW string inverter; its high‑power string energy storage PCS uses fully intelligent liquid cooling, increasing volumetric power density by 35%.

5.2 PV‑Storage Integration Becomes a New Growth Pole

Sungrow‘s energy storage system revenue reached RMB 24.959 billion, up 40.21% year‑on‑year, becoming its second growth curve. Sungrow’s total market capitalisation reached RMB 153.1 billion, topping the A‑share PV market value list, reflecting capital market attention shifting from pure PV to PV‑storage integration.

6. Mounting Systems: Trackers Break 100 GW, Flexible Mounts Scale Up

6.1 Trackers: Global Shipments 111 GW, Chinese Manufacturers Rise

In 2024, global PV tracker shipments increased by 20% year‑on‑year to 111 GW, surpassing the 100 GW milestone for the first time. At the SNEC exhibition, at least 20 companies simultaneously exhibited tracker products.

Chinese manufacturers performed strongly: Arctech jumped from 5th place in 2023 to 2nd globally, with shipments of 17.41 GW (up 127.93% year‑on‑year) and global market share rising from 9% to 16%; TrinaTracker remained 6th globally, with shipments of 7.3 GW; Antai New Energy entered the global top 10 for the first time (9th) with shipments of 2.55 GW, up 40% year‑on‑year. AI‑powered intelligent tracking algorithms became an industry standard, with TrinaTracker‘s SuperTrack having achieved cumulative global deliveries exceeding 3 GW.

6.2 Flexible Mounts: Spatial Cable‑Net Structure Becomes Industry Standard

Flexible mounts, with their advantages of large spans, high clearance, and fewer piles, rapidly spread in complex terrain scenarios. Their core technical approach has converged – the pre‑stressed steel cable‑net structure became the industry standard: two steel strands bear loads in the east‑west direction, and an inter‑row flexible stabilising wind‑resistant system is arranged in the north‑south direction.

Arctech launched the world‘s first wirelessly synchronised multi‑point drive flexible tracking system “SkyRack”, featuring a 10 m high clearance, 35 m large span, and up to 60% north‑south slope capability, solving the problem of conventional mounts being unable to span hills and ravines.

DAS Solar‘s flexible mounts at the 70 MW fishery‑solar hybrid project in Ding’an, Hainan, successfully withstood Super Typhoon Yagi (Category 17) – only 50 km from the landing point – and the plant operated stably.

6.3 Fixed Mounts: Still the Market Foundation

In the first half of 2024, PV mounting tender volume exceeded 22 GW, of which fixed mounts accounted for 16.8 GW, or 76%. Fixed mounts continue to offer cost advantages in flat‑terrain plants, while large‑span, high‑clearance designs are rapidly spreading to suit agrivoltaic and dual‑use scenarios.

7. BIPV and Smart O&M: From “Add‑On” to “Building Native”

7.1 BIPV Large‑Scale Deployment

In 2024, BIPV technology upgraded from a roof “add‑on” to a “building native protective layer”.

Chongqing Pingwei Auto 27.3 MW C&I PV plant was grid‑connected in November, covering more than a dozen factory rooftops across four industrial parks. BIPV products were used on some metal roofs, not only improving roof waterproofing and fire safety but also significantly increasing installed capacity, with a self‑consumption rate exceeding 70%.

Ordos Airport Logistics Park 1.36 MW BIPV project was grid‑connected in June, the first MW‑scale BIPV project in Ordos, with a total installation area of approximately 10,049 m² and annual generation of about 1.6895 GWh.

7.2 Digital Smart O&M Becomes Mainstream

In 2024, AI‑driven plant design and smart O&M tools became standard for C&I projects. Sungrow‘s self‑developed iSolarBP distributed intelligent assessment and design software can intelligently evaluate and fully design C&I projects, generating customised, return‑optimised solutions with one click. Huawei’s “Courtyard Green Power” series of home PV‑storage products features all‑black gapless smart modules that install seamlessly flush with the roof.

8. Balcony Solar and Emerging Scenarios: From European Boom to Domestic Start

In 2024, balcony solar experienced explosive growth in the European market. Germany deregulated its policy, raising the inverter power limit from 600 W to 800 W and clarifying that tenants can install such systems without landlord approval. By the end of 2024, cumulative installations in Germany exceeded 800,000 units, and balcony solar accounted for over 40% of new PV systems in Germany. A basic balcony solar system costs about €600, saves approximately €230 per year on electricity bills, and has a payback period of only 2‑3 years.

Chinese companies actively positioned themselves: APsystems launched the EZHI PV‑storage hybrid microinverter and the EZ1 series, designed for balcony micro‑storage scenarios, supporting plug‑and‑play and DIY manual installation.

9. Industry Challenges and Future Outlook

9.1 Core Challenges

Capacity consolidation pressure: Industry chain prices fell sharply in 2024, with module prices dropping 70% in two years, trapping the industry in a dilemma of “sell and lose, don‘t sell and die”.

Distributed PV grid bottlenecks: More than 450 counties nationwide showed red zones for low‑voltage hosting capacity. Mandatory storage requirements and high curtailment rates for distributed PV squeezed project returns.

Escalating trade barriers: The US continued to expand its tariff scope on Chinese PV products, and the EU pushed for domestic manufacturing targets, making the international trade environment for Chinese companies increasingly complex.

9.2 Future Outlook

Looking ahead to 2025 and beyond, global PV new installations are expected to reach 531‑583 GW. Continued declines in PV generation costs and the global green recovery will continue to drive growth.

Technology direction: N‑type technology will continue to dominate the market; TOPCon will maintain a market share exceeding 75% for the next three years. BC and perovskite technologies will accelerate industrialisation.

Deep PV‑storage integration: As storage costs fall, “PV + storage” systems will become the standard configuration, and grid‑forming inverters will enable solar plants to provide the grid support traditionally supplied by conventional generators.

Globalised layout: Chinese companies will diversify regional exposure, carefully assess industrial scale, and adopt multiple operational models to spread overseas risks.

10. Conclusion

2024 was a watershed year for the PV industry, marking the shift from “price competition” to “technology competition”. Record installations, the full replacement of PERC by N‑type technology, trackers breaking the 100 GW milestone, and large‑scale BIPV deployment – all these achievements signal that solar has grown from a “complementary energy source” into a “mainstream energy source”.