Global Market Trends in The Solar PV Industry

Global Market News

Technology Innovations and Breakthroughs:

Scientists in Europe and the United States have developed a “V-module” (VSM) photovoltaic technology, which improves the photoelectric conversion efficiency of thin-film solar cells by 50%. By capturing infrared photons, the external quantum efficiency (EQE) of this technology even exceeds 100%, opening up a new direction in photovoltaic physics research.

Researchers have achieved an open-circuit voltage (Voc) of more than 1.7 volts in a large-area transparent chalcogenide solar cell and a photovoltaic conversion efficiency of 8.2% in a 1cm² cell by using bulk-phase and interfacial passivation techniques. This advancement opens up new possibilities for building integrated photovoltaic (BIPV) applications.

Significant growth in installed PV capacity in India: In 2024, India added 18.5 GW of installed utility-scale solar capacity and 4.59 GW of installed rooftop solar capacity. Indian PV manufacturer Waaree Energies leads with a 14.1% market share.

Poland launches energy storage subsidy program: The Polish government has launched a $1 billion energy storage subsidy program aimed at enhancing grid stability. Applications are now open, with a May 30, 2025 deadline.

️ Project Construction and Development

PV projects in China continue to advance: China Energy Construction & Architecture Group has won the bid for the Huaneng Shandong Lushan 269 MW onshore PV power project, located in Yazi Town, Lushan City, Shandong Province, with a planned installed capacity of 269 MW.

Innovative Racking System Introduced in Japan: Guorineng's racking system helped the 17.17 MW PV project in Japan, adopting the innovative “vertical beam horizontal placement” aluminum alloy ground mounting system, which is adapted to the needs of typhoon-prone areas.