IEA PVPS：2026年全球光伏市场概览报告（英文版）

INTERNATIONALENERGYAGENCY

PHOTOVOLTAICPOWERSYSTEMSPROGRAMME

SnapshotofGlobalPVMarkets2026

IEAPVPS

Task1–StrategicPVAnalysisandOutreach

April-2026

ReportIEA-PVPST1-49:2026

ISBN:978-1-923734-04-3

DOI:10.69766/WXLW1389

Task1StrategicPVAnalysisandOutreach–2026SnapshotofGlobalPVMarkets

WhatisIEAPVPSTCP?

TheInternationalEnergyAgency(IEA),foundedin1974,isanautonomousbodywithintheframeworkoftheOrganizationforEconomicCooperationandDevelopment(OECD).TheTechnologyCollaborationProgramme(TCP)wascreatedwithabeliefthatthefutureofenergysecurityandsustainabilitystartswithglobalcollaboration.Theprogrammeismadeupof6.000expertsacrossgovernment,academia,andindustrydedicatedtoadvancingcommonresearchandtheapplicationofspecificenergytechnologies.

TheIEAPhotovoltaicPowerSystemsProgramme(IEAPVPS)isoneoftheTCP’swithintheIEAandwasestablishedin1993.Themissionoftheprogrammeisto“enhancetheinternationalcollaborativeeffortswhichfacilitatetheroleofphotovoltaicsolarenergyasacornerstoneinthetransitiontosustainableenergysystems.”Inordertoachievethis,theProgramme’sparticipantshaveundertakenavarietyofjointresearchprojectsinPVpowersystemsapplications.TheoverallprogrammeisheadedbyanExecutiveCommittee,comprisedofonedelegatefromeachcountryororganisationmember,whichdesignatesdistinct‘Tasks,’thatmayberesearchprojectsoractivityareas.

TheIEAPVPSparticipatingcountriesareAustralia,Austria,Belgium,Canada,China,Denmark,Finland,France,Germany,India,Israel,Italy,Japan,Korea,Lithuania,Malaysia,Morocco,theNetherlands,Norway,Portugal,SouthAfrica,Spain,Sweden,Switzerland,Thailand,Türkiye,theUnitedKingdomandtheUnitedStatesofAmerica.TheEuropeanCommission,SolarPowerEuropeandtheSolarEnergyResearchInstituteofSingaporearealsomembers.

WhatisIEAPVPSTask1?

TheobjectiveofTask1oftheIEAPhotovoltaicPowerSystemsProgrammeispromotingandfacilitatingtheexchangeanddisseminationofinformationonthetechnical,economic,environmentalandsocialaspectsofPVpowersystems.Task1activitiessupportthebroaderPVPSobjectives:tocontributetocostreductionofPVpowerapplications,toincreaseawarenessofthepotentialandvalueofPVpowersystems,tofostertheremovalofbothtechnicalandnon-technicalbarriersandtoenhancetechnologyco-operation.

Authors

Mainauthors:

Melodiedel’Epine,BecquerelInstituteFranceGuillermoDominguèz,BecquerelInstitute

IzumiKaizuka,RTSCorporation,JapanArnulfJägerWaldau,EC-JRC

IEAPVPSTask1members

Data:

IEAPVPSreportingcountriesEC-JRC

BecquerelInstitute

Editor:

Melodiedel’Epine,IEAPVPSTask1Co-Manager

DISCLAIMER

TheIEAPVPSTCPisorganisedundertheauspicesoftheInternationalEnergyAgency(IEA)butisfunctionallyandlegallyautonomous.Views,findingsandpublicationsoftheIEAPVPSTCPdonotnecessarilyrepresenttheviewsorpoliciesoftheIEASecretariatoritsindividualmembercountries

COPYRIGHTSTATEMENT

Thiscontentmaybefreelyused,copiedandredistributed,providedappropriatecreditisgiven(pleaserefertothe‘SuggestedCitation’).Theexceptionisthatsomelicensedimagesmaynotbecopied,asspecifiedintheindividualimagecaptions.

SUGGESTEDCITATION

Del’Epine,M.,Dominguez,G.,Kaizuka,I.,Jäger-Waldau,A.,(2026)ASnapshotofGlobalPVMarkets(ReportNo.T1-49:2026).IEAPVPSTask1.

/snapshot

-reports/snapshot-2026/DOI:10.69766/WXLW1389

COVERPICTURE

22MWsysteminLesEssards,FranceCredits:ABOEnergyFranceSARL

Task1StrategicPVAnalysisandOutreach–2026SnapshotofGlobalPVMarkets

TABLEOFCONTENTS

EXECUTIVESUMMARY3

1SNAPSHOTOFTHEGLOBALPVMARKETIN20255

1.1EVOLUTIONOFANNUALINSTALLATIONS5

1.2FOCUSONTHETOPMARKETSIN20257

1.3MARKETSEGMENTATION8

2GLOBALCUMULATIVEINSTALLEDCAPACITY9

2.1EVOLUTIONOFREGIONALSHAREOFPVINSTALLATIONS10

2.2LIMITSOFREPORTINGCONVENTIONS11

3ELECTRICITYPRODUCTIONFROMPV13

3.1METHODOLOGICALCONSIDERATIONS13

4POLICYANDMARKETTRENDS14

4.1POLICYTRENDS14

4.2REMUNERATIONMECHANISMS14

4.3PROSUMERSPOLICIES15

4.4GRIDINTEGRATIONANDCURTAILMENT15

4.5LOCALMANUFACTURINGPOLICIES16

4.62026MARKETPERSPECTIVESINIEAPVPSCOUNTRIES17

5PVINTHEBROADERENERGYTRANSITION18

5.1PVANDOTHERRENEWABLEENERGYEVOLUTIONS18

5.2PVFOSTERINGDEVELOPMENTOFACLEANERENERGYSYSTEM18

6ANNEX–DATATABLES20

2

Task1StrategicPVAnalysisandOutreach–2026SnapshotofGlobalPVMarkets

EXECUTIVESUMMARY

GlobalPVmarketscontinuedtoexpandin2025,withatleast608GWpofnewcapacityinstalledandafurtherpossible90GWpidentifiedthroughexpertestimates,bringingtotalannualinstallationsto698GWp.Thisrepresentscontinuedgrowth,althoughatalowerratethanlastyear,of16%.Globalcumulativeinstalledcapacityapproached3TW,confirmingthetransitionofPVtoacentralcomponentofelectricitysystems.

Chinaremainedthedominantmarket,accountingforaround60%ofannualadditionsandmaintainingaleadingpositionincumulativecapacity.GrowthoutsideChinacontinued,withtheEuropeanUnion,theUSandIndiaremainingthenextlargestmarkets,althoughtheirrelativecontributionsevolved.Nearly40countriesinstalledatleast1GWin2025,indicatingcontinuedgeographicdiversificationdespitetheconcentrationofglobalgrowth.

Marketstructureremaineddifferentiatedbysegment.

Centralisedinstallationsaccountedforapproximately60%ofnewcapacity,supportedbycontinueddeploymentoflarge-scaleprojects,particularlyinChina,Indiaandseveralemergingmarkets.DistributedPValsoexpanded,drivenbyself-consumptionandprosumeractivity,andremainedstructurallyimportantinagrowingnumberofcountries.Atthesametime,theincreasingscaleofinstallationsandtheemergenceofhybridsystemscombiningPVwithstoragearecontributingtochangesinsystemdesignandreportingpractices.

TherapidexpansionofcumulativecapacityisincreasingtheroleofPVinelectricitysupply.GlobaltheoreticalPVpenetrationreachedapproximately10.5%ofelectricitydemandand12.0%ofelectricityconsumption,withseveral

countriesreachingsignificantlyhigherlevels(upto30%).Aspenetrationrises,system-leveleffectssuchascurtailment,negativepricesandgridconstraintsarebecomingmoreprominent,influencingbothmarketdynamicsandinvestmentconditions.

Policyandmarketframeworksareevolvinginresponsetothesedevelopments.WhilePVremainshighlycompetitive,

policydesignisincreasinglyshiftingfromdeploymentsupporttowardsintegration,withgreateremphasisonstorage,flexibility,market-basedremunerationandgridmanagement.Atthesametime,supportfordistributedPVisbeingadaptedtoreflecthigherpenetrationlevels,withincreasingfocusonself-consumption,loadshiftingandsystemvalue.

Persistentglobalmanufacturingovercapacityandlowmodulepricescontinuedtosupportdeploymentin2025,whileplacingsustainedpressureonmanufacturers.Thisdivergencebetweenstrongmarketgrowthandconstrainedindustrialprofitabilityremainsadefiningfeatureofthesector.Inparallel,policiesaimedatsupportinglocalmanufacturinghavecontinuedtodevelop,althoughtheireffectivenessvariesacrossregions.

Lookingahead,theconditionsforcontinuedPVdeploymentareincreasinglyshapedbysystemintegrationratherthantechnologycostalone.Gridcapacity,storagedeployment,marketdesignandregulatoryframeworksarebecomingdeterminingcharacteristicsoffuturegrowth.Asaresult,thekeyquestionforPVmarketsisnolongersimplythescaleofdeployment,buttheconditionsunderwhichadditionalcapacitycanbeintegratedintoreliableandeconomicallysustainableelectricitysystems.

3

Keyfigures2025

3TWwasthecumulative

capacityallovertheworldbytheendof2025

39countriesinstalledatleast1GWofPVin2025

26countrieshadatleast

10GWofcumulativecapacitybytheendof2025

4%2%

REGIONALSHAREOF

CUMULATIVECAPACITY

13%16%

607to

698GWGLOBALPV

16%

MARKET

49%

AsiaPacificexcl.ChinaChina

EuropeMiddleEastandAfrica

RoWTheAmericas

CHINA350

to415GW

EU

69GW

INDIA

56GW

Greece

Spain

Pakistan

Lithuania

Cyprus

Chile

Jordan

Netherla

Australia

Hungary

Germany

Malta

Bulgaria

Estonia

Denmark

Romania

Portugal

21.0%

20.8%

20.7%

19.1%

18.2%

17.1%

16.7%

16.5%

16.1%

15.9%

15.2%

31.4%

31.1%32.1%

28.5%uncertainty

26.1%

29.4%

Penetrationbefore

curtailement(estimated)

SourceIEAPVPS,BecquerelInstitute,Pospief,RTE,MontelAnalytics,AuroraEnergyResearch,VoltRobotics,Ember,CyprusGrid,RystadEnergy,Bundesnetzagentur

MIN.PVPENETRATIONIN2026

24.3%

24.0%

22.0%

PVPERCAPITAEND2025

1st

2nd

3rd

1629W

AUSTRALIA

1601W

NETHERLANDS

1404W

GERMANY

ASnapshotofGlobalPVMarkets2025

TOPPVMARKETS2025

PoweredbyBing-©AustralianBureauofStatistics,GeoNames,Microsoft,Navinfo,OpenPlaces,OpenStreetMap,OvertureMapsFundation,TomTom,Zenrin

RoWMiddleEast&AfricaAmericasAsiaPacificexcl.ChinaChinaEurope

EVOLUTIONOFANNUALPVINSTALLATIONS

698GW

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

173

103109114

602

465

242

77

146

China

Uncertainty

China

India

EU

USA

IEAPVPSCountries

Brazil

NonIEAPVPSCountries

Other

Uncertainty

SourceIEAPVPS

Task1StrategicPVAnalysis&Outreach|

Task1StrategicPVAnalysisandOutreach–2026SnapshotofGlobalPVMarkets

5

1SNAPSHOTOFTHEGLOBALPVMARKETIN2025

IEAPVPScontinuestoproduceunbiasedreportsonthedevelopmentofPVacrosstheworld,basedoninformationfromofficialgovernmentbodiesandreliableindustrysources.This13theditionofthe“SnapshotofGlobalPVMarkets”aimsatprovidingpreliminaryinformationonhowthePVmarketdevelopedin2025.The31steditionofthePVPS“TrendsinPhotovoltaicApplications”reportwillbepublishedinQ42026.

1.1EVOLUTIONOFANNUALINSTALLATIONS

Atleast608GWofnewPVcapacitywasinstalledin2025,withafurther90GW1identifiedbyIEAPVPSexperts,bringingtheestimatedglobalmarketto698GW.

Thiscompareswitha2024rangeof554.1GWto602.2GWandconfirmsafurtherincreaseabovethe600GWthresholdrecordedlastyear.

Annualgrowthreached16%in2025,comparedwith28%in2024and93%in2023.Chinacontinuedtoaccountforaround60%ofnewannualcapacity,inlinewithits59%sharein2024,whileitsyear-on-yeargrowthrateslowedrelativetothepreviousyear.

Fourteencountriesinstalledmorethan4GWandnearly40countriesareestimatedtohaveinstalledatleast1GW,comparedwith33countriesabove1GWin2024and29in2023.

1Theminimalannualvolumeof349.8GWforChinaconsidersofficialChinareporting;themaximalannualvolumeofChina415GWconsidersafurther65.2GWthatmayhavebeeninstalled;therangeinvolumesislinkedtotheestimatedchoiceofinverterloadratio(ILR)orACtoDCconversionratioofUtilityscalesystemsinChina.Additionaluncertainvolumesarepresentin

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

INSTALLATIONS

ChinaUncertainty

China

India

EU

USA

IEAPVPSCountries

Brazil

NonIEAPVPSCountries

OtherUncertainty

SourceIEAPVPS

698GW

602

465

173

242

77

146

103109114

17

32

30

38

40

51

FIGURE1:EVOLUTIONOFANNUALPV

Forthethirdconsecutiveyear,thethreelargestmarketsoutsideChina,namelytheEU2,theUSAandIndia,representedaround23%ofnewannualcapacity,althoughtherelativecontributionofeachmarketcontinuedtovary.The2025marketremaineddrivenbyChina,whilegrowthoutsideChinamovedtowardsaround300GWandmarketdevelopmentsbecamemoreunevenacrossregions.Theunderlyingmarketstructurealsoremaineddifferentiatedbysegment,with

smallermarkets.Formanyfigures,thesetwovalueshavebeenrepresentedwithfull(minimum)andadditionalshaded(maximum)bars.Ifnototherwisespecified,compileddatareferstothehigherestimatedvalues.

decentralisedPVbroadlysteadyandutility-scaleinstallationscontinuingtoexpand.

Theprogressionfrom602GWin2024tonearly700GWin2025placesthemarketonestepclosertothe1TWannualthresholdthattheexpertshaveidentifiedasthescalerequiredtomobilisecurrentmanufacturingcapacity.

2Forthepurposeofthisreport,IEAPVPScountriesarethosethatareeithermemberintheirownrightorthroughtheadhesionoftheEU.

Task1StrategicPVAnalysisandOutreach–2026SnapshotofGlobalPVMarkets

6

China

EU

India

USA

Germany

Pakistan

Brazil

Spain

France

SaudiArabia

Italy

Japan

Türkiye

89%

36%

11%

-5%-1%

107%

44%

11%5%

175%

125%

75%

25%

-25%

-75%

175%

125%

75%

25%

-25%

-75%

32%

4%

12%

5%

Compoundannualgrowthrate2023-20252022-2023%2023-2024%2024-2025%

FIGURE2:EVOLUTIONOFNEWANNUALCAPACITYINSOMEMAJORMARKETS-

SourceIEAPVPS

COMPOUNDANNUALGROWTHRATE2023-2025

The2025Snapshotdescribeda2024marketinwhichmanufacturingcapacityexceededdemand,modulepricesdeclinedthroughtheyear,andhistoricalstocksremainedhighinChinaandEurope;alldataindicatesthattheseconditionscontinuedinto2025,evenascontrolledmanufacturingvolumescontributedtosomepricestabilisationattheendof2024andintoearly2025.

Inthiscontext,continuedChinesesupplytointernationalmarketsremainedakeyfactorbehinddeploymentinnewannualcapacityandincreasedmodulemanufacturingcapacityoutsideChina.ModulepricesinChinafellbymorethan60%fromearly2023levels,manufacturers’margins

decreasedandcumulativelossesapproachedUSD5billionfromearly2024accordingtocompiledcompanyreports.

Undertheseconditions,deploymentbottlenecksinagrowingnumberofmarketsshiftedawayfrommoduleCAPEXandincreasinglytowardspermitting,gridconnection,gridcongestionandtheevaluationofcurtailmentandnegativepricerisk.IEAPVPSalsonotesthatcurtailment,negativepricesandgridaccessconstraintsarebecomingmorematerialaspenetrationratesrise.

Withintheadditional90GWidentifiedbyIEAPVPSexperts,partofthevolumereflectsinstallationsestimatedaboveofficialgovernmentorindustryassociationstatistics,which

canlagbehindmarketdevelopmentsandmaynotfullycapturechangesinDC/ACratiosfromsystemswithco-locatedstorageorACcapsduetogridconnectionlimitations.ACtoDCconversionassumptions,especiallyforutility-scalesystems(inChina,India),canmateriallyaffectannualtotals,andthatdifferencesbetweenreported,estimatedandcommissionedvolumesareincreasing.Additionaluncertaintyalsoariseswheresystemshavebeeninstalledbutnotyetcommissionedbyyearsend,orwhereimportedmoduleshaveenteredshort-terminventoriesratherthanimmediatedeployment.Inthatcontext,annualinstallationestimatesneedtodistinguishasclearlyaspossiblebetweenimported,delivered,installedandcommissionedvolumes.

EquipmentpricereductionscontinuedtosupportPVcompetitivenessin2025,butthedivergencebetweenmarketexpansionandmanufacturingprofitabilityremainedpronounced.IEAPVPShadalreadyidentifiedin2024thatlowmodulepricesstimulatedbothcentralisedandprosumermarketswhileplacingsubstantialfinancialpressureonindustrialactors.In2025,thisgapbetweenPVmarketgrowthandmanufacturingbalancesheetsremainedvisible,withimplicationsforwarrantyexposure,bankabilityandlong-termoperationandmaintenanceperformanceundersustainedpricecompression.

Growthremainedunevenacrossmajormarketsin2025,withyear-on-yearchangescontinuingtodiffersignificantlybycountry.Severalmarketsstillrecordedpositivegrowth,althoughgenerallyatlowerratesthaninthepreviousyear,includingChina,India,SaudiArabia,TürkiyeandItaly.IntheEuropeanUnion,marketgrowthremainedpositivebutlimited,whileFranceandSpainalsocontinuedtoexpand.

Bycontrast,annualadditionsdeclinedinseverallargemarkets,withlower2025volumesthanin2024intheUSA,Brazil,Germany,PakistanandJapan.Figuresalsoshowthatrecentmarkettrajectoriesremainhighlycontrasted,withveryhighcompoundgrowthover2022to2025incountriessuchas

Task1StrategicPVAnalysisandOutreach–2026SnapshotofGlobalPVMarkets

7

PakistanandSaudiArabia,whilemorematuremarketsrecordedlowergrowthratesorshort-termcontractions.

1.2FOCUSONTHETOPMARKETSIN2025

TheChinesemarketgrewagainin2025,therateonceagainslowing;itiscertainthatatleast349.8GWwasinstalledbasedonofficialreporting,whileadditionalestimatesbringtotalinstallationstoapossible415GW

3,

comparedwith357GWin2024and277GWin2023.Withasteady65.7GWofannualinstallations,theEuropeanUnionmaintaineditssecondposition,upfrom64.4GWin2024.Indiareachedthirdplacewith55.9GW,aheadoftheUSAat43.2GW.GrowthinIndiaappearstobedrivenbothbyfasterutilityscaledeploymentaheadofdomesticcontentdeadlinesandanaccelerationindistributedsolarassupportpoliciescontinuetobedeployed.

Thisisthefirsttimesince2019thattheUSAdidnotrankamongthetopthreemarkets–adropacrosstheboardbeingresponsible:utilityscalevolumesdropped,likelyduetoincreasedcostsforstructuralandelectricalcomponentsandoverheadsandcontinuedelectricalcomponentbottlenecks.Increasedinterestratesandeconomicuncertaintyasthechangeofgovernmentcameintoeffectseemstohavehamperedthedecentralisedmarketinparallel.

Beyondthetopfour,the2025annualrankingconfirmsfurtherchangesamongtheleadingmarkets.Germanymovedtofourthplace,whilePakistan,Brazil,Spain,ItalyandFranceremainedinthetopten,confirmingthecontinuedweightoftheseestablishedmarketsdespitelowerrelativegrowththaninpreviousyears.PakistanstayedinthetopTen,despiteareporteddrop(althoughherethereisarangeofuncertaintyinreportedvolumes).Francerosetoeighthplace,reflectinganotheryearofmarketexpansion.SaudiArabiaenteredthe

3Theminimalannualvolumeof349.8GWconsidersofficialChinareporting;themaximalannualvolumeof415GWconsidersafurther65GWthatmayhavebeeninstalled.

TopTenannualrankingin2025asseveralverylarge-scalesystemswerecommissioned.Japan,Türkiye,AustraliaandSouthKorearemainjustoutside.

Table1:TOP10COUNTRIESFORANNUALANDCUMULATIVEINSTALLEDCAPACITYIN2025

ANNUALINSTALLEDCAPACITYCUMULATICECAPACITY

1China415,0GW*1China1463,5GW* (2)EuropeanUnion65,7GW(2)EuropeanUnion406,0GW

2India55,9GW2USA268,2GW

GW

GW

USA

3

India

3

43,2

180,5

4

Germany

16,9

GW

4

Germany

117,3

GW

5

Pakistan

15,8

GW*

5

Japan

102,7

GW

6

Brazil

13,8

GW

6

Brazil

66,0

GW

7

Spain

11,3

GW

7

Spain

59,0

GW

8

France

7,4

GW

8

Pakistan

52,2

GW*

9SaudiArabia6,8GW9Australia44,3GW

10Italy6,5GW10Italy43,5GW

Note:TheEUgroups27Europeancountries,ofwhichGermany,Spain,France,ItalyalsoappearintheTopTen,eitherfortheannual

installedcapacityorthecumulativeinstalledcapacity.TheEuropeanCommissionisamemberofIEA-PVPSthroughitsJointResearch

Centre(EC-JRC).

*IEA-PVPSpreliminaryassessmentishigherthanofficialChina,Pakistanreporting

Source:IEAPVPS

FIGURE3:EVOLUTIONOFMAJORMARKETS

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

ChinaUncertainty

China

Japan

India

Spain

GermanyRestofEUUSA

BrazilRoW

SourceIEAPVPS

700

600

500

400

300

200

100

0

GW

Task1StrategicPVAnalysisandOutreach–2026SnapshotofGlobalPVMarkets

8

Overtheperiod2021to2025,cumulativerankingsremainedfarmorestablethanannualrankings,reflectingtheeffectofsustainedmarketdevelopmentoverseveralyears.Chinaretainedadominantfirstpositionbyawidemargin,followedbytheEuropeanUnionandtheUSA,whichcontinuedtoranksecondandthirdrespectively.Indiaremainedthefourthlargestcumulativemarketin2025,whileGermanyheldfifthplace,confirmingitscontinuedcommitmenttosolar.Japanretainedsixthplaceincumulativeterms,despiteitslowerannualranking,whileBrazilandSpainremainedseventhandeighthrespectively.AustraliaandItalycompletedthecumulativetopten.

Atleast6.5GWnewcapacitywasneededtoreachtheTopTenin2025,upfrom5.6GWin2024and4.9GWin2023

Australia,SpainandItalycontinuedtorankwithinthetoptencumulativemarkets,reflectingsustaineddeploymentoverthepastdecade.Pakistanentered,aswecorrecthistoricalvaluesandbasedon2consecutiveyearsofhighinstallations.Overall,thecomparisonbetweenannualandcumulativerankingshighlightstheincreasingdiversificationofleadingmarkets,withseveralnewermarketsenteringthetopannualrankingswhilecumulativecapacityremainsconcentratedinlong-establishedmarkets.

1.3MARKETSEGMENTATION

BothdistributedandcentralisedPVsegmentscontinuedtoexpandin2025,withtotalinstallationsreaching698GW,upfrom602GWin2024and471GWin2023.Centralisedinstallationsincreasedfrom369GWin2024to410GWin2025,whiledistributedPVgrewfrom233GWto286GWoverthesameperiod.Thecentralisedsegmentaccountedforasteady59%ofnewcapacityin2025.

ThisevolutionwasdrivenprimarilybyChina.Indiasawamarkedincreaseincentraliseddeployment,from24GWto

43GW,alongsidedistributedgrowthfrom8.0GWto10.3GWand1.8GWofoff-gridadditions.Continuedutility-scalegrowthintheUSAandseveralemergingmarketsalsocontributed.TheverylargesizeofindividualpowerplantscontinuestopushcentralisedPVadditionsabovedistributedgrowthincapacityterms,evenwheredistributedmarketsremainactiveinsystemnumbers.

OfthevolumeofcapacitythathasbeenextrapolatedandestimatedtobeabovedocumentedordocumentedACfiguresinthe2025globaltotal,65GWrelatestotheconversionofreportedACutility-scalevolumesintoDCequivalents,especiallyinChina,wherethescaleofthecentralisedmarketmakestheeffectparticularlysignificant.SmalleruncertaintiesofthesametypealsoaffectIndiaandsomeSouthAmericancountries.Inthesemarkets,officialreportingdoesnotalwaysdistinguishclearlybetweenACandDCcapacity,andthelackofconsistentinformationonDC/ACratioscreatesasignificantrangeinannualmarketestimates.

In2025,distributedinstallationsexceededcentralisedadditionsinAustralia,Japan,mostestablishedWesternEuropeanrooftopmarkets,Brazil,SouthAfricaandanumber

ofsmalleremergingmarkets.Pakistanagainstoodoutasalargelydistributedmarket.ThesefiguresconfirmthatdistributedPVremainsstructurallyimportantintheincreasingnumberofself-consumptionandprosumer-drivenmarkets,eventhoughthecentralisedsegmentdominatesglobalcapacityadditions.

Somemarketsremainedalmostentirelyutility-scale.SaudiArabiaadded6.8GWin2025,almostentirelycentralised,whiletheUnited