U.S. Solar Manufacturing Capex Forecast to Fall in 2027 – News and Statistics


This report is an independent strategic market study that provides a structured, commercially grounded analysis of the market for Solar Cells and Module in the United States. It is designed for battery and storage manufacturers, power-electronics suppliers, system integrators, EPC partners, developers, utilities, investors, and strategic entrants that need a clear view of deployment demand, technology positioning, manufacturing exposure, safety and qualification burden, project economics, and competitive structure.

The analytical framework is designed to work both for a single specialized storage or conversion component and for a broader renewable energy generation component, where market structure is shaped by chemistry, duration, project economics, system integration, safety requirements, route-to-market, and grid-interface logic rather than by one narrow customs heading alone. It defines Solar Cells and Module as Semiconductor devices that convert sunlight directly into electricity, manufactured as individual cells and assembled into modules (panels) for integration into solar power systems and examines the market through deployment use cases, buyer environments, upstream input dependencies, conversion and integration stages, qualification and safety requirements, pricing architecture, commercial channels, and country capability differences. Historical analysis typically covers 2012 to 2025, with forward-looking scenarios through 2035.

What questions this report answers

This report is designed to answer the questions that matter most to decision-makers evaluating an energy-storage, battery, renewable-integration, or power-conversion market.

  1. Market size and direction: how large the market is today, how it has developed historically, and how it is expected to evolve through the next decade.
  2. Scope boundaries: what exactly belongs in the market and where the boundary should be drawn relative to adjacent generation, grid, thermal, power-quality, or finished-equipment categories.
  3. Commercial segmentation: which segmentation lenses are truly decision-grade, including chemistry, architecture, application, duration, project layer, safety tier, and geography.
  4. Demand architecture: where demand originates across EVs, stationary storage, renewables integration, backup power, industrial resilience, grid services, or other deployment environments.
  5. Supply and integration logic: which inputs, components, conversion steps, integration layers, and project-delivery constraints shape lead times, margins, and differentiation.
  6. Pricing and project economics: how value is distributed across materials, components, integration, controls, service, and project layers, and where bankability or qualification alters margins.
  7. Competitive structure: which company archetypes matter most, how they differ in manufacturing depth, integration control, safety or standards positioning, and where strategic whitespace still exists.
  8. Entry and expansion priorities: where to enter first, whether to build, buy, partner, or integrate, and which countries matter most for sourcing, production, deployment, or commercial scale-up.
  9. Strategic risk: which chemistry, safety, supply, regulation, performance, and project-execution risks must be managed to support credible entry or scaling.

What this report is about

At its core, this report explains how the market for Solar Cells and Module actually functions. It identifies where demand originates, how supply is organized, which technological and regulatory barriers influence adoption, and how value is distributed across the value chain. Rather than describing the market only in broad terms, the study breaks it into analytically meaningful layers: product scope, segmentation, end uses, customer types, production economics, outsourcing structure, country roles, and company archetypes.

The report is particularly useful in markets where buyers are highly specialized, suppliers differ significantly in technical depth and regulatory readiness, and the commercial landscape cannot be understood only through top-line market size figures. In this context, the study is designed not only to estimate the size of the market, but to explain why the market has that size, what drives its growth, which subsegments are the most attractive, and what it takes to compete successfully within it.

Research methodology and analytical framework

The report is based on an independent analytical methodology that combines deep secondary research, structured evidence review, market reconstruction, and multi-level triangulation. The methodology is designed to support products for which there is no single clean official dataset capturing the full market in a directly usable form.

The study typically uses the following evidence hierarchy:

  • official company disclosures, manufacturing footprints, capacity announcements, and platform descriptions;
  • regulatory guidance, standards, product classifications, and public framework documents;
  • peer-reviewed scientific literature, technical reviews, and application-specific research publications;
  • patents, conference materials, product pages, technical notes, and commercial documentation;
  • public pricing references, OEM/service visibility, and channel evidence;
  • official trade and statistical datasets where they are sufficiently scope-compatible;
  • third-party market publications only as benchmark triangulation, not as the primary basis for the market model.

The analytical framework is built around several linked layers.

First, a scope model defines what is included in the market and what is excluded, ensuring that adjacent products, downstream finished goods, unrelated instruments, or broader chemical categories do not distort the market boundary.

Second, a demand model reconstructs the market from the perspective of consuming sectors, workflow stages, and applications. Depending on the product, this may include Grid-connected solar farms, Commercial rooftop installations, Residential solar systems, Industrial self-consumption projects, Off-grid electrification, and Solar-powered consumer electronics and mobility across Power Generation (Utilities/IPPs), Commercial Real Estate, Industrial Manufacturing, Residential Construction, Telecommunications, and Public Infrastructure and Technology R&D and Pilot Lines, Capacity Planning and CAPEX Deployment, Supply Chain Sourcing and Qualification, Manufacturing Process Optimization, Quality Assurance and Certification, Sales Channel and Distribution Setup, and Project Design and System Integration. Demand is then allocated across end users, development stages, and geographic markets.

Third, a supply model evaluates how the market is served. This includes Polysilicon, Silicon Wafers (Mono Grown, Cast Multi), Solar Glass, Encapsulation Materials (EVA, POE), Backsheets, Frames (Aluminum), Silver Paste & Conductive Adhesives, and Specialty Gases and Chemicals, manufacturing technologies such as Passivated Emitter and Rear Cell (PERC), Tunnel Oxide Passivated Contact (TOPCon), Heterojunction Technology (HJT), Interdigitated Back Contact (IBC), Bifacial Module Design, Half-Cell and Shingled Cell Interconnection, and Advanced Module Encapsulation and Framing, quality control requirements, outsourcing, contract manufacturing, integration, and project-delivery participation, distribution structure, and supply-chain concentration risks.

Fourth, a country capability model maps where the market is consumed, where production is materially feasible, where manufacturing capability is limited or emerging, and which countries function primarily as innovation hubs, supply nodes, demand centers, or import-reliant markets.

Fifth, a pricing and economics layer evaluates price corridors, cost drivers, complexity premiums, outsourcing logic, margin structure, and switching barriers. This is especially relevant in markets where product grade, purity, customization, regulatory burden, or service model materially influence economics.

Finally, a competitive intelligence layer profiles the leading company types active in the market and explains how strategic roles differ across upstream material suppliers, component and controls providers, OEMs, storage-system integrators, EPC partners, project developers, and distribution or service channels.

Product-Specific Analytical Focus

  • Key applications: Grid-connected solar farms, Commercial rooftop installations, Residential solar systems, Industrial self-consumption projects, Off-grid electrification, and Solar-powered consumer electronics and mobility
  • Key end-use sectors: Power Generation (Utilities/IPPs), Commercial Real Estate, Industrial Manufacturing, Residential Construction, Telecommunications, and Public Infrastructure
  • Key workflow stages: Technology R&D and Pilot Lines, Capacity Planning and CAPEX Deployment, Supply Chain Sourcing and Qualification, Manufacturing Process Optimization, Quality Assurance and Certification, Sales Channel and Distribution Setup, and Project Design and System Integration
  • Key buyer types: Project Developers & EPCs, Solar Distributors & Wholesalers, System Integrators, Large Utilities & IPPs, OEMs (for integrated products), and Government Tender Agencies
  • Main demand drivers: Levelized Cost of Electricity (LCOE) reduction, Government renewable energy targets and subsidies, Corporate Renewable Energy (RE) procurement (PPAs), Grid parity and rising retail electricity prices, Electrification and decarbonization policies, and Energy security and diversification needs
  • Key technologies: Passivated Emitter and Rear Cell (PERC), Tunnel Oxide Passivated Contact (TOPCon), Heterojunction Technology (HJT), Interdigitated Back Contact (IBC), Bifacial Module Design, Half-Cell and Shingled Cell Interconnection, and Advanced Module Encapsulation and Framing
  • Key inputs: Polysilicon, Silicon Wafers (Mono Grown, Cast Multi), Solar Glass, Encapsulation Materials (EVA, POE), Backsheets, Frames (Aluminum), Silver Paste & Conductive Adhesives, and Specialty Gases and Chemicals
  • Main supply bottlenecks: High-purity polysilicon capacity and pricing, Specialty solar glass and backsheet films, Silver paste supply for metallization, Advanced manufacturing equipment (e.g., PECVD, laser tools), Skilled process engineering talent, and Trade barriers and import/export tariffs
  • Key pricing layers: Cell Price ($/Wp), Module Price ($/Wp), Tier-1 vs. Tier-2/3 Price Premium, Technology / Efficiency Premium (e.g., TOPCon vs. PERC), Bifaciality Gain Premium, and Contract Type (Spot vs. Long-Term Agreement)
  • Regulatory frameworks: Minimum Import Price (MIP) / Anti-Dumping Duties, Local Content Requirements, Product Certification Standards (IEC, UL), Waste Electrical and Electronic Equipment (WEEE) directives, Carbon Border Adjustment Mechanisms (CBAM), and Net Metering and Feed-in Tariff Policies

Product scope

This report covers the market for Solar Cells and Module in its commercially relevant and technologically meaningful form. The scope typically includes the product itself, its major product configurations or variants, the critical technologies used to produce or deliver it, the core input categories required for manufacturing, and the services directly associated with its commercial supply, quality control, or integration into end-user workflows.

Included within scope are the product forms, use cases, inputs, and services that are necessary to understand the actual addressable market around Solar Cells and Module. This usually includes:

  • core product types and variants;
  • product-specific technology platforms;
  • product grades, formats, or complexity levels;
  • critical raw materials and key inputs;
  • material processing, cell and component manufacturing, system integration, power-conversion, commissioning, or project-delivery activities directly tied to the product;
  • research, commercial, industrial, clinical, diagnostic, or platform applications where relevant.

Excluded from scope are categories that may be technologically adjacent but do not belong to the core economic market being measured. These usually include:

  • downstream finished products where Solar Cells and Module is only one embedded component;
  • unrelated equipment or capital instruments unless explicitly part of the addressable market;
  • generic power equipment, generation assets, or adjacent categories not specific to this product space;
  • adjacent modalities or competing product classes unless they are included for comparison only;
  • broader customs or tariff categories that do not isolate the target market sufficiently well;
  • Balance of System (BOS) components (inverters, racking, wiring), Solar thermal collectors for heat generation, Complete turnkey solar power plants as a single unit, Upstream polysilicon, wafers, and glass (covered in supply chain), Downstream installation and EPC services, Solar inverters and power optimizers, Energy storage systems (batteries), Mounting structures and trackers, Solar charge controllers, and Green hydrogen electrolyzers.

The exact inclusion and exclusion logic is always a critical part of the study, because the quality of the market estimate depends directly on disciplined scope boundaries.

Product-Specific Inclusions

  • Crystalline silicon (c-Si) solar cells (mono, poly)
  • Thin-film solar cells (CdTe, CIGS, a-Si)
  • Advanced cell architectures (PERC, TOPCon, HJT, IBC)
  • Bifacial modules
  • Standard and high-efficiency modules
  • Cell and module manufacturing processes and equipment

Product-Specific Exclusions and Boundaries

  • Balance of System (BOS) components (inverters, racking, wiring)
  • Solar thermal collectors for heat generation
  • Complete turnkey solar power plants as a single unit
  • Upstream polysilicon, wafers, and glass (covered in supply chain)
  • Downstream installation and EPC services

Adjacent Products Explicitly Excluded

  • Solar inverters and power optimizers
  • Energy storage systems (batteries)
  • Mounting structures and trackers
  • Solar charge controllers
  • Green hydrogen electrolyzers

Geographic coverage

The report provides focused coverage of the United States market and positions United States within the wider global energy-storage and renewable-integration industry structure.

The geographic analysis explains local deployment demand, domestic capability, import dependence, project-development relevance, safety and approval burden, and the country’s strategic role in the wider market.

Geographic and Country-Role Logic

  • Technology & Manufacturing Hub (R&D, advanced CAPEX)
  • Low-Cost Manufacturing Base (scale, process efficiency)
  • Major End-Market (policy-driven demand)
  • Raw Material & Input Supplier (polysilicon, glass)

Who this report is for

This study is designed for strategic, commercial, operations, project-delivery, and investment users, including:

  • manufacturers evaluating entry into a new advanced product category;
  • suppliers assessing how demand is evolving across customer groups and use cases;
  • OEMs, system integrators, EPC partners, developers, and lifecycle service providers evaluating market attractiveness and positioning;
  • investors seeking a more robust market view than off-the-shelf benchmark estimates alone can provide;
  • strategy teams assessing where value pools are moving and which capabilities matter most;
  • business development teams looking for attractive product niches, customer groups, or expansion markets;
  • procurement and supply-chain teams evaluating country risk, supplier concentration, and sourcing diversification.

Why this approach is especially important for advanced products

In many energy-transition, storage, power-conversion, and project-driven markets, official trade and production statistics are not sufficient on their own to describe the true market. Product boundaries may cut across multiple tariff codes, several product categories may be bundled into the same official classification, and a meaningful share of activity may take place through customized services, captive supply, platform relationships, or technically specialized channels that are not directly visible in standard statistical datasets.

For this reason, the report is designed as a modeled strategic market study. It uses official and public evidence wherever it is reliable and scope-compatible, but it does not force the market into a purely statistical framework when doing so would reduce analytical quality. Instead, it reconstructs the market through the logic of demand, supply, technology, country roles, and company behavior.

This makes the report particularly well suited to products that are innovation-intensive, technically differentiated, capacity-constrained, platform-dependent, or commercially structured around specialized buyer-supplier relationships rather than standardized commodity trade.

Typical outputs and analytical coverage

The report typically includes:

  • historical and forecast market size;
  • market value and normalized activity or volume views where appropriate;
  • demand by application, end use, customer type, and geography;
  • product and technology segmentation;
  • supply and value-chain analysis;
  • pricing architecture and unit economics;
  • manufacturer entry strategy implications;
  • country opportunity mapping;
  • competitive landscape and company profiles;
  • methodological notes, source references, and modeling logic.

The result is a structured, publication-grade market intelligence document that combines quantitative modeling with commercial, technical, and strategic interpretation.

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U.S. Manufacturing Boosts Capex Expectations


Written by Danny Levin, Deputy Editor for IIR News Intelligence (Sugar Land, Texas)

Summary

A recent outlook survey indicates U.S. manufacturers expect an increase in capital spending over the next 12 months. Industrial Info Resources project data shows U.S. manufacturing industry construction remains robust.

U.S. Manufacturers Expect More Capex

U.S. manufacturers reported another increase in expected capital expenditures over the next 12 months, based on the latest outlook survey by the National Association of Manufacturers (NAM).

According to Industrial Info Resources data, there is $785 billion worth of capital U.S. Industrial Manufacturing Industry projects under construction, with another $278 billion that could kick off in the fourth quarter.

While not all of those fourth-quarter kickoffs will move forward as planned, IIR data show $117 billion worth of projects kicked off in fourth-quarter 2025.

IIR’s North American Industrial Project Spending Index–which tracks both capital and maintenance project activity–for the U.S. Industrial Manufacturing industry also shows strong spending: The monthly index for August (the latest available data) shows project spending was $718.4 billion–up 122.65% from $322.7 billion in August 2025.

Attachment

The NAM survey ran from August 11 to August 27 and received 220 responses, featuring small (those with 49 or less employees), medium-sized (between 50 and 499 employees) and large manufacturers (500 or more employees).

According to the survey results, which were released September 14, respondents anticipated an increase of 2.6% in capital spending over the next 12 months–an increase from 1.8% and 1.7% in the first and second quarters, respectively.

Nearly 50% of the respondents indicated they expected additional capital spending in the next year (up from 37.1% last quarter), with 39.4% predicting no change and 11.3% forecasting reduced capital expenditures. Large firms forecast the highest level of investment, projecting a 2.9% increase over the next 12 months.

On another positive note, the overall sentiment improved to a four-year high: 78.9% of respondents were positive about their own company’s outlook, up 4.7% from the previous quarter.

…But Challenges Remain



The survey respondents reported increased raw material costs as their top business challenge, followed by rising healthcare costs and trade uncertainties (e.g. actual or proposed tariffs, trade negotiations uncertainty).

Respondents anticipate raw material prices and other input costs will rise 5% over the next 12 months, down from 5.8% that was expected in the second quarter. Overall, about 90% expect an increase in raw material costs over the next year, with nearly half anticipating increases exceeding 5%.

The Middle East conflict in particular continues to pose a challenge: “When asked how challenges, such as higher input costs, difficulty sourcing inputs and supply-chain disruptions, arising from the conflict in the Middle East compare to last quarter, nearly one-third (33.2%) said challenges have worsened. At the same time, 60.6% said that challenges were about the same as three months ago, while only 6.2% have seen their situation improve.”

In addition, respondents indicated freight rates and fuel costs are hurting supply chains.

Manufacturing Construction Projects



Data centers play the dominant role in manufacturing projects being tracked by Industrial Info Resources. This includes Amazon Web Services’ ongoing construction of 14 artificial intelligence (AI) data center buildings in New Carlisle, Indiana, alongside 18 operational buildings. Upon full buildout, the overall footprint would span roughly 6.5 million square feet, require 2.25 gigawatts of grid power, and run strictly on Amazon’s proprietary Trainium2 AI chips. The GMI data show the first six buildings out of the new 14 are under construction, with eight subsequent buildings kicking off by the end of 2029.

The Industrial Info Resources Global Market Intelligence (GMI) Industrial Manufacturing Plant and Project databases offer more information–including construction schedules, investment values and necessary equipment–in a plant profile and detailed project reports.

Key Takeaways

  • According to a recent survey, U.S. manufacturers expect capital spending will increase 2.6% over the next 12 months.
  • Challenges for manufacturers stemming from the Middle East conflict have worsened.
  • $785 billion: Total investment value of U.S manufacturing projects under construction.

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR’s Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).

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US Solar PV Manufacturing Capex Forecast to Hit $12.2 Billion by 2026 – News and Statistics


Sep 22, 2026

Cumulative solar photovoltaic manufacturing capital expenditure in the United States is forecast to reach $12.2 billion by the end of 2026, according to Terawatt PV Research, a figure that would represent more than half of all solar PV manufacturing spending recorded in the country since 2001. The projection appears in the firm’s new Solar Manufacturing USA Quarterly report, released on the same day as the analysis, which was carried out by the company’s founder.

The research draws on the author’s experience examining the operations of more than 500 solar PV manufacturers worldwide across a period of more than two decades, spanning the industry’s shift from research and development to commercial activity.

Report scope and methodology

The U.S.-focused report is built around the core building blocks needed to interpret quarterly metrics at individual PV manufacturing sites: effective ramped capacity, production output, technology segmentation and manufacturing capex. For the first time, coverage of PV manufacturing capex extends beyond equipment spending at the company level.

The analysis now breaks capex down quarterly for individual U.S. manufacturing sites and further divides company, site, value-chain and technology-specific spending across buildings and infrastructure, new production equipment, and maintenance and upgrades. The consolidated totals are intended to provide an accurate picture of the domestic solar PV manufacturing landscape, supporting forecasting out to 2030.

The report covers company-specific manufacturing sites in production since 2020, the period leading into the Inflation Reduction Act in 2022, the subsequent rise in manufacturing capex from 2023 onward, and bottom-up forecasting to the end of 2030 that factors in new investments arising from Section 232.

Capex trends and company concentration

U.S. solar PV manufacturing capex has exceeded $2.5 billion in each year since 2023. A record $4.14 billion was spent during 2024, with more than 60% of that total coming from just two companies: First Solar, mainly through spending on new factories in Alabama and Louisiana, and Qcells, part of Hanwha Solutions, through vertically integrated investments in Georgia.

Segmenting capex across buildings and infrastructure, new production equipment, and maintenance and upgrades highlights differing dynamics at domestic production sites. Allocations to buildings and infrastructure vary widely, from refitting an existing warehouse for module assembly to building a dedicated greenfield site for solar cell manufacturing, a difference of more than an order of magnitude on a per-installed-watt basis. Buildings and infrastructure costs accounted for about 60% of total spending during the 2023-2026 period.

Capacity, production and regional shifts

Effective capacity levels for crystalline silicon cells and modules in the United States have grown quarter on quarter since the start of 2025, with effective-capacity-conversion rates varying considerably by site, from 15-20% during early ramp-up to 70-80% at a select group of companies. Forecasting cell and module production volumes to 2030 frames the additional upstream capex needed for a more balanced silicon-based value chain in the country.

Site-level analysis allows regional trends to be identified quickly, and production data is particularly useful in assessing where materials supplies could be strategically developed. Currently, this type of analysis can only be applied to module production in the United States; doing so for ingots, wafers and cells is considered too early.

At state level, Ohio was the dominant zone for module production volumes leading into the rollout of the Inflation Reduction Act, by virtue of First Solar’s manufacturing bases. Texas has become the leader in the post-IRA era, emerging as the top state for module production in 2026 with contributions from Canadian Solar, Sirius/Elin, Imperial Star, SEG Solar, T1 Energy, TOYO/Abalance and Waaree Energies. Much of the remaining activity is in the Southeast, with a geographic split between the gulf coast corridor of Louisiana and Florida and an advanced manufacturing region covering the Carolinas, Georgia and Alabama.

Ratings and next steps

The report’s final output is to rank and rate the companies analyzed. This step is intended to focus attention on the manufacturing decisions of the top 20 companies in the U.S. solar sector, a subset that typically accounts for more than 95% of all significant investment and production.

The report is built from a proprietary bottom-up database of U.S. solar manufacturing activity analyzed at site level by quarter. Production is tracked across the crystalline silicon value chain from polysilicon through modules, alongside segmented thin-film cell and module output equivalence. Capex is divided between buildings and infrastructure, production equipment, and maintenance and upgrades, while excluding research and development contributions. The underlying data draws on audited filings and company reporting where available, supplemented by market research based on operational and industry evidence and personal communications.

Production and capex are independently subjected to statistical transformation and normalization before being combined through a weighted methodology to generate a Manufacturing Strength score for each company. An operating-production screening process prevents companies with little or no realized output from being elevated solely by announced or early-stage capital spending. The scores determine company rankings, while a standardized Z-score analysis measures each qualifying manufacturer against the wider U.S. peer group and forms the basis of AAA-to-C Manufacturing Strength ratings presented as a truncated pyramid. Ratings are displayed annually, with each quarterly report updating production and capex assumptions and therefore the forecast full-year ranking and rating.

The first Manufacturing Strength Ratings Pyramid for U.S. solar PV manufacturers is scheduled to be revealed during an opening talk at the Solar Manufacturing USA 2026 conference in Austin, Texas, on 22-23 September 2026. The Solar Manufacturing USA Quarterly report is released today, with the first quarterly deliverable scheduled for the start of October 2026, when analysis for the third quarter of 2026 is completed. Report enquiries and subscriptions are managed exclusively by pv magazine USA, extending a working partnership that led to the launch of the Solar Manufacturing USA event in 2026.

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