Key Companies, Capacity Growth and Demand Forecast

Precedence Research

The global solar cell market is gaining momentum from Suniva’s planned $835 million investment in a 4.5 GW U.S. manufacturing facility, Premier Energies’ expansion to 10.6 GW of solar cell capacity, and India’s accelerating solar deployment. Rising domestic manufacturing, TOPCon technology adoption, supply-chain localization, and growing demand for high-efficiency photovoltaic cells are reshaping competitive positioning, investment priorities, pricing trends, and long-term demand across global solar markets.

Ottawa, Oct. 21, 2026 (GLOBE NEWSWIRE) — According to Precedence Research, the global solar cell market was valued at USD 175.15 billion in 2025 and is projected to increase from USD 205.28 billion in 2026 to USD 837.99 billion by 2035, registering a compound annual growth rate (CAGR) of 16.95% from 2026 to 2035.

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The growth opportunity extends beyond solar cell sales. Manufacturers, project developers, utilities, engineering and procurement contractors, equipment suppliers, investors and energy-intensive businesses are reassessing sourcing strategies, production capacity, technology selection and long-term power procurement. At the same time, manufacturing overcapacity, pricing pressure, trade restrictions and supply-chain concentration are creating new challenges for companies seeking sustainable margins.

Recent developments illustrate this changing landscape. Oswal Pumps has announced plans for a 1.2-gigawatt (GW) TOPCon solar cell manufacturing facility in India, supported by a planned investment of approximately USD 48 million. Meanwhile, global solar manufacturers are diversifying into battery storage as pressure on conventional panel margins continues. These developments create commercial opportunities for companies supplying manufacturing equipment, materials, cell technologies, energy storage, project development and market intelligence.

How Large Is the Solar Cell Market and What Is Driving Demand?

Market indicator

Value

Global market size, 2025

USD 175.15 billion

Estimated market size, 2026

USD 205.28 billion

Forecast market size, 2035

USD 837.99 billion

Forecast CAGR, 2026–2035

16.95%

Asia Pacific market share, 2025

48%

Crystalline material segment share, 2025

87%

Utility-scale installation share, 2025

65%

Solar cell demand is supported by utility-scale power generation, commercial and industrial electricity procurement, residential rooftop installations, electrification and the need to diversify energy sources. Government incentives, renewable-energy targets and domestic manufacturing programmes are also encouraging investment in cell production and integrated photovoltaic supply chains.

However, market growth does not guarantee equivalent profitability for every manufacturer. Cell producers must manage selling prices, utilisation rates, production yields, technology transitions, financing costs and access to customers. Companies with efficient manufacturing, differentiated products, dependable delivery and strong customer relationships may be better positioned than producers competing primarily on price.

For commercial teams, these market dynamics create a clear need to identify which manufacturers are expanding capacity, which developers are progressing projects, which buyers are changing suppliers and where local-content requirements are influencing procurement.

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Which Solar Cell Technologies and Applications Offer the Strongest Opportunities?

Crystalline solar cells accounted for approximately 87% of market revenue in 2025, reflecting the established position of crystalline-silicon photovoltaic technology. Within the industry, manufacturers are advancing technologies such as TOPCon, heterojunction (HJT), interdigitated back contact (IBC) and other advanced cell architectures to improve conversion efficiency, power output and performance under different operating conditions.

TOPCon is attracting investment as manufacturers upgrade production lines and seek improved performance from commercially scalable technology. HJT and back-contact designs offer further opportunities where efficiency, premium product positioning and specific system requirements support their economics. Thin-film technologies, including cadmium telluride, remain relevant in selected applications and competitive niches.

By installation type, utility-scale projects represented approximately 65% of the solar cell market in 2025. Large solar parks can create substantial procurement requirements, while commercial and residential installations offer a more distributed customer base. The latter can be attractive to manufacturers and distributors seeking regional partnerships, rooftop-system channels and recurring demand from installers.

The commercial opportunity depends on more than technology selection. Buyers also evaluate cell efficiency, degradation, temperature performance, reliability, bankability, certification, delivery schedules and compatibility with module manufacturing processes. Suppliers that align their product portfolios with these requirements can improve their positioning in tenders and long-term supply agreements.

How Are Manufacturing Capacity and Investment Reshaping Competition?

Manufacturing expansion is becoming a strategic priority as countries seek to strengthen domestic supply chains and reduce dependence on imported solar components. India is a particularly important market because domestic-content requirements and renewable-energy deployment are encouraging investment across cells, modules and related equipment.

Oswal Pumps’ planned 1.2 GW TOPCon cell facility, with an announced investment of approximately USD 48 million and commercial production expected by April 2028, illustrates the shift toward backward integration. The company plans to use the output for its own solar module manufacturing, supporting supply security and reducing exposure to spot-market cell pricing.

The broader industry faces a more complicated capacity outlook. India’s cell manufacturing expansion is helping address import dependence, but a rapid increase in available production can also put pressure on utilisation and realised selling prices. Manufacturers must balance new capacity against demand visibility, technology competitiveness and expected customer offtake.

Globally, major companies including LONGi, JinkoSolar, Trina Solar, JA Solar, Tongwei, Canadian Solar and First Solar compete through manufacturing scale, technology development, regional expansion and supply-chain integration. Their competitive positions differ by technology, product type, geography and business model; a company’s overall revenue or module shipment ranking should not automatically be interpreted as its share of the solar cell market.

China’s large manufacturing ecosystem remains central to global supply, while India, the United States and European markets are seeking to strengthen local production. Policy changes and proposed restrictions on selected solar-manufacturing technologies may affect equipment sourcing, technology licensing and the pace of new factory projects. Investors and suppliers therefore need to assess not only announced capacity, but also commissioning schedules, production readiness, customer commitments and policy exposure.

What Is Happening to Solar Cell Pricing and Profitability?

Pricing remains one of the most important variables in solar cell investment decisions. Global manufacturing scale and intense competition have reduced costs across much of the photovoltaic supply chain, but oversupply can also push selling prices below sustainable production economics. At the same time, trade measures, domestic-content requirements, shipping costs and local supply constraints can create regional price differences.

In India, cell sourcing requirements are changing procurement strategies. Industry estimates published in 2026 indicated that domestic cell capacity was expanding rapidly, while the timing of new supply and implementation of local-content rules could affect project costs. A shortage of eligible cells can raise procurement prices even when global supply remains ample. Conversely, substantial new capacity coming online may increase price competition and extend payback periods for newer facilities.

Manufacturers should therefore monitor several indicators together:

• Cell and module spot prices, contract pricing and price premiums for high-efficiency products.

• Polysilicon, wafer, silver and other input costs, along with energy and labour expenses.

• Production yield, utilisation, warranty exposure and cost per watt.

• Import duties, trade investigations, local-content requirements and product eligibility lists.

• Inventory levels, customer commitments and the risk of technology becoming commercially uncompetitive.

For buyers, a lower quoted price is not necessarily the lowest lifecycle cost. Efficiency, degradation, warranty coverage, supplier financial stability, certification and delivery certainty can affect project economics. For manufacturers, reliable pricing intelligence can support negotiations, product positioning and decisions about where to allocate production.

Which Companies Are Leading and How Can Their Market Positions Be Compared?

The competitive landscape includes large-scale crystalline-silicon manufacturers, thin-film specialists, vertically integrated energy businesses and emerging technology providers. Relevant companies include:

Company

Competitive focus

LONGi Green Energy

Crystalline-silicon products and advanced cell technologies

JinkoSolar

High-volume cell and module manufacturing

Trina Solar

Integrated photovoltaic products and large-scale supply

JA Solar

Cell and module manufacturing with global distribution

Tongwei

Upstream silicon and solar cell production

Canadian Solar

Cell and module supply, alongside project and energy-storage businesses

First Solar

Thin-film photovoltaic technology

Hanwha Solutions / Qcells

Integrated solar manufacturing and regional market participation

Astronergy

Crystalline-silicon cell and module manufacturing

Risen Energy

Solar cells, modules and related energy solutions

Waaree Energies

Solar manufacturing and project-linked market opportunities

Premier Energies

Solar cell and module manufacturing in India

Adani Solar

Integrated domestic solar manufacturing

Vikram Solar

Solar modules and manufacturing expansion

Company market share should be evaluated using a consistent measure: solar cell revenue, cell production, annual cell capacity, shipments or a defined regional market. These metrics are not interchangeable. A company may have substantial nameplate capacity but lower actual output, or a strong module position without holding the same position in cell manufacturing.

A meaningful competitive assessment compares production capacity and utilisation, technology mix, conversion efficiency, customer concentration, export exposure, investment commitments, pricing power, regional access and the pace of new product launches. It also distinguishes operational facilities from announced or under-construction projects.

For business development teams, this information can identify suppliers seeking new customers, manufacturers entering new regions, competitors preparing capacity additions, equipment companies pursuing factory contracts and investors evaluating potential acquisition or partnership targets.

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Where Are the Main Regional Opportunities?

Asia Pacific led the solar cell market with approximately 48% of global revenue in 2025. The region benefits from extensive manufacturing capacity, established component supply chains and strong deployment demand. China remains a major force in production, while India is expanding domestic cell manufacturing and project deployment. Japan and South Korea also contribute through technology, manufacturing and renewable-energy investment.

North America offers opportunities connected with domestic manufacturing, utility-scale development, commercial procurement and supply-chain diversification. Buyers and manufacturers must account for changing incentives, trade rules, project economics and local sourcing requirements.

Europe is focused on energy security, decarbonisation and the resilience of its clean-technology supply chain. Manufacturers may find opportunities in specialised production, equipment, technology partnerships and differentiated products, although factory economics and competition from imported supply remain important considerations.

Latin America benefits from solar resource availability and demand for additional electricity generation, creating opportunities for cell and module suppliers, distributors and project developers.

The Middle East and Africa offer opportunities in utility-scale solar, energy diversification and projects combining renewable generation with storage. Market entry depends on financing, grid access, local partnerships, procurement requirements and project execution capability.

How Can Solar Cell Market Intelligence Generate Qualified Business Leads?

The solar cell value chain creates multiple lead-generation opportunities. Rather than targeting companies solely by industry, commercial teams can prioritise accounts based on capacity expansion, procurement activity, technology transitions, new project announcements and regional market entry.

Target account group

Relevant decision-makers

Potential commercial opportunity

Solar cell and module manufacturers

CEO, COO, plant head, procurement director

Materials, equipment, technology partnerships and expansion intelligence

Solar project developers and IPPs

Project director, sourcing head, development lead

Supplier identification, project pipeline intelligence and cell procurement

EPC contractors and system integrators

Procurement manager, engineering head, business development director

Qualified supplier partnerships and tender opportunities

Utilities and energy companies

Renewable-energy head, generation planning lead

Capacity planning, project intelligence and technology evaluation

Raw-material and equipment suppliers

Sales director, key-account manager, strategy lead

Factory expansion tracking and account-based prospecting

Investors and infrastructure funds

Investment director, principal, corporate development lead

Company benchmarking, market entry and investment screening

Commercial and industrial energy buyers

Energy procurement head, sustainability director

Solar sourcing, supplier comparisons and project feasibility intelligence

The strongest lead signals include newly announced factories, capacity upgrades, tenders, long-term supply agreements, local-content mandates, technology transitions, acquisitions and expansion into new countries. Combining these signals with company-level intelligence helps sales teams distinguish immediate prospects from accounts with only general interest in solar energy.

Precedence Research can support these activities through market sizing, segment and regional analysis, company profiling, competitive benchmarking, demand forecasting and customised research. Its Master Dataset, Precedence Quadrant, Interactive Intelligence Dashboard and tailored consulting can help teams structure target-account lists, compare competitors, identify potential buyers and assess opportunities across the value chain. Research can be scoped for monthly, quarterly, six-monthly or annual updates, depending on the decision and market volatility.

What Should Companies Monitor Through 2035?

The solar cell market’s forecast growth creates substantial opportunities, but investment outcomes will depend on execution. Manufacturers must align capacity with realistic demand, manage input costs and maintain technology competitiveness. Buyers must assess supplier reliability and lifecycle performance, while investors need to distinguish announced capacity from commercially productive assets.

The most important indicators to monitor include new manufacturing commitments, actual output, cell and module pricing, utilisation rates, efficiency improvements, trade policy, project pipelines and long-term procurement agreements. Companies that combine these indicators with clear account targeting and competitive analysis can make better-informed decisions on sourcing, investment and market expansion.

Precedence Research’s solar cell market study provides a starting point for evaluating market growth, segment opportunities, regional demand and the competitive landscape. For organisations seeking to turn market developments into actionable sales pipelines or investment decisions, customised research can focus on specific technologies, companies, countries, customers and commercial questions.

Explore the report: https://www.precedenceresearch.com/solar-cell-market

About Precedence Research

Precedence Research provides market intelligence, competitive analysis, industry forecasts, company profiling and customised research for organisations evaluating growth opportunities across global markets. Its services support strategic planning, market entry, customer intelligence, competitive positioning, investment assessment and go-to-market decisions.

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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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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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Manufacturing – United States | Statista Market Forecast

The manufacturing market has faced several challenges in recent years due to geopolitical uncertainty, supply chain disruptions, changing consumer preferences, and increasing regulatory scrutiny. However, several positive factors, such as rising global demand, ongoing technological advancements, and increasing investment in automation and digitalization, continue to influence the market, and the outlook for manufacturing remains positive.

While the Covid-19 pandemic has caused significant hardships for manufacturers, those that invested in digitalization and automation of their processes will be best positioned for long-term success. Manufacturers who can effectively balance cost pressures and maintain a strong focus on quality are likely to survive the current crisis and come out more resilient in the end.

Among the factors that could affect the manufacturing market in 2026 is the adoption of advanced technology, such as artificial intelligence, robotics, and the Internet of Things (IoT), which have the potential to improve overall efficiency and productivity while reducing costs.

Furthermore, our analysts believe that sustainability and environmental awareness will become increasingly important trends, as more investors and consumers prefer companies that prioritize these values and develop eco-friendly products.

Finally, geopolitical factors such as trade tensions and changes in government policies could also impact the manufacturing market in 2026, with the Russia-Ukraine war having the biggest impact.

In summary, the current environment presents both challenges and opportunities for the manufacturing market in 2026. However, with the right managerial strategies and high flexibility, companies can succeed and strengthen their long-term market position.

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GBP/USD Forecast: Strong US Manufacturing Data Lifts the US Dollar

Modified: Tuesday, 2 June 2026 22:01 BST

– Written by


David Woodsmith

STORY LINK GBP/USD Forecast: Strong US Manufacturing Data Lifts the US Dollar

The Pound US Dollar (GBP/USD) exchange rate fell on Monday as escalating tensions in the Middle East and stronger-than-expected US data lifted the safe-haven ‘Greenback’.

At the time of writing, GBP/USD was trading at $1.3421, down more than 0.2% on the day.

The safe-haven US Dollar (USD) strengthened on Monday as a deterioration in market sentiment drove investors towards safer assets.

The latest bout of risk aversion followed an exchange of strikes between the US and Iran over the weekend. Iran subsequently accused the US and Israel of breaching the ceasefire agreement and stated that it would withdraw from peace talks until Israel halted its attacks on Lebanon.

Meanwhile, the currency also drew support from upbeat US economic data. The latest ISM manufacturing PMI showed that factory activity accelerated more sharply than expected in May, with the index rising from 52.7 to 54, beating forecasts of 53.

Meanwhile, the increasingly risk-sensitive Pound (GBP) weakened against its safer peers as the market mood soured.

Sterling had initially edged higher in the morning after the UK’s latest manufacturing PMI showed activity climbing to a four-year high in May. The survey also reported rising input price inflation, which fuelled expectations for further Bank of England (BoE) interest rate hikes.

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While this may have helped to limit the Pound’s losses, domestic political uncertainty may have dented GBP. On Monday, the government published documents relating to the controversial appointment of Peter Mandelson as ambassador to the US, with the UK’s febrile political atmosphere potentially unnerving investors.

Near-Term GBP/USD Forecast: Could BoE Comments Boost Sterling?

Looking ahead, UK economic data is limited on Tuesday. However, BoE policymaker Megan Greene is due to speak in the afternoon. As Greene is considered one of the more hawkish members of the Monetary Policy Committee, Sterling could strengthen if she argues in favour of higher interest rates.

Tuesday will also see the publication of the latest US Job Openings and Labor Turnover Survey (JOLTS). The data is expected to show a marginal decline in job openings in April, which may have only a muted impact on the US Dollar. However, any surprises could spark sharper movement.

Elsewhere, developments in the Middle East could inject volatility into GBP/USD by influencing risk appetite. Hopes of peace may lift market sentiment and potentially support the Pound, while a fresh escalation in tensions would likely sour the mood and bolster the safe-haven US Dollar.

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TAGS: Pound Dollar Forecasts

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