Is solar manufacturing investment bouncing back from the supply glut? (PV Tech)
Global PV manufacturing capex is expected to exceed $29B this year, up from $21.8B in 2025. Cell production is doing much of the heavy lifting, with spend jumping from $6.4B to $9.9B year-over-year. That still leaves the market below the 2023 peak ($36B), but it’s a meaningful turn after two years of stalled investments.
Where most of it’s going: Increased manufacturing in the US and India, more urgency around wafers and cells outside China, and emerging hubs in the Middle East.