Some of the key highlights from the report “Photovoltaics Report” published by the Fraunhofer Institute for Solar Energy Systems are:
-Photovoltaics is a fast-growing market: The Compound Annual Growth Rate (CAGR) of cumulative PV installations was about 27% between the years 2014 and 2024. Wafer size increased. Keeping the same number of cells, larger PV module sizes are realized, allowing a power range of up to 750 W per module.
-In 2024, Europe’s contribution to the total cumulative PV installations amounted to 18%. In contrast, installations in China accounted for 48% (in 2023 43%) and in North America for 10% respectively. Silicon wafer-based technology accounted for about 98% of total production in 2024 with a 70% share of n-type wafers according to ITRPV. Monocrystalline technology became the dominant technology in c-Si production.
-Market shifts from subsidy-driven to a competitive pricing model (Power Purchase Agreements). In addition to building-integrated systems (on roofs or building facades) and ground-mounted systems, more and more PV systems are being installed on agricultural land (agrivoltaics) and on bodies of water (floating PV).
-Furthermore, vehicle-integrated PV is entering the market. With the increasing share of power generated by renewables, the integration of batteries with energy management systems is becoming increasingly important.
-In 2024, PV installations in Germany (approximately 4.8 million PV systems with a capacity of over 800 W) accounted for about 4.8% (92 GWp) of the cumulative PV capacity installed worldwide (2156.5 GWp). According to the BNA, newly installed capacity in Germany amounted to approximately 16.9 GWp in 2024, compared to 15.3 GWp in 2023. In 2024, PV accounted for 14.5% of net electricity generation and all renewable energies for around 62%.
Access the report here