located storage or AC caps due to grid connection limitations. AC to DC conversion assumptions, especially for utility-scale systems (in China, India), can materially affect annual totals, and that differences between reported, estimated and commissioned volumes are increasing. Additional uncertainty commissioned by years end, or where imported modules have deployment. In that context, annual installation estimates need to distinguish as clearly as possible between imported, delivered, installed and commissioned volumes. competitiveness in 2025, but the divergence between market pronounced. IEA PVPS had already identified in 2024 that low industrial actors. In 2025, this gap between PV market growth and manufacturing balance sheets remained visible, with implications for warranty exposure, bankability and long-term Growth remained uneven across major markets in 2025, with from early 2024 according to compiled company reports. manufacturing capacity exceeded demand, module prices country. Several markets still recorded positive growth, declined through the year, and historical stocks remained high Under these conditions, deployment bottlenecks in a growing although generally at lower rates than in the previous year, in China and Europe; all data indicates that these conditions including China, India, Saudi Arabia, Turkiye and Italy. In the continued into 2025, even as controlled manufacturing increasingly towards permitting, grid connection, grid European Union, market growth remained positive but limited, while France and Spain also continued to expand. price risk. IEA PVPS also notes that curtailment, negative By contrast, annual additions declined in several large In this context, continued Chinese supply to international markets, with lower 2025 volumes than in 2024 in the USA, Within the additional 90 GW identified by IEA PVPS experts, capacity outside China. Module prices in China fell by more recent market trajectories remain highly contrasted, with very than 60% from early 2023 levels, manufacturers' margins official government or industry association statistics, which