Featured in Mountains to climb – 05-2026

PV manufacturing diversified

The solar manufacturing landscape is today comprised of three key countries trying to create profitable operations across the value chain from polysilicon to modules: China, India and the United States. Each of these countries faces different challenges, shaped by legacy investment levels and policy initiatives. Finlay Colville, founder of Terawatt PV Research, examines the factors that are driving capital expenditure and technology selection in 2026.

By

Finlay Colville

11 May 2026

India has emerged as a key solar manufacturing hub, in part due to local content rules that have created an investor-friendly environment.

China dominated solar manufacturing for several years until 2025. From polysilicon to PV modules, Chinese companies routinely accounted for more than 90% of global production across the value chain. Expecting consistent annual demand growth of 20% to 30%, Chinese companies expanded capacity significantly during 2021 to 2023. This involved market leaders and new privately held …

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