Wood Mackenzie

Wood Mackenzie forecasts the Middle East and North Africa region will emerge as a tariff haven and overtake Southeast Asia as a top solar export hub, becoming the primary exporter of solar panels to the US towards the end of this decade.

At pv magazine’s Focus event at Intersolar Europe this week, moderated by ESS News Editor Marija Maisch, the panelists discussed co-location and financing, alongside forward-looking presentations on market trends.

US residential solar prices fell to a record low of $2.50 per watt in the second half of 2024, said EnergySage. The marketplace operator reported average pre-incentive quotes of $28,750 for rooftop systems.

With an investment reportedly approaching $400 million, the manufacturing plant will be built in two phases with phase one producing 2 GW of solar modules and phase two expected to produce 2 GW of solar cells in 2026.

Wood Mackenzie warns that policy uncertainty could significantly alter its projections for US solar industry growth. The research firm says the US solar industry will add 502 GW (DC) of capacity over the next decade, with annual installations surpassing 40 GWdc through 2035.

Robots on solar sites are not new; they have been deployed to automate everything from operations and maintenance to inspection and cleaning. In recent months, there has been an uptick in interest in robots for installation, particularly among utility-scale solar developers dealing with staff shortages, safety concerns, rising costs, and pressure to build.

Mature markets Brazil and Chile will account for 78% of total installations, with small-scale projects (<5 MW) accounting for 48% of total builds in the region, according to Wood Mackenzie.

Wood Mackenzie says Chinese companies installed 24 GW of power projects throughout the world under China’s “Belt and Road” development initiative in 2024. This marked a record for a calendar year, with solar projects accounting for about one-third of the newly installed capacity.

Wood Mackenzie’s latest report forecasts that 493 GW (DC) of solar will be added throughout the world this year, compared to 495 GW in 2024. Solar module prices are expected to rise this year as manufacturers aim to recover profit losses from the past two years.

Wood Mackenzie says that a 30% increase in upstream spending will be needed to meet stronger oil and gas demand under a delayed energy transition. The research firm warns that this scenario could strain supply chains, inflate costs, and push Brent crude prices above $100/barrel by the 2030s.