Viewpoint

Snapshot of photovoltaics—February 2026

European Commission, Joint Research Centre (JRC), Via E. Fermi 2749, I-21027 Ispra (VA), Italy

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Received: 17 February 2026
Accepted: 26 March 2026
Published online: 24 April 2026

Abstract

In 2025, global energy transition investments increased by 8% per annum to USD 2,309 billion or 2% of global gross domestic product. Despite a decrease of investments in solar photovoltaics of 11.5%, the newly installed capacity increased by over 15% to reach almost 700 GWp. Globally, the installed solar photovoltaic capacity exceeded 2.95 TWp at the end of 2025. The number of countries installing 1 GWp/year or more has increased by 8 to 44. In 2025, investments in small-scale photovoltaics exceeded investments for large-scale photovoltaic plants by 28%. Levelised costs of electricity for non-tracking solar photovoltaic systems as well as the levelised cost of battery storage decreased again and reached new lows. Countries in emerging economies with grid stability problems and rapidly rising electricity demand for cooling, mainly to combat heat waves, have shown exceptionally high growth rates in new PV installations. Additional demand for renewable electricity and solar photovoltaics is created by a general trend towards electrification of heating, transport, and industry. Market expectations for 2026 are mixed from a shrinking market to a moderate one-digit growth. Needless to mention, neither market expectations are in line with the market growth needed to achieve an annual market of 2.25 TW_p by 2030 nor are they on track to realise a 100% renewable energy scenario by 2050.