Market update · Global
Global Solar Market Update: IRENA Growth Targets, US Module Price Increases, and Abu Dhabi Expansion Plans
This week’s solar market highlights include IRENA’s report emphasizing the need to double renewable capacity by 2030 with solar PV playing a key role, a significant rise in US solar module prices following updated Section 232 tariffs, and Abu Dhabi’s increased solar capacity targets supported by battery storage.
SolTraCo market update · · 3 min readIRENA Highlights Renewable Capacity Growth Needs
The International Renewable Energy Agency (IRENA) report stresses that global renewable energy capacity additions must nearly double to 1.2TW annually between 2026 and 2030 to meet COP28 energy transition targets. In 2025, 693GW of new renewable capacity was added, marking a 5.5% increase over 2024.
IRENA identifies solar PV as a critical driver for achieving these goals, describing the sector’s growth potential as making the 2030 renewable capacity targets feasible.
US Solar Module Prices Rise Over 40% Post Section 232 Tariff Update
Data from Anza reveals that median prices for solar PV modules imported into the US have increased by more than 40% since the updated Section 232 tariffs took effect in August. Prices for various module technologies such as TOPCon, PERC, and HJT now range approximately from $0.38/W to $0.39/W, with some reports of even higher prices.
These price changes reflect the impact of minimum import prices introduced under the new tariff rules, which apply to modules purchased after early August and delivered after early December.
Abu Dhabi Raises Solar Capacity Targets with Battery Storage Support
Emirates Water and Electricity Company (EWEC) has increased its solar PV target to 14GW by 2030, up from the previous 10GW goal, aiming for over 35GW by 2035. This expansion will be complemented by 15GW of battery storage capacity to enable continuous solar power supply.
EWEC’s strategy focuses on reducing reliance on gas-fired generation and building a diversified, resilient, and low-carbon energy system to meet growing demand while enhancing water and energy security.
Sources
This update is an original SolTraCo synthesis of the linked industry sources. Reported facts and commercial interpretation are kept separate. It does not contain confidential deal information and is not investment, legal or technical advice.