In 2023, China accounted for almost 85 percent of the global photovoltaic (PV) module production. The country representing the second-largest share of PV production was Vietnam, accounting for just 3.4 percent. Global trends in solar energy Solar is one of the fastest-growing energy technologies in the global market, as the average cost of using solar PV has decreased over the years. Recent years have seen impressive annual growth in the global production volumes of solar modules. At the same time, the average installed cost for solar photovoltaics has consistently decreased every year since 2010. Investments in solar photovoltaic energy worldwide have grown rapidly in the last few years. China dominates the solar industry In addition to dominating the PV module production market, China is also the global leader in installed PV capacity. What’s more, most of the leading solar companies worldwide headquartered in China.