India is expected to overtake Southeast Asia and become the second-largest producer of solar modules by 2025, mainly catering to demand in the United States. However, high production costs pose challenges due to the 25% tariff on imported solar cells. Under the Inflation Reduction Act, the United States is developing its own photovoltaic manufacturing capabilities but will still rely on imports. China’s leadership in N-type battery technology is expected to impact the market, accounting for 95% of global expansion. Vertically integrated manufacturers may still find growth opportunities.