The Latest Market Situation Of Solar Photovoltaic Modules In 2024
Since 2023, the global solar photovoltaic module market has been sluggish, and the solar photovoltaic module market in 2024 has continued to be in a downturn. According to the latest report from Bloomberg New Energy Finance, the global solar industry is expected to install 592 GW of modules, a 33% increase from 2023. The scale of installed modules and installed capacity have greatly increased, but the economic growth achieved by the entire photovoltaic module supply chain is in a state of decline.
Through the quarter-on-quarter analysis, it can be found that the world's 28 largest markets have all grown. This shows that there is huge room for development in the global solar photovoltaic module market. Among them, the markets in Pakistan, Saudi Arabia and India have shown the greatest development potential, which is inseparable from the local government's policy support for renewable energy. In contrast, Japan and South Africa have seen a significant decline, which may be related to factors such as policies. Overall, the continued fierce competition among suppliers has led to too low product prices, oversupply, and the discovery of more markets.
But the module price has fallen to $0.096/W, which is reported to be the lowest level ever. Bloomberg New Energy Finance said that most solar manufacturers are expected to suffer losses this year, and some solar manufacturers will find it difficult to maintain production and will not be able to survive this fierce competition cycle.
So why is the global solar photovoltaic module market developing so rapidly? First, renewable energy has become an important direction for sustainable development of the global economy. The government's policy support for renewable energy is increasing, which has greatly promoted the development of solar photovoltaic modules. Secondly, solar photovoltaic modules have begun to be "popularized". Not only large industrial and commercial sites have begun to use solar photovoltaic modules, but more and more ordinary families around the world have also begun to choose to install solar photovoltaic modules, which has further promoted the development of the solar photovoltaic module market. Finally, the technology of solar photovoltaic modules has been continuously upgraded, the cost has been gradually reduced, and the awareness of energy conservation has been continuously strengthened, so more and more people choose to use solar photovoltaic modules.
This has led to a lot of capital entering the solar photovoltaic industry. In order to grab more market share, some solar manufacturers have frantically produced solar modules, but the later installation progress cannot keep up with the production speed (one of the reasons), resulting in a surge in solar module inventory. The adjustment of new energy policies has affected the reduction or cancellation of subsidies in some regions, resulting in a decrease in market demand.
Among them, the price of polycrystalline silicon solar modules has fallen below the bottom line, which will gradually eliminate this type of product. In order to cope with the current solar photovoltaic market, the vicious competition environment of continued low prices, more and more new products have been launched, and new solar panels have ensured their own strong price competition by improving conversion efficiency and product quality. However, not all companies have the ability to master new technologies. This has eliminated some solar module suppliers without core competitiveness through the survival law of the fittest to a certain extent.
So what is the way out for current solar suppliers?
1. Technological innovation, research on new materials, new technologies, and new structures to improve the efficiency and reliability of solar modules;
2. Strengthen marketing, expand domestic and international markets, and enhance brand awareness and competitiveness;
3. Expand application areas, such as agriculture, logistics, military industry, etc., and develop more solar application products;
4. Improve the supporting level of the industrial chain, such as inverters, batteries, energy storage systems, etc., to form a complete industrial chain and promote the development of the solar energy industry;
5. Strengthen policy support, introduce relevant policies, and encourage the development and innovation of the solar energy industry.