It was predicted that the worldwide solar module market would record a low growth rate resulting from low-cost solar panels being released from China.
Renewable energy research firm InfoLink Consulting recently released a report predicting that the worldwide solar module market growth rate in 2024 will only expand barely.
In 2023, the worldwide solar module market grew rapidly, increasing 65% in comparison with the previous 12 months. Nonetheless, this 12 months, growth is anticipated to be limited to 12% at most resulting from the rise in inventory resulting from supply and demand imbalance and policy changes. It was stated that in some cases, there’s a possibility that the rise will remain in the only digits.
Analysts at Infolink Consulting predicted that the worldwide solar panel market will reach its peak of oversupply in 2024. He explained that production capability is anticipated to succeed in 2.5 times the demand, and for this reason, the solar panel industry has already entered into fierce price war.
He identified, “Currently, profit levels across the industry are falling, and the silicon wafer and battery-related sectors particularly are facing serious deficits.”
One other analyst predicted that “prices will proceed to fall within the 4 sectors that make up the solar panel industry – silicon materials, silicon wafers, solar cells, and assembly – from July to September this 12 months.”
Meanwhile, China’s solar module industry occupies a really high share of the worldwide market.
In keeping with 2022 data, it has a world market share of greater than 75% within the assembly field, greater than 80% within the solar cell field, and greater than 95% within the silicon wafer field.
Reporter Lee Yu-seon energy@aiitmes.com
