In May 2025, shifting market dynamics saw solar module prices continue to rise, with supply constraints and firm demand putting upward pressure on pricing. In contrast, inverters trended lower, highlighting diverging developments across the PV value chain.
Monofacial P-type modules saw the sharpest increase, up by 10% to €0.086/Wp, largely due to limited availability and mounting pressure on distributors to meet residential and commercial installation timelines.
Full Black modules also experienced a notable 7% price rise, driven by both aesthetic preference and seasonal demand in the residential segment.
Meanwhile, monofacial N-type and bifacial N-type modules remained relatively stable, reflecting balanced supply-demand dynamics in higher-efficiency segments.
Inverter prices
In contrast, inverter prices continued their downward slide, offering welcome relief to installers.
Hybrid inverters dropped by 2% across both the <15kW and >15kW categories, reflecting sustained competition and available stock.
On-grid inverters also saw a marginal 1% decline for small systems (1–15kW), while prices for larger systems (>15kW) held steady.
sun.store
Inverter prices declined across the board.
These trends highlight diverging pressures in the solar supply chain – modules are tightening in supply and climbing in cost, while inverters remain available, fuelling a buyer-friendly market. “The recent price increases reflect dwindling stock across the EU. Distributors with limited but in-demand inventory are gaining pricing power, while larger stockholders are reducing prices. Full Black modules, in particular, saw spikes driven by the residential segment and the seasonal surge in installations,” Filip Kierzkowski, Head of Partnerships and Trading at sun.store, commented.
sun.store
There was no movement in the PV Purchasing Managers’ Index (PMI).
The PV PMI remained steady at 70 in May 2025, reflecting balanced optimism in Europe’s solar market as the installation season peaks. Among the 908 sun.store users surveyed, 53% plan to increase purchases, 34% will maintain current levels and 13% expect to reduce orders, indicating resilient demand despite supply challenges.
This stability is supported by the EU’s 2030 renewable energy goals and a projected ~10% growth in PV installations, though grid delays and rising module prices – due to reduced Chinese export rebates – temper enthusiasm. The growing adoption of N-type panels and residential solar boosts confidence, yet seasonal slowdowns and high interest rates suggest a pragmatic approach among buyers.
With a PMI of 70 and tightening module supplies, the European solar market stands at a pivotal moment. Rising prices for P-type and Full Black modules, driven by diminishing inventories, suggest supply constraints will linger into Q3, especially as global demand intensifies. Inverters, on the other hand, continue to favor buyers, with declining prices for hybrid and on-grid models offering cost-saving opportunities.
Top brand trends
Solar panels: JA Solar takes the lead Sun.store data reveals a dynamic shift in module preferences. JA Solar has claimed the top spot in May 2025, overtaking competitors with its strong market presence. The top five for solar panels are:
● JA Solar (1st)
● Jinko (2nd)
● Aiko (3rd)
● Trina (4th)
● LONGi (5th)
sun.store
JA Solar took the lead among the most popular solar module brands at sun.store sales.
Hybrid inverters: Deye leads with momentum In the hybrid inverter category,
SMA firmly positioned in the top 3 for the third consecutive month.
Methodology
pv.index tracks monthly trading prices for solar components, based on data from sun.store, Europe’s largest online PV trading platform with over 8.9 GW of components available. Prices are weighted by transaction power to provide a reliable market estimate.The PV PMI gauges demand sentiment in the PV industry, with scores above 50 indicating expansion. It’s calculated from a sample of 900+ sun.store buyers, offering a snapshot of purchasing intentions across Europe.
The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 950+ sun.store buyers. The Top 5 brand rankings below are based on sales value data from the sun.store platform, collected between January and May 2025.(hcn)
In 2024, the global solar photovoltaic market reached a record 703 gigawatts (GW) in shipments and 566 GW installed. Due to overcapacity in the module market and technological advancements, the weighted average solar module spot price fell by 33% year-on-year (YoY) to $0.08/W by the end of 2024.
The ITRPV report tracks the price experience curve, namely the average PV module sales price as a function of cumulative shipments, and this indicates a 25.6 percent learning rate from 1976 to 2024. This learning rate reflects the impact of technological advancements as well as severe market conditions on prices.
Crystalline silicon photovoltaics dominated around 98% of the market share in 2024, with thin-film technology making up the remaining portion. Within the silicon-based PV market, monocrystalline Czochralski silicon (Cz-Si) wafers lead, with n-type wafers now accounting for about 70%, surpassing p-type materials. This shift is driven by the growth of n-type TOPCon technology, which for the first time overtakes p-type PERC, according to GW-scale manufacturers that contributed to the report.
Silicon heterojunction (SHJ), back contact (BC) cells, TOPCon-based back contact (TBC) and heterojunction-based back contact (HBC) are expected to gain market share. Mass-produced tandem-silicon cells are anticipated to have a double-digit market share in 10 years based on the survey results. Large wafer formats M10 and G12 with their rectangular variations dominate. G12 (i.e, with wafer side length 210 mm) and G12(R) formats are expected to account for approximately 75 percent of the market by 2035.
Formats larger than G12 are projected to reach nearly 10 percent, while the rectangular M10 format is anticipated to maintain a market share of around 15 percent. Accordingly, newly built cell production lines will be designed to accommodate these formats, and are expected to be prepared for the integration of larger than G12 formats.
90 percent market share for bifacial solar cells anticipated
Bifacial solar cells are expected to capture around 90% of the market share, with projections indicating this will rise to 95% over the next decade. Significant advancements are being made in reducing material consumption across various technology routes, including lowering polysilicon usage through wafer thickness reduction, cutting silver consumption through fine line printing, and incorporating copper in metallisation. Equipment throughput values are also expected to continue rising in the coming decade.
N-type TOPCon cells, homogeneous emitters with Laser Enhanced Contact Optimization (LECO) dominate the market with around 60 percent share in 2024, projected to rise to nearly 87 percent by 2035. Selective emitters use declines with non-LECO variants phasing out by 2027. Edge passivation of separated solar cells by deposition processes also gain importance for half cells or smaller, dominating the market in a decade.
Larger modules dominate the market
At the module level, copper interconnection is projected to continue dominating the market for cell-to-cell and string interconnection. For rooftop installations, modules larger than 2.0 m² are expected to gain a higher market share starting in 2025, while those between 1.8 and 2.0 m² will maintain the largest share. Smaller modules under 1.8 m² will see their market share decline to below 6 percent over the next three years.
The module size trends for large-scale ground-mounted installations, like power plants, show a stronger shift toward larger modules compared to rooftop residential applications. Modules smaller than 2.5 m² are expected to remain niche, while those between 2.5 and 3.0 m² will dominate the power plant market. Larger power plant modules exceeding 3 m² are projected to capture about 25 percent of the market share in the next 10 years.
Smaller module fabs for specialized applications and regional markets
The trend in module production fabs mirrors that of cell production, with factories exceeding 5 GW in annual capacity expected to dominate the future production landscape. However, smaller module fabs with capacities under 5 GW, and even under 1 GW, are expected to remain operational for specialised applications and regional markets for the next decade. Smart fabrication topics are seeing batch tracking dominate, with an increase in single piece tracking in manufacturing.
Industry 4.0 is shaping cell production through four automation levels, from fully connected fabs (Level 1) to autonomous decision-making fabs (Level 4), with higher levels incorporating all lower ones. In 2024, Level 1 dominated with a 78 percent share, but Levels 2 and 3 are expected to take the lead by 2035. Level 4 will begin entering the market from 2029, with gradual adoption.
The 16th edition of the ITRPV questionnaire is surveyed on a digital interactive platform that automates the analysis process of data contributions. The International Technology Roadmap for Photovoltaics (ITRPV) is updated regularly by the VDMA Photovoltaics. (hcn)
In 2024, the solar photovoltaic global market grew to a record 703 gigawatts (GW) in shipments and 566 GW installed. Due to overcapacity in the module market and helped by technological advancements, the weighted average solar module spot price dropped by 33% year-on-year (YoY) to $0.08/W by the end of 2024.
The ITRPV report tracks the price experience curve – average PV module sales price as a function of cumulative shipments – and it indicates a 25.6 percent learning rate from 1976 to 2024. This learning rate reflects the impact of technological advancements as well as severe market conditions on prices.
Crystalline silicon photovoltaics dominated about 98 percent of the market share in 2024, with the remainder being thin-film technology. Within the silicon-based photovoltaic market, monocrystalline Czochralski silicon (Cz-Si) wafers completely dominate the market share, with about 70 percent being n-type wafers surpassing p-type materials, according to GW-scale manufacturers that contributed to the report. This comes with the expansion of n-type TOPCon technology that dominates the market for the first time, overtaking p-type PERC.
Silicon heterojunction (SHJ), back contact (BC) cells, TOPCon-based back contact (TBC) and heterojunction-based back contact (HBC) are expected to gain market share. Mass-produced tandem-silicon cells are anticipated to have a double-digit market share in 10 years based on the survey results. Large wafer formats M10 and G12 with their rectangular variations dominate. G12 (i.e, with wafer side length 210 mm) and G12(R) formats are expected to account for approximately 75 percent of the market by 2035. Formats larger than G12 are projected to reach nearly 10 percent, while the rectangular M10 format is anticipated to maintain a market share of around 15 percent. Accordingly, newly built cell production lines will be designed to accommodate these formats and are expected to be prepared for the integration of larger than G12 formats.
90 percent market share for bifacial solar cells expected
Bifacial solar cells are expected to have around 90 percent market share, a figure projected to increase over the next decade to 95 percent. The reduction of material consumption across various technology routes is a significant focus, including advancements in reducing polysilicon consumption through wafer thickness reduction, silver consumption reduction through fine line printing, and the use of copper-containing metallization. Equipment throughput values are anticipated to continue their increase in the coming decade.
N-type TOPCon cells, homogeneous emitters with Laser Enhanced Contact Optimization (LECO) dominate the market with around 60 percent share in 2024, projected to rise to nearly 87 percent by 2035. Selective emitters use declines with non-LECO variants phasing out by 2027. Edge passivation of separated solar cells by deposition processes also gain importance for half cells or smaller, dominating the market in a decade.
Larger modules dominate the market
At the module level, copper interconnection is projected to continue dominating the market for cell-to-cell and string interconnection. For rooftop installations, modules larger than 2.0 m² are expected to gain a higher market share starting in 2025, while those between 1.8 and 2.0 m² will maintain the largest share. Smaller modules under 1.8 m² will see their market share decline to below 6 percent over the next three years.
The module size trends for large-scale ground-mounted installations, like power plants, show a stronger shift toward larger modules compared to rooftop residential applications. Modules smaller than 2.5 m² are expected to remain niche, while those between 2.5 and 3.0 m² will dominate the power plant market. Larger power plant modules, exceeding 3 m², are projected to capture about 25 percent of the market share in the next 10 years.
Smaller module fabs for specialized applications and regional markets
The trend in module production fabs mirrors that of cell production, with factories exceeding 5 GW in annual capacity expected to dominate the future production landscape. However, smaller module fabs with capacities under 5 GW, and even under 1 GW, are anticipated to remain in operation for specialized applications and regional markets, even after 10 years. Smart fabrication topics show that batch tracking in manufacturing dominates with the increase of single piece tracking.
Industry 4.0 is shaping cell production through four automation levels, ranging from fully connected fabs (Level 1) to autonomous decision-making fabs (Level 4), with higher levels incorporating all lower ones. While Level 1 dominated in 2024 with a 78 percent share, Levels 2 and 3 are expected to lead by 2035, and Level 4 will begin entering the market from 2029 with gradual adoption.
The 16th edition ITRPV questionnaire is surveyed on a digital interactive platform that automates the analysis process of data contributions. The International Technology Roadmap for Photovoltaics (ITRPV) is updated regularly by the VDMA Photovoltaics . (hcn)
“We’ve seen that polysilicon prices have remained fairly stable over the past week, even though the sentiment was somewhat weaker a few weeks ago,” says Gerard Scheper. “Polysilicon producers are under increasing pressure due to rising inventories, partly because wafer manufacturers are struggling to ramp up production. This contributes to maintaining price stability.”
Export value of modules under pressure
According to Scheper, several market sources recently reported a sharp decline in the export value of PV modules in February. “The figures clearly show a drop,” confirms Scheper. “With an export value of 10.364 billion yuan, this represents a 28.10% decrease compared to January. Cumulatively for 2025, we also see a decline of 34.60% compared to the same period last year.”
This downturn can be partly explained by a seasonal dip in export activity, but Scheper also points to structural factors such as increased competition and changing regulations: “We’ll have to wait and see how the market recovers.”
Rising cell prices due to production growth
“Despite the export drop, we’re seeing an interesting development on the production side,” says Scheper. “Topcon183 and Topcon210 cells have increased in price from 0.3 to 0.31 yuan per watt. That may seem small, but at scale it has a significant impact. Topcon210R remained stable at 0.34 yuan.”
Wafers have also become more expensive. “This price increase is partly due to external factors such as earthquakes, prompting major producers to raise prices again,” Scheper explains.
Regarding solar cell production, Scheper notes: “For April, 63 to 64 GW of planned production is expected – over 13% higher than last month. This maintains strong demand for solar cells. But the bottleneck is currently with wafer manufacturers, who can hardly expand capacity due to challenges in production planning and hiring new staff. This has somewhat slowed growth, limiting supply and keeping prices high.”
Outlook: slight increase with possible correction
Scheper concludes with his outlook for the coming months: “All in all, we see a strengthening market. My expectation is that this trend will continue through the end of May, which is the deadline for connecting all projects to the grid. After that, we may see a slight decline in demand, leading to a downward price trend.” Accordingly, companies in the sector should make the most of this period. “Those who anticipate the peak now can gain a strategic advantage before the market corrects again.” (hcn)
After January’s signs of stabilization, February saw selective price adjustments. While some module categories — like monofacial N-type and P-type — experienced declines due to competitive pressures on popular brands, others, such as bifacial N-type and full black modules, recorded notable upticks. This divergence reflects a market balancing act between oversupply in certain segments and tightening availability in others.
Meanwhile, inverter prices continued to soften across both hybrid and on-grid categories, suggesting ongoing competition and stock normalization among suppliers. Despite these fluctuations, the strong PMI score indicates that buyers are undeterred, focusing on strategic procurement and premium technologies to meet rising demand.
The PV Purchasing Managers’ Index (PMI) remains an essential measure for assessing market sentiment and demand trends in the European solar industry. This index, derived from the purchasing intentions of over 600 users, selected from a pool of more than 24,000 registered on sun.store, offers a detailed snapshot of the market’s current condition and future direction. By gathering insights from a diverse group of installers, distributors, and other industry players, the PV PMI highlights shifting purchasing patterns, helping to track key developments in solar procurement across Europe.
sun.store
The PV Purchasing Managers’ Index (PMI) rose in February
PV PMI: Buyer confidence peaks at 73
February’s PV PMI reached 73, the highest level in recent months, underscoring a bullish outlook among solar industry stakeholders. Based on responses from 630 buyers out of over 24,000 registered users on the sun.store platform, the survey revealed:
● 58% of respondents plan to increase purchases, reflecting proactive stockpiling ahead of spring projects.
● 30% intend to maintain current order volumes, ensuring steady market activity.
● 12% anticipate a reduction in orders, a consistent minority reflecting lingering caution.
This PMI score, calculated as PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0) — where P1 is the percentage reporting improvement, P2 no change, and P3 deterioration — highlights a market poised for expansion. Key drivers include:
Stabilizing supply and selective price drops
While some module prices dipped (e.g., monofacial N-type and P-type), reflecting competitive pricing from brands like JA Solar and AIKO, others rose due to tightening stock levels. This mixed trend has encouraged buyers to secure inventory early, anticipating potential supply constraints later in the year.
Preparation for peak season
With spring installation season approaching, the high PMI score suggests buyers are locking in orders now to avoid delays or price hikes. The focus on premium technologies, such as bifacial and full black modules, further supports this strategic shift.
Robust market sentiment
The PMI jump from 71 in January to 73 in February signals growing trust in market stability. Buyers appear less focused on chasing the lowest prices and more on securing reliable supply chains and high-performance components.
Expert commentary: The market in transition
Filip Kierzkowski, Head of Partnerships and Trading at sun.store, commented: “February’s data shows the market finding its rhythm. The PMI of 73 reflects confidence that goes beyond short-term price movements. Buyers are prioritizing availability, especially on premium models, as they prepare for a busy Q2. The slight dip in some module prices hasn’t slowed activity—it’s actually spurred strategic buying. This heightened interest in modules may also stem from news of legislative changes in China, where recent pricing reforms for grid-connected renewable power are redirecting production to meet local demand. As a result, this shift could significantly impact delivery schedules to the EU in the coming months.”
Michał Kabała, Business Consultant added: “Limited availability of affordable, mainstream products has shifted buyer preference toward higher-quality, premium options offering better value. For example, Aiko modules saw a 16% price drop from January to February 2025, while Jinko prices rose by 3%.”
Module prices: a tale of two trends
February’s module pricing revealed a split narrative, with declines in monofacial categories and gains in bifacial and full black segments:
Monofacial modules:
N-type: Prices fell to €0.100/Wp (-2%), driven by competitive pricing on popular models from JA Solar and AIKO. Despite the drop, demand remained strong, supported by the shift toward high-efficiency options.
P-type: Prices declined to €0.078/Wp (-6%), reflecting softening demand for standard modules as buyers pivot to premium alternatives and stock levels normalize.
Bifacial modules:
N-type: Prices rose to €0.094/Wp (+4%), signaling robust demand for bifacial technology in large-scale projects. Tightening availability contributed to the uptick.
P-type: Insufficient sample size to establish trends.
Full black modules:
Prices increased to €0.096/Wp (+7%), driven by limited stock and strong demand for aesthetic, high-value installations. Sellers capitalized on this trend, pushing prices upward. This mixed performance suggests a market transitioning from blanket price declines to a more nuanced balance, with premium technologies gaining traction.
sun.store
Module pricing revealed declines in monofacial categories and gains in bifacial and full black segments in February.
Inverter pricing: softening across the board
Inverter prices continued their downward trajectory in February, reflecting competitive pressures and ample supply:
Hybrid inverters:
<15kW: prices eased to €121.27/kW, marking a decline of 2% from January. This subtle drop was fueled by steady demand in the residential sector, where homeowners and small installers remain active, yet suppliers ramped up competition to capture this consistent market share. The result? A slight price adjustment downward as brands vie for dominance in this popular category.
>15kW: larger hybrid inverters saw prices slip to €88.55/kW, a modest decrease of 1%. This gentle softening hints at a cooling in orders for bigger hybrid systems, possibly as buyers shift focus toward on-grid solutions or pause to reassess needs ahead of peak installation months. Even so, the change is small, suggesting this segment remains stable but not immune to broader competitive pressures.
sun.store
Inverter prices continued their downward trajectory in February.
On-grid inverters:
<15kW: smaller systems saw prices fall to €55.64/kW, a reduction of 2% from the previous month. This decline reflects a market flush with stable stock levels, where manufacturers and distributors are feeling the heat of ongoing price pressure. With supply readily available, buyers in this segment—often tied to residential and small commercial projects—benefit from suppliers’ efforts to stay competitive.
>15kW: larger on-grid inverters experienced a slightly steeper drop, landing at €24.95/kW after a 3% decrease. This more pronounced shift points to a competitive push among suppliers catering to utility-scale and commercial installations. As these players jostle for position in a segment with steady but price-sensitive demand, the lower prices suggest an effort to clear inventory or attract bulk orders as Q1 progresses.
Brand preferences: LONGI, Sungrow and Huawei lead
February’s transaction data highlighted shifting brand preferences:
Modules: LONGI emerged as the top choice, overtaking Jinko Solar, thanks to its competitive pricing and reliability in both monofacial and bifacial categories.
Inverters:<15kW: Sungrow took the lead, reinforcing its dominance in residential and small commercial systems.
>15kW: Huawei surged ahead, favored for its performance in larger installations.
These preferences underscore buyers’ focus on trusted brands delivering value and efficiency amid evolving market conditions.
Outlook for the coming months
With a PMI of 73 and demand for premium modules on the rise, the European solar market is entering spring with momentum. While selective price drops persist, the increases in bifacial and full black categories — coupled with tightening stock — suggest a shift toward a more balanced supply-demand dynamic.The next few months will test whether this confidence translates into sustained growth, but February’s data paints an optimistic picture. Buyers are acting decisively, and the market appears well-positioned for an active 2025.
About – pv.index & The PV Purchasing Managers’ Index (PV PMI)
pv.index tracks monthly trading prices for solar components, based on data from sun.store, Europe’s largest online PV trading platform with over 8.9 GW of components available. Prices are weighted by transaction power to provide a reliable market estimate.The PV PMI gauges demand sentiment in the PV industry, with scores above 50 indicating expansion. It’s calculated from a sample of 630+ sun.store buyers, offering a snapshot of purchasing intentions across Europe.The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 900+ sun.store buyers. (hcn)
High US tariffs on Chinese solar cells means that Europe is becoming a more important export market for Chinese solar companies. The incoming Trump government might raise tariffs on Chinese goods even higher so the Chinese are now in a hurry to get goods into the US before Trump takes office. After that, focus will be on the EU.
There are reports that solar panels are being sold for under €0.06/W in the EU. Short-term good for the consumer, perhaps? Maybe, but not necessarily. With solar panels + inverters for under €0.1/W, further reductions will not lead to much lower prices for the end consumer. The bottom has probably been reached.
Asian price dumping disaster for the European cell manufacturing industry
Long-term this is bad for the environment since silicon solar panels transported across half the world are not nearly as environmentally friendly as locally solar cells produced with green energy.
For the European solar cell manufacturing industry the Asian price dumping is a disaster. There is a lot of solar cell manufacturing capacity being built in the USA, shielded by the tariffs. But the lack of European tariffs means that the EU is basically in a process of closing down its own solar cell manufacturing. India recently announced that it is banning import of solar panels from China, to protect its own industry. It is a crucial economic and geopolitical decision. The EU is doing… nothing.
A bright future for battery storage
More renewable energy in the electricity system provides an incredibly bright future for small, medium and large-scale battery storage. The market is growing at record speed and government subsidies enhance this development. The benefits are many: A more stable electricity system, good preparedness for power cuts and reduced costs for the individual and society. The trend is clear; local and central storage of energy is on the rise.
The cost of the electricity grid will be controlled by instantaneous power and not consumed energy. Capacity tariffs are being introduced in an increasing number of markets which will change consumer patterns. With the cost of electricity being controlled by e.g. how much power you take from the grid rather than merely kWh consumed, the system will favour the use of electricity at night when households and industry consume less electricity. But it will also, naturally, favour households and businesses producing their own electricity with no or less need to buy electricity from the grid.
This is basically a good thing as I would rather see capacity tariffs than the weird variable charge per kWh used. Wires are not worn out by electricity passing through them, so a variable electricity grid fee is much less suitable and logical than a capacity tariff. The “fixed” electricity cost should only consist of capacity tariffs.
Boom for rooftop solar energy
An electricity grid with very intermittent electricity production (wind, solar) will benefit solar cell installations on roofs instead of large solar parks. Electricity production “behind the electricity meter” on your own roof is much more profitable than feeding electricity into the main grid from a solar farm. On a factory roof, electricity consumption in the factory decreases and makes the network more stable.
This together with the EU’s new directive that new buildings in public environments and subsequently all new buildings must be equipped with solar cells, create perfect conditions for a solar rooftop boom which will increase the proportion of solar panels on roofs in relation to large solar parks across the EU.
This is also an area where specialized European solar cells manufacturers can compete with Chinese producers of silicon solar panels. The latter are cheap and quite simple products. But they (and their racks) are heavy, too heavy for most roofs. So European manufacturers of more sophisticated products like thin film solar cells that are suitable for roofs and maybe even vehicles and various devices can find a large and profitable niche here. (Sven Lindström/hcn)
More about the author:Sven Lindström, co-founder and Executive Vice President of Midsummer, has over 20 years of experience from international business and development of high-tech production equipment, including advanced solar energy solutions.
The PV Purchasing Managers’ Index (PMI) continues to be a vital tool for gauging market sentiment and demand patterns in the European solar sector. This indicator, based on purchasing intentions gathered from a sample of nearly 600 users out of more than 20,000 registered on the sun.store platform, offers a comprehensive view of the industry’s current state and anticipated trajectory. By capturing input from a diverse range of participants—including installers, distributors, and other stakeholders—the PV PMI provides detailed insights into evolving purchasing behaviors across Europe.
Market sentiment: adjusting to seasonal trends
The PV PMI for December registered at 67, reflecting a slight decline from November’s 68. While the drop may appear minor, it highlights the seasonal adjustments that often characterize the solar industry during the year-end period. Factors such as holiday schedules, slowed installation activity due to winter conditions, and strategic procurement decisions all contributed to this slight shift. Despite these challenges, the market has demonstrated remarkable stability and resilience.
Buyers remain optimistic, with 50% of respondents planning to increase purchases—a testament to the growing confidence in the industry despite external pressures. Meanwhile, 34% intended to maintain their current purchasing levels, suggesting that a significant portion of the market is holding steady, likely awaiting new projects and regulatory developments in the coming year. Only 16% of buyers anticipated reducing their orders, underscoring the ongoing demand for high-quality solar components even during traditionally slower months.
sun.store
The PV Purchasing Managers’ Index (PMI) felt slightly in December.
This balanced sentiment reflects a broader trend of strategic planning within the industry. As procurement activities adapt to seasonal dynamics, buyers are leveraging competitive pricing and preparing for an active start to 2025. December’s PMI results serve as a strong indicator that the European solar market continues to thrive, supported by consistent demand and forward-looking purchasing strategies.
Filip Kierzkowski, Head of Partnerships and Trading at sun.store, commented: “The slight decline in PMI is expected during the holiday season. However, the consistent level of demand underscores the strength of Europe’s solar market. December’s activity indicates that buyers are strategically preparing for a robust start to 2025 by capitalizing on competitive year-end deals and securing high-quality components.”
Panel prices: marked declines across categories
December continued the trend of falling solar panel prices, driven by intense market competition and year-end stock clearance efforts by suppliers. These price adjustments, while expected during this period, underscore the ongoing oversupply challenges within the European solar market. Buyers have taken advantage of these reduced costs to secure high-quality components at attractive rates, positioning themselves for upcoming projects in 2025.
sun.store
Monofacial P-type solar modules prices felt sharply again in December.
Monofacial modules: N-type: Prices remained steady at €0.091/Wp, reflecting a plateau in this category. This stability may indicate that the market has found a temporary equilibrium, especially for high-efficiency panels that continue to attract consistent demand.
P-type: Prices dropped significantly to €0.077/Wp, marking a notable 13% decline compared to November. This steep reduction highlights efforts by manufacturers to move older stock and remain competitive, particularly in the face of shifting buyer preferences toward advanced technologies.
Bifacial modules:
N-type: Prices declined by 5% to €0.088/Wp, as oversupply in this segment pushed prices downward. This category, often sought after for its dual-sided energy generation capabilities, continues to see pricing pressures from increased production and market saturation.
P-type: Insufficient sample size to establish trends for this category.
Full black modules:
Prices experienced a 2% decline, settling at €0.088/Wp. This modest reduction reflects both seasonal dynamics and the sustained interest in aesthetically pleasing panels, often favored for residential and premium projects. The persistent price reductions across most panel categories indicate a buyer’s market, where competitive pricing remains a key driver of purchasing decisions. These lower price points not only enhance the accessibility of solar technology but also pave the way for a strong start to 2025, as buyers stock up on affordable, high-quality components for new installations.
Inverter prices in December exhibited diverse patterns, shaped by evolving purchasing strategies and shifting buyer preferences. These movements reflect the nuanced dynamics of the solar market as the year drew to a close, with procurement choices heavily influenced by project needs and inventory availability.
sun.store
Prices for hybrid inverters >15kW increased in December, all other categories felt.
Hybrid Inverters: <15kW: Prices fell by 7%, landing at €118.19/kW. This decline can be attributed to year-end inventory adjustments, as suppliers aimed to clear stock before the start of 2025. The demand for smaller hybrid inverters remained consistent, primarily driven by residential installations and smaller commercial projects.
>15kW: Prices increased by 12%, reaching €94.56/kW. This rise reflects a shift in purchasing patterns in December, with buyers focusing on mid-range systems in the 20–25kW range. The lack of bulk purchases for larger capacities, such as 50kW units, pushed the average price higher.
On-grid Inverters:
<15kW: Prices declined by 8%, settling at €57.71/kW. This drop indicates a continued adjustment in the residential segment, where competition remains fierce, and suppliers are eager to position themselves competitively for 2025.
>15kW: Prices experienced a modest 3% decline, falling to €25.45/kW. The relatively stable demand for larger on-grid systems reflects the sustained interest in utility-scale and large commercial installations, albeit with a cautious approach to year-end procurement.
Brand preferences: Jinko and Solis dominate
In December, JA Solar led the panel market, favored for its reliability and efficiency. For inverters, Sungrow dominated the <15kW segment, while Huawei secured the top spot for >15kW systems, reflecting strong demand for high-performance solutions across diverse projects.
Reflections on 2024 and outlook for 2025
As 2024 draws to a close, sun.store celebrates another milestone year, with steady demand and significant growth across European markets. The platform now boasts over 20,000 registered users, over 600 MW of components were traded in 2024, showcasing the accelerating adoption of solar technologies across the continent.
Agata Krawiec-Rokita, Co-founder and CEO of sun.store, shared her perspective on the year and future trends: “2024 was a year of resilience and adaptation for the European solar market. Despite economic uncertainties and seasonal fluctuations, the industry continued to grow, supported by increasing demand for renewable energy and technological advancements. Looking ahead to 2025, we anticipate a greater focus on energy storage solutions and hybrid systems as installers and buyers seek more integrated and efficient solar setups. Our goal at sun.store is to remain at the forefront, providing unmatched access to high-quality components and insights to empower the industry.“
„As we step into 2025, the European solar market is poised for further growth. Regulatory support for renewables, alongside continued price competitiveness, sets the stage for another transformative year. With evolving buyer preferences and increasing demand for integrated systems, sun.store remains committed to leading the industry with its innovative marketplace solutions and data-driven insights“, Agata Krawiec-Rokita said.
About – pv.index & The PV Purchasing Managers’ Index (PV PMI)
PV Index traces current trading prices for solar components on a monthly basis. Data is recorded on sun.store, a online PV trading platform with 7.8 GW+ of components on offer. Trading prices are weighted by the power of components involved in the transactions to arrive at a reliable estimate for the whole market.
The PV Purchasing Managers’ Index (PV PMI) is a measure indicating the overall sentiment towards the demand in the PV industry. PV PMI shows whether demand is expected to expand (above 50), remain stable, or contract (below 50), as perceived by purchasing managers.
The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 800+ sun.store buyers. (hcn)
It may sound crazy, but the loss of Chinese tax breaks that will lead to higher solar panel prices is good news for the solar energy sector. One of the reasons that the demand for solar panels has declined worldwide is the ever-decreasing price. After all, this makes it interesting to postpone the purchase.
That is now changing, because since December 1, the Chinese government has reduced the export tax refund by 4 percent. Chinese manufacturers of solar panels can now only get 9 percent of this tax back. “The remaining 9 percent will also be lost in the first half of 2025,” says Scheper.
“The Chinese government is done with it. The Chinese economy has been doing less well than desired for some time and this tax benefit for solar panels is seen as unnecessary. The prices of solar panels, wafers and cells can hardly be lower, so why do you need a tax break any longer? These can be the first signs of a curve bend towards price increases. Then postponing the purchase becomes less and less interesting.“
„Storage really seen as the new gold“
This does not mean that the problems are over, as consumer demand worldwide is lower than expected and lower than supply. This has created production overcapacity worldwide that Scheper estimates to be potentially around “50 to 100 percent”. According to SolarPower Europe’s EU Market Outlook for Solar Power 2024-2028, the number of installed solar panels in half of the top 10 countries was lower than last year. In addition to the Netherlands, these are Spain, Poland, Austria and Hungary.
The other top 10 countries (Germany, Italy, France, Greece and Portugal) did see their installation figures grow, but much less strong than in 2023. While the number of installed solar panels in 2023 was 40 percent higher than in 2022, the number of installed solar panels is expected to increase by only 4 percent in 2024.
“During and after the COVID 19 pandemic, many investers stepped into the solar energy sector because huge growth figures were being achieved. They now think: ‘What a crazy market this is.’ It has only cost them money. Partly because of this, solar panels are not popular with investors, but also because the manufacturers’ products are fairly interchangeable. Inverters are already a bit more complex, so there is a little more margin on them. But storage is really seen as the new gold,” says Scheper.
„Best for companies to work together as much as possible“
“What many people thought is that the solar energy sector would step aside and start doing storage now, but that turns out not to be so easy. Both home batteries and large-scale battery installations are not plug-and-play modules. You have to be able to install them, provide associated software and maintenance service, and to be able to act you have to work with local parties. This creates a new playing field and it is not at all certain who the winners of battery sales will be.“
According to Scheper, this has created another situation in which many technicians are without financial resources and many investors without the right technical knowledge. “That offers an opportunity for companies, but that is easier said than done, because where is the added value of your company? The technical knowledge of batteries is not necessarily in the solar energy sector and the financial resources are not widely available at the moment. It is therefore best for companies to work together as much as possible, for example with logistics and purchasing, and thus offer added value to technicians and investors.“ (GS/hcn)
The PV Purchasing Managers’ Index (PMI) remains a cornerstone for understanding market sentiment and demand trends in the European solar industry. This metric, derived from the purchasing intentions of over 20,000 registered users on the sun.store platform, serves as a valuable barometer of the industry’s health and future direction. With consistent participation from a diverse network of buyers—spanning installers, distributors, and many others—the PV PMI captures the nuanced shifts in purchasing behavior across the continent.
Sustained demand in a challenging market
In November, the PMI held steady at 68, maintaining the same level as in October. While this stability suggests resilience in demand, it also reflects a market that is cautiously navigating seasonal transitions and broader economic uncertainties. Buyers appear to be adjusting their strategies as the year-end approaches, with 51% planning to increase their purchases, a slight uptick from 50% last month. Meanwhile, 35% intend to maintain their current buying levels, and only 14% anticipate reducing their orders.
sun.store
The Purchase Managers‘ Index in November 2024 was stable.
This balance indicates that the European solar market continues to demonstrate robust confidence, even in the face of declining prices. The steady PMI underscores the ongoing commitment of buyers to secure high-quality components, leveraging favorable pricing trends to optimize their procurement strategies. As seasonal factors influence installation timelines and stock replenishment, the consistent PMI provides a reassuring signal that demand for solar solutions remains strong as the industry gears up for the coming year.
Filip Kierzkowski, Head of Partnerships & Trading, shared his perspective: “This steady PMI demonstrates the resilience of the European solar market, even as we enter the traditionally slower months. It’s encouraging to see consistent interest in high-quality components, despite external challenges.”
sun.store
Development of PV panel prices since January 2024.
Key price trends for November: panels
Monofacial modules:
N-type: Prices fell by 7% to €0.091/Wp from €0.098/Wp in October. This decline reflects ongoing efforts by sellers to clear inventories ahead of year-end.
P-type: A more modest 2% drop brought prices to €0.088/Wp, down from €0.090/Wp, indicating relative stability in this category.
Bifacial modules:
N-type: Prices saw a significant 10% decline, reaching €0.093/Wp from €0.103/Wp, driven by intensified competition and surplus stock.
P-type: Insufficient sample size to establish trends for this category.
Full black modules:
Prices dropped by 9%, landing at €0.090/Wp, down from €0.099/Wp in October. The continued price decline highlights sustained oversupply and heightened competition among suppliers
Inverter pricing: mixed movements
Hybrid inverters showing both increases and decreases depending on capacity, while on-grid inverters generally experienced declines across the board.
Hybrid Inverters:
<15kW: Prices rose by 7% to €127.18/kW, up from €119.25/kW in October. This uptick reflects increased demand for advanced residential solutions, particularly premium brands like Huawei.
15+ kW: Prices fell by 7% to €84.32/kW, down from €90.69/kW. Larger systems faced slower demand due to a shift in buyer focus toward smaller, more flexible installations.
On-grid Inverters:
<15kW: Prices dropped by 8%, reaching €62.45/kW compared to €67.85/kW in October. This decline is attributed to weaker residential demand as seasonal factors take hold.
15+ kW: Prices dipped by 3% to €26.24/kW, down from €27.11/kW, signaling stabilized demand in larger-scale projects.
Krzysztof Rejek, Head of Business Development at sun.store, offered insights into the trends: “The downward pricing trend persisted in November, with all segments hitting new lows—some module offers even nearing €0.05/Wp. Distributors continue their stock liquidation strategies, driven by end-of-year warehouse clearance efforts.“
„Looking ahead to December, we anticipate a slight uptick in prices due to China’s limited production capacity and a reduction in export tax rebates for modules. However, the availability of discounted stock from distressed distributors is likely to keep the overall average prices at competitive levels“, Krzysztof Rejek stresses.
Brand preferences: Jinko and Solis dominate
Jinko Solar continued to lead across all panel categories—maintaining its position as the top choice among sun.store users. For inverters, Solis remained the preferred brand for systems under 15kW, while Huawei held its dominance in the 15+ kW category, reflecting their strong reputation for reliability and performance in larger installations.
In summary
The November pv.index paints a clear picture of a market marked by steady demand and competitive pricing. Panel prices continue to trend downward, while inverter categories present a mixed bag of price changes influenced by evolving buyer preferences and year-end dynamics.
About – pv.index & The PV Purchasing Managers’ Index (PV PMI)
pv.index traces current trading prices for solar components on a monthly basis. Data is recorded on sun.store, a leading online PV trading platform with 7.8 GW+ of components on offer and more than 20,000 registered users. Trading prices are weighted by the power of components involved in the transactions to arrive at a reliable estimate for the whole market.
The PV Purchasing Managers’ Index (PV PMI) is a measure indicating the overall sentiment towards the demand in the PV industry. PV PMI shows whether demand is expected to expand (above 50), remain stable, or contract (below 50), as perceived by purchasing managers.
The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 800+ sun.store buyers. (hcn)
In October, the PV Purchasing Managers’ Index (PMI) slightly declined, settling back to 68, which matches the level from August. This decrease comes after a brief uptick in September, indicating a cautious approach as the industry moves towards year-end. Buyers are adjusting their purchasing plans with the season’s end in sight, yet confidence remains relatively stable, with 50% of respondents planning to increase their orders, 37% intending to maintain current levels, and only 13% anticipating a reduction. This steady demand outlook suggests that, despite price fluctuations, optimism persists across Europe’s solar market.
This confidence reflects resilience in the European PV market, even as the sector contends with seasonal and economic factors. As noted by Krzysztof Rejek, Head of Business Development at sun.store: „The stable PMI at 68 shows that the demand for solar components remains strong, yet slighltly decreasing versus previous months. Seasonal factors, coupled with a reduction in installation activities as winter approaches, have influenced purchasing behavior. However, the industry is still vibrant, and we’re seeing a steady demand for high-quality components.“
sun.store
The PV Purchasing Managers’ Index (PMI) slightly declined in October 2024.
Panel and inverter pricing
Panel prices show mixed trends
October continued the downward price trend across most PV panel categories. Notably:
Monofacial modules:
N-type: prices fell by 15%, landing at €0.098/Wp, down from last month’s €0.105/Wp, as oversupply persists.
P-type: prices for P-type modules showed a modest decrease of 1%, now at €0.090/Wp, compared to €0.091/Wp in September, suggesting relative price stability in this segment.
Bifacial modules:
N-type: modules saw a notable 10% drop, reaching €0.103/Wp, down from €0.114/Wp in September, indicative of competitive pressures and market saturation.
P-type: sample size was too limited to determine a conclusive trend this month.
Full black modules:
Full black modules experienced a price decline of 9%, moving to €0.099/Wp, compared to €0.109/Wp last month, reflecting a steady oversupply and competition among suppliers.
sun.store
PV inverters prices in October 2024.
Inverter prices reveal nuanced shifts
For the first time inverters are included in the pv.index. “We’re excited to introduce a more detailed breakdown in the inverter market”, Agata Krawiec-Rokita, CEO of sun.store, commented.
Hybrid Inverters:
<15kW: Prices have decreased by 7% over the last three months, from €128/kW to €119.25/kW. This reduction aligns with slightly lower-than-expected demand for residential installations, coupled with constant oversupply, prompting suppliers to adjust prices for smaller capacity units.
15+ kW: Larger hybrid inverters experienced a 5% price drop between August and September, stabilizing in autumn (September to October) with a slight 1% increase to €90.69/kW, up from €90.18/kW last month. This increase reflects a shift towards premium brands, such as Huawei, indicating a preference for high-quality products in larger-scale projects.
On-grid Inverters:
<15kW: A 13% drop in string inverters for residential use shows both a shift to hybrid options and downward pricing trends in the residential segment. The average price for smaller on-grid inverters fell by 2%, reaching €67.85/kW from €69.21/kW in September, suggesting a price recalibration as the market stabilizes following the summer peak.
15+ kW: Inverters over 15 kW in the on-grid category experienced a 2% rise, with prices increasing to €27.11/kW from €26.49/kW. As with hybrid inverters, this increase is largely driven by a preference for higher-performance brands, reinforcing the trend toward premium choices in larger installations.
Krzysztof Rejek, Head of Business Developmentat sun.store, comments on the current pricing dynamics: „The trend of module stock devaluation continues with sellers trying to increase their sales figures. We expect for that situation to remain actual especially due to upcoming Black Friday promotions and year-end clearances. This trend allows buyers to secure top-quality components much below regular costs, fueling demand and opening up new opportunities for projects across Europe. We anticipate these attractive prices will continue, providing a unique chance for our users to capitalize on some of the best deals of the year.“
In terms of brand preference, Jinko Solar dominated across all panel categories (Monofacial, Bifacial, and Full Black), continuing its streak as a top choice among sun.store users. For inverters, Solis emerged as the preferred brand for systems under 15kW, while Sungrow led in the 15+ kW category, demonstrating a strong demand for reliable, high-performance equipment in larger installations.
About – pv.index & The PV Purchasing Managers’ Index (PV PMI)
pv.index traces current trading prices for solar components on a monthly basis. Data is recorded on sun.store, a online PV trading platform with 7.8 GW+ of components on offer. Trading prices are weighted by the power of components involved in the transactions to arrive at a reliable estimate for the whole market.
The PV Purchasing Managers’ Index (PV PMI) is a measure indicating the overall sentiment towards the demand in the PV industry. PV PMI shows whether demand is expected to expand (above 50), remain stable, or contract (below 50), as perceived by purchasing managers.
The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 800+ sun.store buyers. (hcn)
