Photovoltaic power module shipments

Global photovoltaic module shipments reached 703 GW in 2024, with China dominating production and n-type TOPCon modules leading the market.

Global Shipment Overview

In 2024, worldwide PV module shipments totaled 703 GW, marking a significant increase from previous years, driven by falling module prices and continued adoption of solar energy. Bloomberg estimated global PV installations at 592 GW in 2024, a 33% increase compared to 2023. The top ten manufacturers shipped around 502 GW, up 22% year-on-year, with the top four companies—Jinko, Longi, JA Solar, and Trina—accounting for 63% of the top ten's total volume.

Regional and Manufacturing Insights

China remains the dominant hub for PV manufacturing, controlling over 80% of global production across all stages, including polysilicon, wafers, cells, and modules. This concentration has enabled economies of scale, cost reductions, and technological innovation, although it also introduces geopolitical and supply chain risks. Other notable manufacturing regions include the United States and Malaysia, but their shares are significantly smaller.

Technology Trends

Crystalline silicon PV technologies continue to dominate, representing 98% of the market, with n-type TOPCon modules accounting for nearly 70% of shipments.

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C modules make up about 22%, while back-contact (BC) products account for 3%. Advanced technologies such as silicon heterojunction (SHJ), back-contact (BC), TOPCon-based back-contact (TBC), and heterojunction-based back-contact (HBC) are expected to gain market share in the coming years. Module formats are increasingly standardized, with rectangular sizes dominating shipments.

Market Dynamics and Pricing

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V module prices dropped by 33% in 2024 compared to the end of 2023, reflecting oversupply and competitive pressures. Manufacturers are focusing on product quality and efficiency improvements, including laser-enhanced contact optimization (LECO) and edge passivation techniques, to maintain competitiveness.

Outlook

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V capacity additions are projected to grow from 655 GW in 2025 to 930 GW by 2029, indicating continued expansion of the solar market. While China will remain a key player, regions like India, North America, and Europe are expected to see increasing contributions to annual installations. In summary, photovoltaic module shipments are growing rapidly, led by China and advanced n-type TOPCon technologies, with global shipments surpassing 700 GW in 2024 and continued expansion expected in the coming years.