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After years of significant growth, the solar industry faced tough market conditions in 2024.
Recently, various listed companies in the solar sector successively released their annual reports for 2023 and first-quarter reports for 2024. Looking at overall operations in 2023, leading companies in solar modules, silicon wafers, battery cells, and inverters performed well initially. Industry leaders Tongwei and LONGi both achieved over $15 billion in net profit attributable to shareholders, while JinkoSolar, JA Solar, Trina Solar, and Canadian Solar, among others, recorded net profits exceeding $7 billion.
However, starting in the fourth quarter of 2023, market dynamics shifted dramatically. With a sharp decline in prices across the entire photovoltaic supply chain, leading module manufacturers began incurring heavy losses, with total sector losses reaching as high as $4.05 billion.
In the first quarter of 2024, the scope of these losses expanded further. For example:
LONGi (Top Global Solar Module Brand)
- 2023 Full-Year Net Profit: $15.75 Billion
- 2023 Q4 Net Profit: -$1.39 Billion
- 2024 Q1 Net Profit: -$3.48 Billion (Year-on-Year Decrease of -164.61%)
LONGi, one of the top three global solar panel brands, saw its net profit plummet from -$1.39 billion in Q4 2023 to -$3.48 billion in Q1 2024—more than doubling its losses in a remarkably short period.
Even solar companies that managed to avoid outright losses reported substantial year-on-year drops in net profits, with only three listed companies showing positive growth. In contrast, solar inverter manufacturers performed slightly better with no net losses reported; however, over 85% of solar companies experienced a sharp decline in first-quarter net profits.
What’s Next for the Solar Industry?
According to PV Magazine, Germany awarded 2.23 GW in its ground-mounted PV tender, with winning bids dropping to as low as €0.0362/kWh. In a previous utility-scale tender held in August 2023, the German Federal Network Agency (Bundesnetzagentur) allocated 1.6 GW of PV capacity at an average award price of €0.0647/kWh.
This significant drop in production and system costs compared to 2021 and 2022 means that supply chain overcapacity remains a major hurdle for equipment manufacturers. Nevertheless, the global solar industry will inevitably continue to grow due to its undeniable cost advantages.
Lower equipment costs act as a catalyst, making solar power even more competitive against traditional grid electricity. As grid parity becomes widespread, residential and commercial adoption of solar energy storage systems and high-efficiency solar batteries will see exponential growth globally.
