Solar Module Prices Plummet 50% in 2023: ITRPV Report

Jun 6, 2024 11:00 AM ET
  • ITRPV reveals solar module prices halved in 2023, driving industry growth. Global PV capacity hits 1.6 TW, with n-type wafers set to dominate market. Exciting advancements ahead!

The International Technology Roadmap for Photovoltaic (ITRPV) reported that solar module prices dropped by 50% in 2023, driving growth in the industry. The report, published by the German engineering association VDMA, revealed that global installed PV capacity reached 1.6 TW by the end of last year. Module shipments hit a record high of 502 GW in 2023, with crystalline silicon PV technology dominating the market at 97%.

Analysts predict that n-type wafers will surpass p-type materials this year, with n-type TOPCon expected to replace p-type PERC as the market leader. The roadmap also anticipates the mass production of tandem silicon solar cells by 2027. Efforts to reduce material consumption, increase factory throughput, and favor larger wafer formats are also highlighted in the report. Module sizes ranging from 1.8 m² to 2.0 m² are expected to dominate the rooftop segment, while larger modules from 2.5 m² to 3.0 m² will lead the PV power plant market.

What factors are driving the growth of the solar industry according to ITRPV report?

  • Decrease in solar module prices by 50% in 2023
  • Global installed PV capacity reaching 1.6 TW by the end of last year
  • Record high module shipments of 502 GW in 2023
  • Dominance of crystalline silicon PV technology in the market at 97%
  • Prediction of n-type wafers surpassing p-type materials this year
  • Anticipation of n-type TOPCon replacing p-type PERC as market leader
  • Expectation of mass production of tandem silicon solar cells by 2027
  • Focus on reducing material consumption and increasing factory throughput
  • Preference for larger wafer formats in the industry
  • Dominance of module sizes ranging from 1.8 m² to 2.0 m² in the rooftop segment
  • Larger modules from 2.5 m² to 3.0 m² leading the PV power plant market

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