pv.index – September 2024

Demand rebounds as prices continue to decline 

The European PV market showed renewed vigor in September, as the PV Purchasing Managers’ Index (PMI) saw a notable uptick to 71, up from 68 in August. This indicates a clear resurgence in demand despite ongoing price declines in the solar component market. Solar panel prices continued their downward trajectory across nearly all categories, with significant drops observed in both monofacial and bifacial segments.

The PV PMI (PV Purchasing Managers’ Index), purchasing intentions from buyers across the sun.store platform, continues to provide a valuable lens into the industry’s direction. sun.store, Europe’s largest solar marketplace, is central to these market insights, with over 16,500 registered users and more than 7 GW of equipment available from a diverse range of suppliers. This month’s index reveals increasing buyer confidence as 54% of respondents plan to boost their purchasing in October, a significant rise from 49% in September. 

PV PMI: Buyer confidence bounces back 

September marked a welcome resurgence in market optimism, with the PV PMI climbing to 71. This jump highlights the renewed confidence buyers have in the solar market, with over half of respondents signaling plans to increase their purchases in the coming month. Meanwhile, the percentage of buyers intending to reduce their orders fell slightly to 11%, indicating that overall sentiment is stabilizing after the summer lull. While 36% of respondents plan to maintain current purchasing levels, this strong PMI reading suggests growing momentum as the market heads into the final quarter of the year. 

pv.index – Price trends: further declines across the board:

Despite the increase in demand, solar component prices continued to decline in September. This price reduction can largely be attributed to excess supply, which continues to pressure the market. 

Monofacial modules:  

N-type: modules saw a further 1% reduction, with average prices dropping from €0.106/Wp in August to €0.105/Wp in September. 

P-type: modules experienced a steeper decline of 9%, falling from €0.100/Wp in August to €0.091/Wp. 

Bifacial modules: 

N-type: modules experienced a steeper decline of 9%, falling from €0.100/Wp in August to €0.091/Wp. 

P-type: too small sample to calculate the trend. 

Full black modules:  

Remained steady this month, holding at €0.109/Wp, after dropping significantly in previous months. 

This steady reduction in prices is reflective of an oversupplied market, with many manufacturers continuing to offload stock at competitive prices. The PV index consistently highlights these trends, offering detailed visibility into transactional pricing across sun.store’s vast European network. 

Jinko Solar continues to dominate 

For yet another month, Jinko Solar was the most popular brand among buyers on sun.store. This reflects Jinko’s consistent ability to provide high-quality, competitively priced products, even in a volatile market. As competition tightens among suppliers, Jinko’s dominance underscores the importance of reliable, well-regarded manufacturers in maintaining market confidence. 

Victor Cantareli, International Business Development Manager at sun.store, offered his insights into the current dynamics: Having exposure to several markets—from the UK & Ireland to the Nordics and Portugal—I’ve observed first-hand a resurgence in both equipment purchases and installations over the past month. Market dynamics do vary significantly between countries, but the overall outlook remains positive as we head into the final quarter of the year, with more projects and contracts being signed. Despite the noticeable slowdown in August, as highlighted in our previous report, some of my key accounts achieved record project sales, with procurement activities already picking up pace for Q4 2024. 

As the PV industry moves into the final quarter of 2024, the rebound in demand and the ongoing price declines are setting the stage for what could be an interesting conclusion to the year. With new projects in the pipeline and growing interest in solar solutions, all eyes are on the market’s next moves. sun.store, with its extensive network and insights, remains a key player in navigating these changes. 

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, the biggest online PV trading platform with 7 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 500+ sun.store buyers.