The global solar market is reaching all-time highs in installation volume and new lows in module prices. BloombergNEF has raised its construction forecast once again, particularly due to acceleration in China, but also due to rapid construction in other established markets, and updates on the global situation from Q3 2023.
Polysilicon manufacturers have cut production somewhat and prices have stabilized, but BNEF continues to expect a huge oversupply in the second half of 2023. Margins across the PV value chain are under pressure as competition it is intense among Chinese manufacturers and module inventory is high in Europe and other large markets.
The price of standard solar modules reached an all-time low of 16.5 US cents per watt in August 2023, and is expected to decline further by the end of the year.