Key takeaways
The Modules with a power rating above 600 W grew from 6 to 25 by the end of 2023, maintaining a share of 40%-45% through H1 2024
Residential segment modules in the 500-600 W range increased from 5 to 23 between 2022 and H1 2024, with their share rising from 30% to 40%
Below 500 W modules saw fluctuating product counts, falling to 8 by end-2023, but Qcells' entry in H1 2024 shows renewed interest
Power is the most important characteristic of a module, next to efficiency, given it also serves as the primary sales metric for a PV panel. Furthermore, power indirectly determines the module's application since it generally relates to size. Although there is no hard and fast rule, solar modules are typically categorized into different applications based on their power rating. Usually, modules with a power rating of less than 500 W are preferred for residential applications, 500 to 600 W for commercial and industrial (C&I) applications, and above 600 W for utility installations. We have also followed the same analogy for power analysis.
When we look at the product count of modules bifurcated into these 3 power classes, the TOP SOLAR MODULES listing is clearly dominated by high-power modules with a rating of greater than 600 W. The number of products increased steadily from 6 to 14 by the end of 2022, and then to 25 by the end of 2023, and staying steady through H1 2024. However, its share has been the most consistent overall, varying mostly from 40% to 45%. This trend also continued throughout H1 2024. The other classes have been fluctuating much more. The count of products in the 500 W to 600 W power output range increased from 5 to 10 by the end of 2022, and to 22 by the end of 2023. During the first 6 months of 2024, the product count increased by 1 to 23. This power class was in the growth mode at least during H2 2023 and continued to be so in the first half of 2024. Its relative share increased from 30% to 40% over the 2.5 years (See Analysis Of Cell Technology Trends).
The number of small modules increased from 6 to 10 by the end of 2022, while slightly decreasing to 8 by December 2023. This power class also won one more follower – Qcells – during H1 2024. This class lost half its share in the total count of products from the beginning of 2022 to December 2023, from 30% to 15%, rising marginally to 16% during the first 6 months of 2024. Together with the fact that the residential segment is booming, the indications are clear that more and more module makers are promoting modules above 500 W also for this application.
The TaiyangNews TOP SOLAR MODULES H1/2024 Report summarizes the key findings from over 30 editions published during 2022 and H1/2024. Download the free report here.