The share of modules rated above 600 W grew from 41% in 2023 to 45% in 2024, with product numbers increasing from 14 to 26 over 2 years
After peaking at 40% in December 2023, the share of mid-power 500 to 600 W modules dropped to 38% in 2024, with the product count decreasing from 22 to 20
The representation of the < 500 W power class fell significantly, from a 29% share in early 2023 to just 13% by the end of 2024, with the product count dropping from 10 to 7
For a solar module, its wattage speaks the loudest after efficiency. A module’s rated power is not just a performance measure but it also reflects the product’s market appeal. After all, power is the sales metric of a solar module. Thus, to complement our efficiency analysis, we've included a high-level evaluation of module power. For our TaiyangNews TOP SOLAR MODULES Analysis 2024 report, we’ve considered 2 parameters: the power development of the top 3 power ratings, and the top power rating of each technology (see IBC Technology: Efficiency Leader With Limited Representation In 2024).
As with efficiency, we also divided power into different classes. Although there is no hard and fast rule, the rationale here is that solar modules are typically categorized into different applications based on their power rating. Usually, module sizes typically resulting in 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 product shares 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. Overall, this power class has grown most consistently. Its share grew slightly from 41% to 45%, growing from 14 to 25 products over 2023. In 2024, while the percentage point increase in shares was the same 4%, the product count increased only by one to a total of 26 (see Progress Of TOPCon Technology In 2024).
In the next band of 500 W to 600 W, the share percentage fluctuated quite a bit in 2023. Starting at 29% in January, the product count of 10 more than doubled to 22 by December, accounting for a share of 40%. By the end of 2024, the share dropped marginally to 38%, as did the number of products to 20. The number of small modules represented by the <500 W power class dropped the most among the 3. This also reflects the market trend that module makers are increasingly making high-power modules, and increasing module efficiencies in the end also enables higher power output. This power class stayed at the same level as the mid-power range, with a share of 29% at the beginning of 2023 with 10 products, peaking at 32% with the addition of 2 products during the first 3 months, and declining steadily to 15% by year-end with the product count dropping to 8. In 2024, the share further dropped to 13%, albeit marginally, with the product count also reducing by one to 7 (see HJT Efficiency Trends In TaiyangNews TOP SOLAR MODULES 2024 Analysis).
The TaiyangNews TOP SOLAR MODULES 2024 Report summarizes the key findings from over 24 editions published during 2023 and 2024. Download the free report here.