Solar module buyers’ confidence grows in Europe

Move On Energy has powered Europe's largest solar PV plant.
In its pv.index report for last month, found that the majority of solar module buyers planned to increase their volume of purchases. Image: Move On Energy via LinkedIn.

Solar module demand increased in Europe in May, according to data from solar wholesaler, as buyers’ confidence rose and the price of bifacial modules fell.

In its pv.index report for last month, found that the majority of solar module buyers planned to increase their volume of purchases, which it said “suggests strong confidence in the market.”

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The company uses its PV Purchasing Managers’ Index (PMI) points to track demand based on over 700 solar PV buyers. Numbers above 50 represent projected growth, 50 show steady growth, and below 50 show a projected decline. May 2024 saw a rating of 72, an increase from 71 and 68 in March and April, respectively.

Of the respondents, 57% said they intended to increase their module purchasing volumes in the coming month, while 30% planned to stay steady and 13% intended to purchase less.’s PV PMI results. Image:

In its analysis, said that the increased confidence reflects “a slight recovery in industrial demand as energy prices stabilise and market competition intensifies. Lower energy costs and inflation-induced financial constraints have continued to impact residential solar adoption.” It added that the increase coincides with the usual “high season” for solar in the summer months.

April’s pv.index report showed a dip in confidence and demand, largely driven by stabilising energy prices and inflation. High energy prices during the crisis of 2022-23 was a main driver behind a significant increase in European residential solar adoption, which increased module demand.

“Overall, May’s PV PMI reading would be considered robust in any industry, reflecting strong confidence among buyers. The slight increase in the index from April’s 68 to 72 suggests that the market expects a steady demand through the summer months,” the report said.

Bifacial price drops

The pv.index report also tracks module prices in Europe. May saw a “significant decline” in the prices of bifacial modules, down to €0.128/Wp (US$0.14/Wp) from €0.135/Wp in April.

Both monofacial and full-black modules very slightly increased in price.

Agata Krawiec-Rokita, CEO & co-founder of said: “We are currently experiencing a stabilisation in transactional prices for modules, but the listed offer prices show a slight downward trend. There is still a significant stock of inventory in Europe and silicon prices falling, which suggests that many are holding off in anticipation of further price drops. This situation is somewhat maintained by the high demand of the peak season. We are all eager to see what the upcoming months will bring to our market.”

The report also showed that, for the first time since it began in December 2023, JinkoSolar was not the preferred module supplier. Fellow Chinese solar manufacturing giant JA Solar took the top spot in May.

27 June 2024
9am BST
FREE WEBINAR -This special webinar will take a deep dive into the latest PV ModuleTech Bankability Ratings pyramid, capturing the relative bankability status of the top 70-80 PV module suppliers globally. In addition to revealing the latest ranking of global PV module suppliers, PV Tech’s Head of Research, Finlay Colville, will show the depth of analysis and commentary included within the report for module suppliers. A key output from the webinar will be to learn which PV module suppliers have moved up the rankings pyramid in recent years and why this growth has been achieved. Conversely, some of the companies that have fallen down the rankings will be discussed, in particular those suffering from market-share losses and financial problems.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

June 14, 2024
US renewable energy project developer Ameren Missouri has acquired a 150MW solar PV project in the state of Illinois.
June 14, 2024
PV Tech's coverage of the SNEC 2024 trade show continues on day two, kicking off with a discussion with GCL System Integration.
June 13, 2024
PV Tech's coverage of the SNEC PV Power expo 2024. We are reporting live from the exhibition floor at the world's biggest PV trade show.
June 13, 2024
Kiwa Group on why the integration of three PV inspection and QA businesses signposts the way forward for solar reliability testing.
June 12, 2024
US renewables developer Origis Energy has commissioned the 200MW Escalante solar project in New Mexico alongside non-for-profit electricity utility Tri-State Generation and Transmission Association.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia