Record-Breaking Developments in the Solar Energy Sector

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The International Photovoltaic Technology Roadmap’s Latest Insights

The 16th edition of the International Photovoltaic Technology Roadmap (ITRPV) report, a key resource for tracking advancements in the solar energy sector, has been released. Compiled by the German Engineering Association VDMA, the report highlights a new milestone: global solar panel shipments have soared to 703 gigawatts (GW) in 2024. This represents the highest annual shipment volume ever recorded in the industry.

Increased Shipments Coupled with Declining Prices

One of the standout revelations from the report is the significant reduction in solar panel prices. Compared to the close of 2023, photovoltaic (PV) module costs have decreased by an average of 33 percent throughout 2024. This price drop is making renewable energy investments increasingly appealing, facilitating a rapid scale-up within the sector.

The report further details that total solar module shipments reached 703 GW, while installations saw a rise to 566 GW. Crystalline silicon-based PV technologies continue to dominate the global market, holding a commanding 98% share. Notably, the emergence of n-type wafers has been significant, capturing 70% of the market share.

The year 2024 also signifies a pivotal shift with n-type TOPCon technology surpassing p-type PERC in terms of industry dominance. This transition underscores the growing focus on next-generation panels that offer improved production efficiency and enhanced performance.