Solar market research

Global PV Module Manufacturers 2013: Competitive Positioning, Consolidation and the China Factor

This 67-page report contains the most competitive intelligence and primary data on solar PV module manufacturers for energy-industry professionals. Learn more below!

After several years of sustained profits and strong (if not always stable) growth, the PV manufacturing sector has found itself in the midst of a protracted downturn. A combination of overly-aggressive capacity build-up in 2010 and 2011, along with severely curtailed subsidies in major feed-in tariff markets have resulted in a massive supply-demand imbalance that manifested itself in early 2011, and is not expected to abate until at least 2014.

FIGURE: Report Scope

Note: Click on image above for link to larger version / Source: GTM Research

Consequently, inventories have remained high and gross profit margins for PV module suppliers have nosedived, from peaks of 30%-plus in late 2010, when supply outpaced demand, to low-single digits as of mid-2012 for even the lowest-cost producers. The growing commoditization of modules – that is, the perception in the minds of buyers that quality and reliability do not differ significantly from one producer to another – has not helped matters, either.

FIGURE: MANUFACTURERS ANALYZED IN THIS REPORT

Source: GTM Research

The twin malaises of rampant overcapacity and commoditization have combined to result in a slew of plant closures, market exits and insolvencies over the past year and a half. However, the victims thus far have mostly been smaller producers in high-cost regions, and this has done very little to alleviate the industry’s troubles. With overcapacity likely to persist through much of 2013 and the balance sheets of most producers under severe stress, there is very little doubt that much more consolidation is on the way, and that the global PV module landscape is headed for a significant transformation.

Hear report author, Shyam Mehta, talk about this research and the market conditions that PV module suppliers are facing in Greentech Media's podcast below.

Take Five - Consolidation in the Solar PV Market - Who Survives Past 2013? by Greentech: Take Five

Download the report's brochure for a complete Table of Contents and List of Figures as well as more in-depth information on the report's analysis.

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Report Author


Shyam Mehta is the Lead Upstream Solar Analyst at GTM Research. Before joining GTM Research, Shyam was a Financial Analyst at Goldman Sachs Global Investment Research where he covered equities in the alternative energy sector, primarily solar companies. Prior to Goldman, Shyam was a Research Analyst at The Brattle Group, an economic consulting firm, where his work focused on problems within the electricity industry. Shyam received his Bachelor's in Mathematics from U.C. Berkeley.

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value added elements

  • Existing landscape of PV module suppliers, with categorization based on location, value chain participation, corporate presence, technology, and technology
  • PV manufacturers competitive positioning based on cost, near-term liquidity, future availability of capital, brand, and channel penetration
  • Key trends in module consolidation from 2011–2012 to date
  • Industry dynamics related to consolidation and transformation in the module space in 2013–2014
  • Ranking of module suppliers based on competitive positioning as market leaders, acquisition candidates, survivors, question marks, or likely market exits
  • Analysis of factors that lend risk to industry forecasts

contact: Justin Freedman

Phone: 617.500.6243