The PV Purchasing Managers' Index (PMI) continues to be a vital tool for gauging market sentiment and demand patterns in the European solar sector. This indicator, based on purchasing intentions gathered from a sample of nearly 600 users out of more than 20,000 registered on the sun.store platform, offers a comprehensive view of the industry's current state and anticipated trajectory. By capturing input from a diverse range of participants—including installers, distributors, and other stakeholders—the PV PMI provides detailed insights into evolving purchasing behaviors across Europe.
Market sentiment: adjusting to seasonal trends
The PV PMI for December registered at 67, reflecting a slight decline from November’s 68. While the drop may appear minor, it highlights the seasonal adjustments that often characterize the solar industry during the year-end period. Factors such as holiday schedules, slowed installation activity due to winter conditions, and strategic procurement decisions all contributed to this slight shift. Despite these challenges, the market has demonstrated remarkable stability and resilience.
See also: Chinese government tackles solar panel tax break, is the end of the price drops in sight?
Buyers remain optimistic, with 50% of respondents planning to increase purchases—a testament to the growing confidence in the industry despite external pressures. Meanwhile, 34% intended to maintain their current purchasing levels, suggesting that a significant portion of the market is holding steady, likely awaiting new projects and regulatory developments in the coming year. Only 16% of buyers anticipated reducing their orders, underscoring the ongoing demand for high-quality solar components even during traditionally slower months.
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This balanced sentiment reflects a broader trend of strategic planning within the industry. As procurement activities adapt to seasonal dynamics, buyers are leveraging competitive pricing and preparing for an active start to 2025. December's PMI results serve as a strong indicator that the European solar market continues to thrive, supported by consistent demand and forward-looking purchasing strategies.
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Filip Kierzkowski, Head of Partnerships and Trading at sun.store, commented: “The slight decline in PMI is expected during the holiday season. However, the consistent level of demand underscores the strength of Europe’s solar market. December's activity indicates that buyers are strategically preparing for a robust start to 2025 by capitalizing on competitive year-end deals and securing high-quality components.”
Panel prices: marked declines across categories
December continued the trend of falling solar panel prices, driven by intense market competition and year-end stock clearance efforts by suppliers. These price adjustments, while expected during this period, underscore the ongoing oversupply challenges within the European solar market. Buyers have taken advantage of these reduced costs to secure high-quality components at attractive rates, positioning themselves for upcoming projects in 2025.
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Monofacial modules:
N-type: Prices remained steady at €0.091/Wp, reflecting a plateau in this category. This stability may indicate that the market has found a temporary equilibrium, especially for high-efficiency panels that continue to attract consistent demand.
P-type: Prices dropped significantly to €0.077/Wp, marking a notable 13% decline compared to November. This steep reduction highlights efforts by manufacturers to move older stock and remain competitive, particularly in the face of shifting buyer preferences toward advanced technologies.
Bifacial modules:
N-type: Prices declined by 5% to €0.088/Wp, as oversupply in this segment pushed prices downward. This category, often sought after for its dual-sided energy generation capabilities, continues to see pricing pressures from increased production and market saturation.
P-type: Insufficient sample size to establish trends for this category.
Full black modules:
Prices experienced a 2% decline, settling at €0.088/Wp. This modest reduction reflects both seasonal dynamics and the sustained interest in aesthetically pleasing panels, often favored for residential and premium projects.
The persistent price reductions across most panel categories indicate a buyer’s market, where competitive pricing remains a key driver of purchasing decisions. These lower price points not only enhance the accessibility of solar technology but also pave the way for a strong start to 2025, as buyers stock up on affordable, high-quality components for new installations.
Also see: SolarPower Europe calls for action plan to save the European PV inverter industry
Inverter pricing: contrasting trends
Inverter prices in December exhibited diverse patterns, shaped by evolving purchasing strategies and shifting buyer preferences. These movements reflect the nuanced dynamics of the solar market as the year drew to a close, with procurement choices heavily influenced by project needs and inventory availability.
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Hybrid Inverters:
<15kW: Prices fell by 7%, landing at €118.19/kW. This decline can be attributed to year-end inventory adjustments, as suppliers aimed to clear stock before the start of 2025. The demand for smaller hybrid inverters remained consistent, primarily driven by residential installations and smaller commercial projects.
>15kW: Prices increased by 12%, reaching €94.56/kW. This rise reflects a shift in purchasing patterns in December, with buyers focusing on mid-range systems in the 20–25kW range. The lack of bulk purchases for larger capacities, such as 50kW units, pushed the average price higher.
On-grid Inverters:
<15kW: Prices declined by 8%, settling at €57.71/kW. This drop indicates a continued adjustment in the residential segment, where competition remains fierce, and suppliers are eager to position themselves competitively for 2025.
>15kW: Prices experienced a modest 3% decline, falling to €25.45/kW. The relatively stable demand for larger on-grid systems reflects the sustained interest in utility-scale and large commercial installations, albeit with a cautious approach to year-end procurement.
Brand preferences: Jinko and Solis dominate
In December, JA Solar led the panel market, favored for its reliability and efficiency. For inverters, Sungrow dominated the <15kW segment, while Huawei secured the top spot for >15kW systems, reflecting strong demand for high-performance solutions across diverse projects.
Reflections on 2024 and outlook for 2025
As 2024 draws to a close, sun.store celebrates another milestone year, with steady demand and significant growth across European markets. The platform now boasts over 20,000 registered users, over 600 MW of components were traded in 2024, showcasing the accelerating adoption of solar technologies across the continent.
Agata Krawiec-Rokita, Co-founder and CEO of sun.store, shared her perspective on the year and future trends: "2024 was a year of resilience and adaptation for the European solar market. Despite economic uncertainties and seasonal fluctuations, the industry continued to grow, supported by increasing demand for renewable energy and technological advancements. Looking ahead to 2025, we anticipate a greater focus on energy storage solutions and hybrid systems as installers and buyers seek more integrated and efficient solar setups. Our goal at sun.store is to remain at the forefront, providing unmatched access to high-quality components and insights to empower the industry.“
Also see: SolarPower Europe report – EU solar market with only weak growth
„As we step into 2025, the European solar market is poised for further growth. Regulatory support for renewables, alongside continued price competitiveness, sets the stage for another transformative year. With evolving buyer preferences and increasing demand for integrated systems, sun.store remains committed to leading the industry with its innovative marketplace solutions and data-driven insights“, Agata Krawiec-Rokita said.
About – pv.index & The PV Purchasing Managers' Index (PV PMI)
PV Index traces current trading prices for solar components on a monthly basis. Data is recorded on sun.store, a online PV trading platform with 7.8 GW+ of components on offer. Trading prices are weighted by the power of components involved in the transactions to arrive at a reliable estimate for the whole market.
The PV Purchasing Managers' Index (PV PMI) is a measure indicating the overall sentiment towards the demand in the PV industry. PV PMI shows whether demand is expected to expand (above 50), remain stable, or contract (below 50), as perceived by purchasing managers.
The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 800+ sun.store buyers. (hcn)
