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European Q1 photovoltaic intelligence: demand, installation rate, module prices dropped

European Q1 photovoltaic intelligence: demand, installation rate, module prices dropped

May 22, 2024

There has been a small but steady decline since February, which represents a decline in demand for forecasts.



The company uses the Photovoltaic Purchasing Managers Index (PMI) to track demand based on more than 300 photovoltaic buyers. An index above 50 represents expected growth, equal to 50 represents stable growth, and below 50 represents expected decline.


The latest data shows that the index dropped from 73 points in February 2024 to 71 points in March, and then to 68 points in April, showing a slight downward trend.


Overall, however, the market is still growing, as points out: “Looking at the overall picture, April’s PV Purchasing Managers Index (PMI) reading would have been considered strong in any other industry, as Half of the respondents plan to increase purchases in May instead of April.


Growth has slowed due to a combination of flattening energy prices and high inflation. The energy crisis has pushed European household PV installations to a new level in 2022 and 2023, as consumers seek refuge from rising and more volatile electricity prices.


But today's lower electricity prices, coupled with the impact of high inflation, have made household photovoltaics less attractive.


Current European market prices for single-sided, double-sided and fully black modules. The first two saw price drops between March and April, while the all-black components saw a slight increase.


The decline in single-and bifacial prices was due to a March shortage of industrial and commercial modules in the 450-500 Wp power class, which was resolved in April.


Currently, the price of solar modules in Europe has reached a new low, second only to China. Finlay Colville, director of research at PV Tech, told an event in London last month that he expected module prices to remain depressed in Europe because importers have "no barriers" to entering the market.


Agata Krawiec-Rokita, CEO and co-founder of, said: “Installers and distributors are more inclined to stock up due to the expected seasonal demand surge in the first quarter and shortages of certain component types. Going into the summer, throughout the Demand in Europe will remain strong.

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