The report provides an in-depth analysis of the various stages within the photovoltaic industry chain, including silicon wafers, solar cells, and modules. It systematically tracks and examines the production capacity planning, core equipment, essential auxiliary materials, and yield rates of various innovative technologies. Our team of analysts not only captures and interprets the latest hot topics within the industry in real-time but also conducts extensive interviews and data verification with equipment suppliers, auxiliary material manufacturers, and frontline manufacturers. This forward-looking approach allows us to anticipate future technology development pathways, providing precise trend guidance for equipment selection and technology layout in the industry.

Key Highlights

• Summary for 2025 Polysilicon Market:
  • Supply-demand mismatch and surplus capacity lead to capital expenditure shifting from expansion to contraction.
  • Pricing power weakens, prices close to cash costs, making cash flow crucial.
  • Keywords are "price drop" and "inventory reduction," with significant survival pressure on smaller companies.
  • Price trend will show an L-shaped bottoming process.
• Summary for 2025 Wafer Market:
  • First capacity reduction in four years, the market enters an elimination and integration phase.
  • Prices bottom in Q1, stabilize in Q2, and gently rebound in the second half.
  • Significant market differentiation, with N-type technology prevailing and P-type phasing out.
• Summary for H2 2025 Cell Market:
  • Excess capacity of cells, cash flow becomes a critical factor.
  • Core segment faces minimal pressure, and profitability may recover with technical upgrades.
  • H2 2025 represents a critical survival period for PV cell companies, with core factors including cost control, technical development, and customer relationships.
• Summary for Photovoltaic Module Market:
  • Expansion cycle ends, consolidation and elimination become key trends.
  • Increased industry competition, with significant pressure on tier-2 and tier-3 companies, and market concentration rises.
  • Strategic focus shifts from expansion to quality and efficiency improvement, based on technological innovation and cost control.
  • Supply-demand balance is expected to restore after intense competition, reaching a new equilibrium.
• Segment Market and Technology Trends:
  • Persistent low wafer prices stimulate increased demand for granular silicon.
  • Proportion of large-size wafers rises, dominated by 210 and 210R sizes.
  • TOPCon capacity growth slows, HJT and BC technologies present opportunities, and BC cells enhance competitiveness in specific scenarios.
  • Photovoltaic module technology competition heats up, with TOPCon leading, while HJT and BC technologies continue to compete.

Table of Contents

1. Chapter 01 Developments in Polysilicon Technology
   1. lTrends in Polysilicon Production Capacity
   2. lPolysilicon Manufacturing Process
   3. lProgress in Industrial Production of Granular Silicon
2. Chapter 02 Developments in Wafer Technology
   1. lTrends in Global Wafer Production Capacity and Output
   2. lProduction Capacity Trends of Mono-Si and Multi-Si Wafers
   3. lWafer Production Capacity vs. Cell Production Capacity Worldwide
   4. lComparison of Different Wafer Sizes in Production Capacity and Market Share
   5. lSuppliers for Large-Sized Wafers (182mm and 210mm) – Their Production Capacity and Offerings
3. Chapter 03 Developments in Cell Technology
   1. lTrends in Global Cell Production Capacity and Output
   2. lGlobal Trends in Development of Cell Technology
   3. lComparison of Different Cell Sizes in Production Capacity
   4. lPERC Cells – Production Capacity and Market Share
   5. lN-Type Cells – Production Capacity and Market Share
   6. lHJT and TOPCon Cells – Cost Analysis and Manufacturing-Related Challenges
   7. lHJT and TOPCon Cells – Key Process Steps and Equipment Providers
   8. lStatus of TOPCon Technology – Conversion Efficiency and Production Capacity
   9. lStatus of HJT Technology – Conversion Efficiency and Production Capacity
   10. lProduction Lines for HJT Cells – Equipment Availability
4. Chapter 04 Developments in Module Technology
   1. lTrends in Global Module Production Capacity and Output
   2. lProduction Capacity Trends of Different Module Technologies
   3. lMajor Module Suppliers – Their Production Capacity by Product Size
   4. lProduction Capacity for Bifacial Modules
   5. lMajor Module Suppliers – Their Technology Roadmaps
   6. lMajor Module Suppliers – Their Current Main Offerings
   7. lMajor Module Suppliers – Differentiation in Power Output for Module Tenders
   8. lMajor Module Suppliers – Bid Prices for Module Tenders

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