The European PV market remained steady in November, with the PV Purchasing Managers’ Index (PMI) holding firm at 68, consistent with October. While buyer confidence remains robust, solar component prices continued their downward trajectory across most categories, signaling a market grappling with seasonal adjustments and intensified competition.
The PV Purchasing Managers' Index (PMI) remains a cornerstone for understanding market sentiment and demand trends in the European solar industry. This metric, derived from the purchasing intentions of over 20,000 registered users on the sun.store platform, serves as a valuable barometer of the industry health and future direction. With consistent participation from a diverse network of buyers—spanning installers, distributors, and many others—the PV PMI captures the nuanced shifts in purchasing behavior across the continent.
Sustained demand in a challenging market
In November, the PMI held steady at 68, maintaining the same level as in October. While this stability suggests resilience in demand, it also reflects a market that is cautiously navigating seasonal transitions and broader economic uncertainties. Buyers appear to be adjusting their strategies as the year-end approaches, with 51% planning to increase their purchases, a slight uptick from 50% last month.Meanwhile, 35% intend to maintain their current buying levels, and only 14% anticipate reducing their orders.
This balance indicates that the European solar market continues to demonstrate robust confidence, even in the face of declining prices. The steady PMI underscores the ongoing commitment of buyers to secure high-quality components, leveraging favorable pricing trends to optimize their procurement strategies. As seasonal factors influence installation timelines and stock replenishment, the consistent PMI provides a reassuring signal that demand for solar solutions remains strong as the industry gears up for the coming year.
Filip Kierzkowski, Head of Partnerships & Trading, shared his perspective: “This steady PMI demonstrates the resilience of the European solar market, even as we enter the traditionally slower months. It’s encouraging to see consistent interest in high-quality components, despite external challenges.”
| PV PMI
Score |
Jan. 2024 | Feb.
2024
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Mar.
2024
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Apr.
2024 |
May 2024 | June 2024 | July 2024
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Aug.
2024 |
Sep.
2024 |
Oct.
2024 |
Nov.
2024 |
| How many PV products will your company buy next month (compared to this month) | 68 | 73 | 71 | 68 | 72 | 68 | 68 | 68 | 71 | 68 | 68 |
| More | 51% | 58% | 57% | 50% | 57% | 51% | 50% | 49% | 54% | 50% | 51% |
| Less | 15% | 12% | 15% | 14% | 13% | 14% | 13% | 12% | 11% | 13% | 14% |
| The same | 34% | 30% | 28% | 36% | 30% | 35% | 37% | 39% | 36% | 37% | 35% |
Key price trends for November: panels
Monofacial modules:
N-type: Prices fell by 7% to €0.091/Wp from €0.098/Wp in October. This decline reflects ongoing efforts by sellers to clear inventories ahead of year-end.
P-type: A more modest 2% drop brought prices to €0.088/Wp, down from €0.090/Wp, indicating relative stability in this category.
Bifacial modules:
N-type: Prices saw a significant 10% decline, reaching €0.093/Wp from €0.103/Wp, driven by intensified competition and surplus stock.
P-type: Insufficient sample size to establish trends for this category.
Full black modules:
Prices dropped by 9%, landing at €0.090/Wp, down from €0.099/Wp in October. The continued price decline highlights sustained oversupply and heightened competition among suppliers.
