The c-Si module market shift to mono-Si continued in parallel with the implementation of innumerable module products deploying more and more M10, and M12 wafer formats together with bifacial module technology. Efficiency improvements in PERC technology and the deployment of large wafers in large modules resulted in higher average module efficiencies.
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Strong solar module demand will continue to prop up component prices and place upward pressure on solar capital costs through the near term. Upstream polysilicon production will fail to meet strong demand over the near term, pushing up the price of modules and inflating solar CapEx over 2022. However, new production capacity additions across the solar module value chain will boost supply in the market, stabilising prices before returning CapEx to a downward trend in 2023.
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