2015 Supply Side Update: Estimates of 2015 Shipments, Inventory, Defective Modules and Prices

Shipments to the first buyer are expected to grow by at least 25 percent in 2015 to 49.7-GWp, with production at 50-GWp and utilization (using production as the metric) at 96 percent. At the end of 2015, module assembly capacity is expected to be 61-GWp.

At the end of 2015 demand is booming, with manufacturers reporting that they are sold out and announcing strong quarterly shipments. Announcements are misleading. Expectations of annual shipment growth based on announcements from manufacturers and module assemblers could lead to an expectation that close to 60-GWp will be shipped in 2015.

Using Canadian Solar for an example, the company has ~1.9-GWp of cell capacity, ~3.8-GWp of module assembly capacity, and has announced shipments of close to 4-GWp for 2015. Assuming no finished module inventory (unlikely) at the beginning of 2015, Canadian Solar can only ship 1.9-GWp of in-house manufactured modules. If the company reports 3.8-GWp of shipments at the end of the year, it bought 1.9-GWp of cells from another source. Both sources will have reported the cells as shipped. In this example, PV industry shipments would be oversized by 1.9-GWp.

Shipment activity is high in 2015 driven by a variety of factors.  Some of these factors are:

Figure 1 depicts shipments to the first buyer in the global market for PV modules alongside annual installations. In some years installations are greater than shipments; this is the supply/demand inventory effect. There are several different ways to analyze PV industry growth.  The data in Figure 1 presents shipments to the first buyer. This buyer can be an installer, EPC, developer, end user, another manufacturer, or, another entity.

Figure 1: Global Shipments to the First Buyer, 2010 through 2015 Estimate

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SPV Market Research is a classic solar market research practice focused on gathering data through primary research and providing analyses of the global solar industry. Areas of expertise include PV technologies, markets and applications. Specifically: capacity, production, shipments, inventory, costs and prices for photovoltaic crystalline and thin film cells and modules as well as global market analysis including applications, system costs and prices, component costs and prices, market growth, history and forecasting and research into consumer attitudes about solar as well as the consumer buying experience. All Solar All of the Time www.twitter.com/paulamints1 Blog: www.paulamspv.com pmints@spvmarketresearch.com www.spvmarketresearch.com

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