China’s solar PV module exports reached 236 GW in 2024, showing growth in all regions except Europe. In December alone, China exported 16.63 GW of modules, reflecting a 9% increase from November’s 15.2 GW and a 3% rise compared to December 2023’s 16.18 GW. Over the entire year, China exported 235.93 GW of modules, marking a 13% growth from the 207.99 GW shipped in 2023.
The five largest markets for Chinese modules in December were Brazil, the Netherlands, India, Saudi Arabia, and Spain, accounting for 42% of total global imports. Europe, the Middle East, and Africa saw increased shipments, while the Americas experienced a slight decline. The Asia-Pacific region faced a significant drop in imports.
Europe imported 5.63 GW of Chinese modules in December, increasing 37% from November’s 4.1 GW and 12% from December 2023’s 5.05 GW. The region imported 16.7 GW in the fourth quarter of 2024, a 3% rise from the same period in 2023. However, total imports for the year stood at 94.4 GW, which was a 7% decline compared to 101.48 GW in 2023. The Netherlands remained the largest European importer, serving as a major shipping hub. Spain ranked second, receiving 10.57 GW, a 10% drop from 11.75 GW in the previous year, making up 11% of Europe’s total imports. The Netherlands held the largest share at 40%.
The Asia-Pacific region imported 4.56 GW of modules in December, a 10% decrease from November’s 5.08 GW and a significant 30% drop from December 2023’s 6.56 GW. The region’s imports in the fourth quarter totaled 13.98 GW, down 32% compared to the same period in 2023. However, annual imports grew 26% to 68.11 GW from 53.93 GW in 2023. Pakistan emerged as the top importer in the region, receiving 16.91 GW of Chinese modules, a 127% surge from 7.47 GW in 2023. India followed closely, importing 16.73 GW, with both countries accounting for nearly 50% of the region’s total imports.
The Americas imported 3.16 GW of Chinese modules in December, slightly lower than November’s 3.2 GW but 18% higher than December 2023’s 2.67 GW. Quarterly imports reached 8.97 GW, a 10% increase from the same period in 2023. For the entire year, imports grew 10% to 33.28 GW from 30.18 GW. Brazil remained the dominant market, importing 22.5 GW in 2024, a 9% rise from 20.61 GW in 2023. Brazil accounted for 68% of the region’s total imports, followed by Chile at 7%, with 2.48 GW.
The Middle East imported 1.97 GW in December, reflecting a 16% increase from November’s 1.7 GW and a 31% rise from December 2023’s 1.5 GW. Quarterly imports reached 5.9 GW, up 42% from the previous year’s 4.15 GW. Annual imports nearly doubled, reaching 28.79 GW, a 99% increase from 14.46 GW in 2023. Saudi Arabia led the region, importing 16.55 GW, a 115% rise from 7.71 GW in 2023, accounting for 58% of the total imports. The UAE followed with 4.51 GW, representing 16%.
Africa imported 1.31 GW in December, up 17% from November’s 1.12 GW and a sharp 222% increase from December 2023’s 0.41 GW. Quarterly imports rose 164% to 3.62 GW from 1.37 GW in 2023. The region’s annual imports reached 11.36 GW, growing 43% from 7.94 GW in 2023. South Africa remained the largest importer, receiving 3.81 GW, although this was a 7% decline from 4.11 GW in 2023. It accounted for 34% of Africa’s total imports, while Morocco followed with 1.13 GW, representing 10%.
Overall, the global solar module market expanded in 2024 compared to 2023, except in Europe, where shipments dropped 7%. The Middle East saw the highest growth at 99%, followed by Africa at 43%, the Asia-Pacific at 26%, and the Americas at 10%. The total global shipments increased 13%, surpassing demand expectations. In 2025, key factors influencing the market will include Europe’s weak economic conditions, India’s push for domestic solar manufacturing, and potential tariff adjustments in Brazil. Emerging markets in the Middle East, Southeast Asia, and Eastern Europe are expected to drive further growth. Forecasts indicate global demand could grow between 4% and 9% year-on-year, with adjustments based on early 2025 market trends.
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