First, the pattern of pulp from "less silver" to domestic substitution is reshaped
, and the unit consumption of pulp continues to decline significantly. In terms of aluminum paste, with the development of double-sided PERC battery technology, the average consumption of battery aluminum paste keeps declining. The aluminum paste consumption of double-sided PERC batteries in 2025 is about 29. With the gradual withdrawal of PERC technology from the market in the future, the level of aluminum consumption per battery is expected to stagnate after 2027. In terms of
silver paste, in 2025, the mainstream battery size will be 182mm and 210mm, the technology above 10 BB will become the mainstream in the market, the width of fine grid line will be generally controlled at about 17.8 μm, and the accuracy of printing equipment will be ± 6. With the improvement of paste technology and printing equipment accuracy, the width of fine grid will maintain a downward trend. The maturity of metal plate printing technology will speed up the reduction of the width of the grid line to a certain extent. In terms of
equipment printing accuracy, it is expected that after 2028, the progress rate of mechanical accuracy will remain flat. It is expected that the accuracy of printing equipment will increase to ± 4.9 μm in 2035, and the width of fine grid is expected to decrease to 11. According to the data of China Photovoltaic Industry Association, in 2025, The numb of that main grids of the p-type cell is mainly 11 BB and above, The consumption of double-sided silver paste is about 8. The average consumption of double-sided silver paste of n-type TOPCon battery MBB and 0 BB technology route is about 9.2 mg/W, 8. The consumption of double-sided low-temperature paste of n-type HJT battery MBB and 0 BB technology route is about 17.0 mg/W, 11. The consumption of XBC battery MBB, which is mainly based on TBC battery, The silver paste consumption of 0 BB technology route is about 12. 2 mg/W and 10. Driven by the rising silver price, the introduction or acceleration of "less silver" and "de-silver" technologies such as 0 BB and base metals in the future will accelerate the decline of silver paste consumption in a period of time. The localization of
domestic conductive paste has achieved remarkable results, and has achieved a leap from relying on foreign capital to leading the domestic market. Through continuous R & D and technological progress, domestic pulp enterprises have achieved rapid improvement in the quality and performance of domestic pulp, reversed the market pattern of domestic photovoltaic pulp relying on foreign giants for a long time, and formed a relatively fixed supply pattern in China.
2. Film scale pressure and differentiated innovation go hand in hand
With the development of photovoltaic technology and the diversification of application scenarios, various packaging film manufacturers are constantly innovating and launching a series of products customized for special environments, aiming to meet the needs of photovoltaic modules in different environments, thus promoting the development of photovoltaic industry to a wider range of applications. These advances not only broaden the application boundaries of photovoltaic technology, but also provide new possibilities for solving global energy problems.
3. Backplane: In terms of the expected
demand driven by the leading concentration and BC technology under the contraction of demand, the global module output in 2025 will be 693.6G W, and the domestic module output will be 574.5G W, of which about 19. As a result, the consumption of backplane per GW module is about 8% lower than that in 2024. The association estimates that the consumption of backplane per GW module is about 4.1 million m ², and the global demand for backplane is about 557 million square meters, which is 23% lower than that in 2024 (about 732 million square meters). With the increase of BC module market share, the market share of organic backplane is expected to increase. In terms of
competition pattern, the photovoltaic backplane market presents a supply pattern dominated by leading enterprises, with a high degree of market concentration. Some small and medium-sized enterprises have withdrawn from the backplane field due to factors such as weak R & D strength, imperfect market channels and further compression of profits in the backplane industry. At present, the domestic backplane enterprises mainly include Zhonglai Stock, Foster, Jizhi, Saiwu, Mingguan, etc. According to statistics, the shipments in 2025 will be 72 million m2, 45 million m2, 31 million m2, 17 million m2 and 0. In terms of manufacturing business layout, the backplane enterprises are mainly concentrated in Jiangsu and Zhejiang provinces. For example, Zhonglai has production bases in Changshu, Foster has production bases in Jiaxing and Suzhou, Saiwu has production bases in Suzhou, and Jizhi has production bases in Suzhou and Ningbo respectively. At the same time, China's photovoltaic enterprises also show the characteristics of the layout of the whole industry chain. In addition to the core links such as batteries and components, Mingguan New Material and Saiwu Technology have established backplane production bases in Southeast Asia (Vietnam, etc.) To form an industrial chain for battery and component enterprises.
4. The production capacity and output of photovoltaic glass industry continued to grow, and the utilization rate of production capacity decreased
. In 2025, the photovoltaic industry reshaped its pattern in the process of change, with 316.57 GW of new installed capacity in China, an increase of 14. China's PV glass market share in the global market has been stable at more than 90% for many years. It is the world's largest producer and exporter of PV glass, and continues to maintain the leading position in the global market supply. However, with the impact of the PV industry, the price of the PV glass industry will be under pressure in 2025. The market concentration of the PV glass industry has increased steadily, with the production capacity of the top five enterprises (Xinyi Glass, Flat Glass, Qibin, CSG and CNBM) accounting for about 64. The daily melting volume of the largest PV rolled glass production furnace in production has reached 1600 t/d; In terms of price, the production cost of photovoltaic glass is affected by the downstream price reduction and supply and demand fluctuations, and the price is running at a low level throughout the year. In terms of market demand, in the first half of 2025, the rising demand for components led to the rapid digestion of glass inventory, and in the second half of the year, the market demand was weak. By the end of December, the average inventory climbed to 33.
Overall situation: the capacity utilization rate in 2025 continued to decrease compared with that in 2024, which was 65. By the end of December 2025, the new production capacity of photovoltaic glass was 10,950t/d, and the resumed production capacity was 2,050t/d. The production capacity of cold repair shutdown in that year was 21770t/d. By the end of December 2025, the total domestic production capacity is 131970t/d, and the domestic production capacity is 86570t/d. Year-on-year decrease in production capacity 9.
From the perspective of proportion, the proportion of each sub-item changed slightly, and the decrease in the initial total investment cost compared with 2024 was mainly caused by the decrease in component cost. Due to the continuous promotion of anti-involution work and ", the initial total investment cost of China's industrial and commercial distributed photovoltaic system is 2. The bracket system accounts for about 7.7% of the investment cost. Year-on-year increase of approximately 4.
(II) Manufacturing cost and price status
of PV support The overall cost of PV support includes direct materials, galvanizing cost, labor cost, manufacturing cost and transportation cost. In 2025, the cost structure of tracking bracket and fixed bracket is roughly the same, and the direct material accounts for the largest proportion of the two cost components, reaching 80% and 85% respectively. Steel and aluminum are the most important direct materials for the fixed support, of which the steel is mainly hot-dip galvanized carbon steel, and the material selection shall meet the requirements of corrosion resistance, strength and design life of more than 25 years. Compared with the fixed bracket, the tracking bracket increases the driving part, and the direct material cost also includes the electric control box and the rotary deceleration device. As the most important raw materials,
steel and aluminum generally account for more than 50% of the direct materials. According to the calculation of about 40000 tons of steel brackets used in 1GW photovoltaic power station, if the price of steel rises by 1000 yuan per ton, the cost of single-watt brackets will rise by 0.
2025, the price of hot-rolled coils will still fluctuate significantly, the overall trend of low operation will continue, and the price focus will continue to move down compared with 2024. In 2025, the national annual average price of hot-rolled coils was about 3354 yuan/ton, down 8 from 2024. In 2025, the domestic H-beam market also showed a downward trend of shocks, with an annual average price of about 3300 yuan/ton, down 4 from 2024. Steel prices continued to fall throughout the year, further reducing the production cost of raw materials for support enterprises. However, due to the increasing number of competitors in the industry and the growing phenomenon of low-price bidding, the overall gross profit of the industry is still declining compared with 2024.
(3) Development
of tracking bracket industry 1. Development status
of tracking bracket market The global photovoltaic tracking bracket market is characterized by unbalanced regional development, with the demand for ground photovoltaic power plants as the main demand, and tracking brackets with lower cost and higher power generation have become the mainstream options. The market demand is mainly concentrated in the United States, Europe, the Middle East, Latin America, Australia and other places. The North American market occupies about 50% of the market share of tracking stents all the year round, and the North American, Latin American, Middle East, Australia and other markets have a very high penetration rate of nearly 90%. In the past, the application of tracking stents in
China was affected by many factors, such as cost, quality, consumption, application, technical barriers and cognitive bias, and the penetration rate was far below the global average. From the global shipment situation in recent years, tracking stent enterprises are more in line with the trend of localization, and the leading tracking stent enterprises in the world are gathered in the United States, Europe and China. There is still a certain market gap between China's tracking bracket enterprises and international brands, but with the accelerated construction of UHV lines in the next few years, the development of "photovoltaic + energy storage", "photovoltaic + hydrogen production" and other "photovoltaic +" scenarios, China's tracking bracket enterprises will usher in unprecedented development opportunities. In addition, Chinese enterprises actively carry out the layout of going to sea, which will certainly drive Chinese tracking stent enterprises to narrow the gap with overseas leading enterprises.
According to relevant statistics, the global shipment of photovoltaic tracking brackets in 2025 is about 133GW, which is among the top ten suppliers of photovoltaic tracking brackets in the world. Three Chinese companies, Arctech Solar, Trina Tracker and Antaisolar, were listed.
2. Market outlook for
tracking brackets According to relevant forecasts, from 2025 to 2035, the cumulative installation of tracking brackets in the world will exceed 1.
The Americas' share of the global market is expected to fall to 35% in 2035. Driven by India and mainland China, the Asia-Pacific market share is expected to grow by 42%, while the share of Europe, the Middle East and Africa will decline slightly. After 2030, with the increase of the assembly rate of tracking brackets, the market share of mainland China will increase steadily.
. The demand for photovoltaic system is gradually extending from single grid-connected power generation to "power generation + energy storage + flexible regulation", and the demand for energy storage allocation is accelerating. It is predicted that in 2025, the proportion of large-scale energy storage capacity in the new installed capacity of global energy storage is expected to be as high as 87%, becoming the absolute dominant force. The booming development of the energy storage market has led to the continuous growth of PV energy storage inverter shipments in 2025.
From the perspective of product price, the inverter market price in 2025 is characterized by "domestic pressure and overseas differentiation", and the competition is further intensified. In the domestic market, the price of centralized procurement of inverters by state-owned enterprises continued to decline, and the average price of high-power string inverters in the domestic market in 2025 was lower than that in 2024. In the overseas market, regional differentiation was still obvious, and the US market was affected by localized manufacturing, trade policies and compliance requirements. The price level is significantly higher than global average, while the European market tends to stabilize after the gradual digestion of inventory.
From the perspective of competition pattern, the concentration of leading enterprises in the global photovoltaic inverter industry continues to increase, and the dominant position of Chinese enterprises continues to be stable. Chinese inverter manufacturers have become important players in the global market, and continue to enhance their competitiveness in the fields of string inverters, energy storage inverters and system solutions. On the whole, Chinese enterprises have gradually turned to participate in the global market competition by relying on scale manufacturing, product reliability, system integration, localized delivery and global service capabilities instead of relying on cost advantages in the early stage. Overseas manufacturers still maintain a certain influence in some regional markets and segments. Overseas inverter enterprises are still strengthening their competitiveness through upgrading their technological routes, subdividing scenarios and localized manufacturing.
At present, the intensified competition in the inverter industry is essentially the result of multiple factors, such as the periodic imbalance between supply and demand, the homogenization of products, the pressure of price transmission and the tightening of external environment. In this context, the logic of industry competition is gradually shifting from price-oriented to value-oriented. Product quality, security, digital capabilities, optical storage integration capabilities, network construction capabilities and global delivery and service capabilities are becoming the key elements for enterprises to build differentiated advantages. The global inverter industry has entered a new stage of accelerated evolution from scale competition to system capability competition.
From the perspective of key markets, international market competition has accelerated from single export competition to all-round competition of "localized manufacturing + channel construction + service system + integrated solutions". Europe is still an important inverter market in the world, and the influence of leading Chinese enterprises in the fields of large-scale ground power stations, industrial and commercial energy storage and system solutions continues to increase. The US market presents a pattern of coexistence of large-scale ground power stations and household distributed power stations. At the same time, Chinese enterprises continue to strengthen their overseas localization layout, and the focus of competition extends to energy storage configuration capability, digital operation and maintenance capability, grid-connected friendliness and project life cycle service capability.
With the continuous promotion of global layout, domestic inverter enterprises accelerate the promotion of global capacity layout. With the significant increase in the proportion of large-scale applications of domestic IGBT/SiC power devices and the iteration of intelligent and high-power models, the overseas market share of Chinese manufacturers is expected to exceed 80%. At the same time, domestic inverter companies bind channel providers through the "integration of optical storage and charging" solution, strengthen brand premium, and force traditional overseas manufacturers to accelerate technology cost reduction or shrink business lines. The uncertainty of the global trade environment is also rising. In the future, the competition of Chinese enterprises in overseas markets will depend not only on cost and performance, but also more and more on the layout of localized production capacity, compliance capability and the construction of global service system.
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