Global PV oversupply accelerates consolidation, regional price divergence
The global PV supply chain is expected to remain oversupplied over the next 12–24 months, with consolidation picking up slowly. China has more than 900 GW of annual cell production capacity against global demand of about 590 GW, and capacity is expected to exit only gradually. Prices are expected to stay low globally but diverge by region, while average margins at leading module makers fell from about 9% in 2023 to negative levels in 2025.
Why it matters: This matters for supply chains because trade barriers, local-content rules and security concerns are shifting the industry from cost-first to resilience-first.