TrendForce Alliance Consulting: Domestic photovoltaic enterprises join forces to break the "internal circulation" trend, overseas production capacity enters accelerated expansion phase.

According to incomplete statistics from TrendForce, there were a total of 9 photovoltaic signing/planning projects in December 2024, with 2 domestic signings totaling 12GW and 7 overseas plans totaling approximately 19.5GW. Countries like India and the Middle East are accelerating their local production capacity layout. Specifically, the signing/planning scale for cell slice segments is 9GW, for component segments is 20GW, and for the combination of cell slice and component segments is 2.5GW. Cell slice segment: In December, JA Solar Technology made a move in the Middle East by announcing the construction of a factory in Oman. Insolation Green Energy announced the establishment of a photovoltaic manufacturing factory in the state of Madhya Pradesh in India, planning to build a production capacity of 4GW components, 3GW cells, and 24,000 tons of aluminum frames in two phases. On December 20, JA Solar Technology announced plans to invest in and build a 6GW high-efficiency CECEP Solar Energy cell and 3GW high-power CECEP Solar Energy component project in the Sohar Free Zone in Oman. Component segment: In December, there were 6 signing/planning projects, with the Meishan Jingyou Photovoltaic 10GW component project landing in Danling. On December 18, the Zhongqing Photovoltaic 2GW TOPCon component intelligent manufacturing base project was signed in Kaili; On December 20, JA Solar Technology planned to build a 6GW photovoltaic cell + 3GW component project in Oman; On December 26, Shanghai Jingyou New Energy Co., Ltd.'s 10GW photovoltaic component project landed in Danling, with the project planned to be built in two phases, with the first phase of 3GW expected to start in January 2025; In addition, Insolation Green Energy planned to establish a production plant in Madhya Pradesh, India, for 4GW components, 3GW cells, and a 24,000-ton aluminum frame factory Premier Energies will open a 1GW TOPCon CECEP Solar Energy component manufacturing factory in Telangana state, scheduled to start operations in March 2025. Cell slice and component segments: NuVision Solar announced plans to establish a Heterojunction (HJT) CECEP Solar Energy cell and component production factory with an annual capacity of 2.5GW in the United States, set to begin production in the fourth quarter of 2025. Integrated project: China Red Lion Holdings plans to produce silicon, polycrystalline silicon, cells, and components in stages in the Jianshe Industry Group in Indonesia, as well as to build a 2GW power plant. Chart: Photovoltaic signing/planning projects in December 2024 Groundbreaking projects Primarily overseas capacity, Bodan New Energy's groundbreaking scale reaches 5GW According to incomplete statistics from TrendForce, there were a total of 4 photovoltaic projects that broke ground in December 2024, with only 1 domestic project breaking ground at 3GW and 7GW breaking ground overseas. Specifically, the groundbreaking scale for cell slice segments was 2GW, and for component segments was 8GW. Cell slice segment: Only 1 enterprise broke ground in December, with Bodan New Energy driving industrial upgrading in Egypt. On December 16, the groundbreaking ceremony for the Bodan New Energy Egypt project was held, with plans to build 2GW CECEP Solar Energy cell and 3GW CECEP Solar Energy component production lines, expected to be fully operational in September 2025. Component segment: In December, 3 projects broke ground, totaling 8GW. On December 15, the groundbreaking ceremony for the Sunshine New Energy Equipment Manufacturing Industrial Park project was held, set to build a production line for 300,000 sets of new energy vehicle motor control equipment, a 3GW/year photovoltaic component production line, and a 5GW/year energy storage equipment production line. On December 16, the groundbreaking for the Bodan New Energy 2GW cell + 3GW component project in Egypt; In addition, the Airox Nigen India 2GW photovoltaic component factory broke ground, with the first phase production capacity of this TOPCon factory planned to be 600MW and set to start production in mid-2025, aiming for full production of 2GW by the end of 2026. Chart: Photovoltaic groundbreaking projects in December 2024 Production projects Concentrated in the crystal pulling and silicon wafer segments, N-type production capacity continues to increase According to incomplete statistics from TrendForce, there were a total of 5 photovoltaic production projects in December 2024, with N-type production capacity accounting for approximately 67%. Specifically, the production scale for silicon wafer segments was 35GW, for crystal pulling and silicon wafer segments was 22GW, and for component segments was 10GW. Crystal pulling segment: On December 31, Huasheng New Energy's 20GW heterojunction special monocrystalline silicon material smart factory project (phase one) saw its first monocrystalline silicon bar come offline in Ningxia, marking the completion of Huasheng New Energy's heterojunction full industry layout and becoming the first enterprise in the industry to simultaneously lay out silicon bars, silicon wafers, cells, and components in the heterojunction enterprise. Silicon wafer segment: On December 20, Xinpeng's 35GW large-size N-type CECEP Solar Energy silicon wafer project held its completion and production ceremony. Crystal pulling and silicon wafer segments: On December 30, Beijing Jingyuntong Technology announced that construction of the main framework for the second phase of the Leshan project had been completed, with core production equipment installed, tested, and in a usable state as planned. Cell slice segment: On December 5, Bodan New Energy's high-efficiency cell production base in Indonesia was successfully put into operation. Component segment: On December 8, Xinlinfei's 10GW TOPCon component project in Yangzhou, Jiangsu held a production ceremony. Chart: Photovoltaic production projects in December 2024 Other project progress Crystal pulling and silicon wafer segments: Norwegian ingot and silicon wafer manufacturer NorSun has decided to cease its manufacturing operations in Norway. Silicon wafer segment: In DecemberOn the 16th, the annual production of 7GWCECEP Solar Energy silicon wafer project of Huai'an CSI Solar Co., Ltd. was approved.Battery section: On December 3rd, Hongxi Energy Zhejiang 7GW TOPCon CECEP Solar Energy battery project energy-saving report was publicized. The next day, Hongxi Energy Zhejiang Jiaxing 2GW annual production of efficient N-type monocrystalline TOPCon CECEP Solar Energy battery technology improvement project's energy-saving review was approved. On December 9th, Runyang Holdings Jiangsu Yancheng 16GW N-type efficient CECEP Solar Energy battery base officially resumed production. Component section: On December 4th, Harbin Fangneng Technology Co., Ltd.'s Fangzheng County large-size heterojunction photovoltaic module manufacturing project construction permit was approved; on December 9th, the 2GW heterojunction HJT photovoltaic module manufacturing project in Tieling County, Liaoning passed the record-filing; on December 10th, LONGi Green Energy Technology announced that the Wuhu (Phase II) 15GW annual production monocrystalline module investment project adjusted the planned usable state adjustment time from December 2024 to June 2026; on December 17th, Daheng Energy Guangxi Liuzhou 3GW photovoltaic module project was pre-approved for public notice, on the same day, Huayao Optoelectronics Jiangsu Changzhou 5GW photovoltaic module smart transformation project environmental impact assessment approval was publicized; on December 18th, Ningxia Sailo New Energy Co., Ltd.'s phase I photovoltaic module project was approved; on December 25th, Jingxu Shanxi annual production of 2.5 million kilowatts photovoltaic module project environmental impact assessment was publicized. Battery and component section: On December 11th, Maobo Technology CECEP Solar Energy photovoltaic battery module project was approved for the construction of underground shelters in newly built civil buildings in urban and urban planning areas. Chart: Progress of other photovoltaic projects in December 2024 Overall, driven by policy guidance and industry self-regulation, domestic leading photovoltaic companies have successively announced production cuts, and the supply-demand situation is expected to gradually improve. In December 2024, photovoltaic signings and construction projects were mainly overseas, while domestic expansion projects slowed significantly; production projects were concentrated in the ingot pulling and silicon wafer sections, with N-type production capacity continuing to increase. Under the drive of policies, funding support, and other factors, India and the Middle East region have entered a phase of accelerated capacity expansion.