The international solar panel market is showing renewed movement in the second half of 2025. After prices dipped earlier this year, we are now seeing an upward trend. Search4Solar tracks market developments monthly and shares key insights from recent reports by sources such as pv magazine and OPIS.
China: Modest but Clear Increase
The Chinese Module Marker (CMM), OPIS’ benchmark for TOPCon modules ≥600W, rose by 1.18% this week to $0.086/W FOB China. Since July, that’s an increase of nearly 5%. The market currently fluctuates between $0.084 and $0.093/W.
Forecasts remain stable:
-
Q4 2025: $0.086/W
-
Q1 & Q2 2026: $0.086/W
-
Q3 2026: $0.087/W
Sentiment is also improving in China’s domestic market. TOPCon prices there are now CNY 0.690/W (~$0.096/W EXW), up 0.73% week-on-week.
A key detail: the Ministry of Industry and Information Technology (MIIT) stepped in again this summer. Topics included stricter quality standards, curbing underpriced competition, and enforcing greater market discipline. Some market players even speculate that a legally mandated minimum price level of CNY 0.75/W could be introduced.
Tenders Signal Market Turnaround
Tender results confirm the market recovery:
-
Huadian Group awarded 20 GW of module contracts for 2025–2026, with bids around CNY 0.710/W.
-
China Resources Power launched a 3 GW tender, with average prices above CNY 0.70/W.
This points to stabilization at higher levels after a year of significant price pressure.
Europe: Stable, But Rising Interest in Premium Modules
In Europe, prices remained stable over the summer holiday period. OPIS reports €0.092/W DDP Europe for TOPCon ≥600W.
Interestingly, high-efficiency HJT modules are attracting increasing attention:
-
≥600W: €0.095/W
-
≤450W: €0.105/W
European HJT production capacity is also growing: Enel’s 3Sun in Italy is already operational, MCPV in Spain plans a 2.5 GW factory, and Chinese manufacturers are also exploring European partnerships.
United States: Prices Influenced by Policy
The U.S. market shows a different picture:
-
TOPCon ≥600W rose by 1.44% to $0.277/W.
-
Shipments from Southeast Asia: +1.14% to $0.267/W.
-
Indian shipments fell by 1.86% to $0.317/W, partly due to AD/CVD investigations.
Inventory levels in the U.S. are shrinking, with some assemblers reporting just 100 MW in stock. The upcoming FEOC rules (2026) are expected to create a price gap between compliant and non-compliant modules.
Conclusion: Cautious Price Recovery
After a period of sharp declines, we now see the solar panel market stabilizing and slightly recovering. In China, regulation and tenders are pushing prices up. Europe remains stable for now but shows rising demand for premium technology. In the U.S., trade policy is playing an increasingly important role in price levels.
For installers and EPCs, this is the moment to buy strategically and time contracts carefully. Search4Solar will continue to monitor and share monthly market insights.
Sources:
-
pv magazine – Solar panel prices increase nearly 5% as China tightens oversight
-
pv magazine – Solar module prices on a clear downward trend (July 2025)
-
OPIS Market Insights (Dow Jones)