Recently, the photovoltaic (PV) module market has experienced a strong price increase. Since the end of 2025, module prices have continued to rise, with some manufacturers reporting price hikes of up to 50% for certain products.
This surge is driven by two main factors. On one hand, the rising cost of key raw materials, especially silver, has significantly increased production costs. On the other hand, as profit margins in other segments of the supply chain begin to recover, the module segment—long under pricing pressure—has seen expanding losses, prompting manufacturers to strongly pursue profit recovery.
Against this backdrop, product upgrading has become a common strategy for achieving higher margins. Research shows that high-power modules and differentiated products for specific applications can command higher premiums compared to conventional products. This has become a key focus for manufacturers in 2026. In a recent 8GW procurement by China Huadian Group, high-power modules accounted for as much as 75%. Some leading manufacturers have also announced plans to increase the share of high-power products in shipments to 60% this year.
However, market opinions remain divided regarding future trends. Even among top-tier manufacturers, there is no consensus on the direction of module prices or whether profit margins can be sustainably restored.
Price Increase: Value Recovery or Prelude to a New Cycle?
The stronger-than-expected rise in module prices reflects both cost pressures and the industry's push against excessive price competition. As profits in upstream segments such as polysilicon and wafers gradually normalize, it is inevitable for the module sector—at the end of the value chain—to seek profit recovery, which may help build a more sustainable industry ecosystem.
However, relying too heavily on high-power products for growth could trigger a new “arms race.” Once technologies converge and production capacity scales up, this segment may repeat the historical cycle of price competition.
The divergence in market expectations highlights the uncertainty between short-term cost-driven price increases and long-term supply-demand dynamics. Whether prices can remain stable depends not only on raw material trends but also on whether downstream power plant investments can absorb the increased costs.
While pursuing reasonable profits, the industry must also remain cautious about the risk of demand being suppressed by higher prices.