Yingli and Trina Grab 15% of Solar PV Industry in Q4’13, According to NPD Solarbuzz

Market leaders shipped a total of 5.8 GW in 2013; both are targeting 1 GW of quarterly PV shipments

Santa Clara, California, January 24, 2014—Leading Chinese solar photovoltaic (PV) manufacturers Yingli Green Energy and Trina Solar have emerged as the clear market leaders within the solar PV industry, shipping more than 5.8 gigawatts (GW) of solar PV modules in 2013. During the last six quarters, Yingli and Trina increased total market share from 12% in Q2’12 to nearly 15% at the end of Q4’13, according to findings in the latest NPD Solarbuzz Module Tracker Quarterly report.

“Yingli and Trina embarked on an aggressive shipment strategy over the past eighteen months,” according to Ray Lian, senior analyst at NPD Solarbuzz. “With the global PV manufacturing segment focused on reducing costs and controlling expenses, there was a clear window of opportunity for market share gains. These two companies have capitalized on this opening with meticulous precision, and they are now poised to become the first multi-gigawatt module suppliers driving the next phase of strong end-market growth.”

The top 20 leading solar PV suppliers shipped a new record level of modules in Q4’13 of 7.6 GW, marking the first time that the top 20 suppliers have broken through the 7 GW barrier. The Q4’13 shipment volume from the top 20 companies grew by 9% M/M and 44% Y/Y. The top 20 PV manufacturers now supply 68% of the global solar PV industry.

During Q4’13, 11 of the top 20 module suppliers set new quarterly shipment records. In particular, Yingli and Trina both exceeded 800 megawatts (MW) of shipments in Q4’13, with Yingli setting yet another record of more than 900 MW. Over the next few quarters, these two market leaders will compete to become the first PV module supplier to reach the unprecedented 1 GW mark for quarterly shipment volume.

Yingli and Trina have now increased their combined trailing-twelve-month (ttm) shipment volume, from 2.4 GW at the end of Q2’12, to 5.8 GW at the end of Q4’13. The 62% increase in shipments in just 18 months is a key factor behind the companies’ combined market share gains.

Figure 1: Combined TTM Shipments and Market Share of Yingli Green Energy and Trina Solar

Source: NPD Solarbuzz Module Tracker Quarterly

The average selling price (ASP) of the top 20 grouping was once again flat ($0.72 per watt), with module pricing remaining stable for three consecutive quarters. ASPs have only declined by 3% since Q4’12, compared to the staggering 35% annual decline during the previous 12-month period.

Of the top 20 module suppliers, 11 now have ASPs between $0.6 per watt to $0.7 per watt. ASPs are higher for high-performance module suppliers SunPower and Panasonic, and for other premium-brand suppliers, like SolarWorld, Sharp Solar, and Kyocera.

The Chinese suppliers in the top 20 decreased their silicon and non-silicon module costs to $0.55 per watt during Q4’13. Jinko Solar was the first major supplier to break below the $0.5 per watt threshold. More than half of the top 20 module suppliers now have blended costs below $0.6 per watt.

With costs lower than ASPs, the average gross margin for top 20 module suppliers has increased from approximately 10% in Q2’13 to 15% in Q4’13, up significantly from a low of 1% in Q3’12.

“With a stable pricing climate and with gross margins for the industry leaders set to once again exceed 20%, increased module shipments are now resulting in strong revenue and profit gains,” added Lian. “The positive environment for leading solar PV module suppliers will provide a solid foundation in 2014, which will lead to plans for new capacity expansions and further efficiency improvements.”

For more information about NPD Solarbuzz Module Tracker Quarterly, contact us at one of our seven global locations, email us at contact@solarbuzz.com, or call Charles Camaroto at 1.516.625.2452 for more information.

About NPD Solarbuzz
NPD Solarbuzz, part of The NPD Group, offers North America PV Markets Quarterly, Marketbuzz, Solarbuzz Quarterly, and other upstream and downstream photovoltaic (PV) market quarterly reports, providing the solar energy and PV industries with global historical and forecast data for the PV supply chain. For more information, visit www.solarbuzz.com or follow us on Twitter at @Solarbuzz.

About The NPD Group, Inc.
The NPD Group provides global information and advisory services to drive better business decisions. By combining unique data assets with unmatched industry expertise, we help our clients track their markets, understand consumers, and drive profitable growth. Sectors covered include automotive, beauty, consumer electronics, entertainment, fashion, food/foodservice, home, luxury, mobile, office supplies, sports, technology, toys, and video games. For more information, visit www.npd.com and npdgroupblog.com. Follow us on Twitter at @npdtech and @npdgroup.

NPD Solarbuzz and Marketbuzz are registered trademarks of The NPD Group.

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