2023 Taiwan module shipment ranking

TSEC, URE, and AUO lead Taiwanese module shipments in 2023 despite market challenges

Taiwanese module makers displayed strong competitiveness and resilience in 2023 despite challenges, such as the collapse of module prices, rapid technological transformation, and policy uncertainty.

The top three module makers shipping the most in 2023 were TSEC, URE, and AUO, followed by Motech and Gintung. The top five together shipped 1.75 GW, accounting for 73% of the total shipment volume in Taiwan.

The ranking barely changed compared to 2022, but the total shipment volume dropped 16% year-on-year. This can be attributed to project delays and a more cautious market prior to the election./p>

After the election, demand picked up, and the delayed projects resumed. Growth is likely in the second half of 2024. Manufacturers’ shipment volume targets for this year may be higher than in 2023.


 

Varied utilization rate adjustments, technological upgrades, and marketing strategies among manufacturers underline recent developments in different aspects.

URE and TSEC each had two PERC M10 lines but halted production and modified the two for TOPCon M10 production in the second quarter of 2023.

In addition to line modification for catering to end-user preference, URE kept taking OEM orders overseas to meet the demand of all clients. It integrated capacities in Southeast Asia, thus securing a leading position in domestic and overseas shipment volumes.

TSEC surpassed all peers in Taiwan in the fourth quarter of 2022 in the supply of M10 (182mm) products. Others only followed suit in 2023.

Recently, many module makers in Taiwan upgraded production lines from PERC M10 to TOPCon M10 in response to the global technology transition and market trends.

AUO held steady shipments with its brand influence and diverse production lines, such as flexible modules and modules integrated with building materials. Given the expanding markets in third countries, AUO strengthened its market share and diversity by Southeast Asian module sales.

Motech stood out as the only Taiwanese manufacturer to start TOPCon production in 2020. Later this year, Motech will launch new n-type M10 products, showcasing its distinct technological route. Gintung followed closely behind. As an agent for Jinko in Taiwan, Gintung enhanced its market share by selling products from the Tier-1 manufacturer.
 

Continued growth despite challenges

Taiwan added 2.7 GW of installed PV capacity in 2023, a 33% year-on-year growth.

In Taiwan, module demand is met by local production and imports overseas. In the second half of 2023, Taiwan imported 500-550 MW of modules, mostly from Vietnam, according to the Customs Administration of the Ministry of Finance.

In 2023, Taiwanese developers still depended on third countries for large-format n-type modules due to the absence of manufacturers producing TOPCon M10 modules in the market.

The first half of 2024 was a time of technology iteration for Taiwan. In the second quarter, some module makers imported cells from Southeast Asia and processed them into modules in Taiwan to meet the demand for n-type products.

The mass production of TOPCon M10 modules is likely in the second half of this year. However, considering the time it takes for equipment move-in, acquiring certification, and capacity ramp-up, TOPCon production capacity in Taiwan will not experience significant growth until late 2024 or early 2025.
 

Effect of the AD/CVD investigation

The AD/CVD investigation of the U.S. against Southeast Asia disrupts module exports. Manufacturers in Southeast Asia will redirect their products to other markets. As a result, Taiwan will likely see more module exports from Southeast Asia, which could lead to further price declines, impairing the profitability of local module makers.
 

Conclusion

Overall, Taiwan was a sluggish market in 2023 due to the presidential election, developers’ cautious mindset, and bogged-down utility-scale projects caused by the long-drawn review process.

As the new government took office on May 20, 2024, a marked increase in module purchases is likely during the fourth quarter and the first quarter of 2025. This, along with the effect of AD/CVD, points to a positive market outlook in Taiwan for 2025.

The government strengthened its emphasis on renewable energy with continued policy support. For instance, this year's feed-in tariff scheme aims to encourage the installation of residential rooftop PV systems, especially those with a capacity below 100 kW. Under the scheme, projects are divided into four tiers with different feed-in tariff rates.

Additionally, the public’s willingness to install rooftop PV systems may increase once the building area limit in the amendment of the Renewable Energy Development Act is reduced as proposed.

These measures will not only help increase the use of renewable energy but also facilitate the development of the entire PV industry, bringing Taiwan closer to a sustainable future.