集邦咨询：3月光伏产业链价格呈上涨趋势 国内光伏项目签约、开工、投产节奏有所放缓

Core Viewpoint - The photovoltaic industry chain prices are expected to rise in March 2025 due to multiple factors including policy-driven demand, industry self-discipline in production cuts, and an ongoing optimization of supply-demand dynamics [1]. Project Signing/Planning - In March 2025, there were 9 photovoltaic signing/planning projects, with 4 in China and 5 overseas, totaling a scale of 10.2GW. The battery segment accounted for 9GW, while the module segment accounted for 1.2GW [2]. Project Commencement - A total of 4 photovoltaic projects commenced in March 2025, with 2 in China and 2 overseas. The scale of silicon material projects was 40,000 tons, battery projects 2GW, and module projects 5GW [7]. Project Commissioning - In March 2025, 5 photovoltaic projects were commissioned, with domestic projects totaling 0.2GW and overseas projects totaling 22.9GW. The battery segment contributed 5.4GW, while the module segment contributed 17.7GW [10]. Domestic Expansion Focus - Domestic expansion in March 2025 focused on BC and perovskite technologies, with significant projects signed by companies like SANY and GCL-Poly. Notably, Mission Solar Energy announced a $265 million investment to increase 2GW solar cell capacity in Texas [5][9]. International Expansion - Internationally, expansion projects are diversifying in destination, with significant investments in the U.S., Ethiopia, Turkey, and Nigeria. For instance, TOYO Solar plans to expand 2GW of solar cell capacity in Ethiopia [5][10]. Overall Market Trends - Overall, March 2025 saw fewer domestic photovoltaic signing, commencement, and commissioning projects, but many are nearing completion. The overseas market is experiencing a significant increase in project commencement and commissioning, particularly in India, which leads global production for the month [23].