Featured in Fault lines – 11-2025

Vertical integration strategies in the PV supply chain

In 2023, InfoLink published an analysis of vertical integration trends in the PV supply chain, concluding that the industry would adopt more diverse and flexible approaches – a view reinforced by current market dynamics.

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pv magazine

03 Nov 2025

The surge of vertical integration in the PV industry in 2022 was a response to prevailing market conditions. Companies sought supply chain security, more cost control, and greater strategic initiative. Profit distribution at the time was uneven among polysilicon, wafers, cells, and modules. Margins were largely concentrated in the upstream and midstream segments, while downstream …

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