JinkoSolar: ‘New momentum for solar expected from 2028’

The global solar industry is entering another challenging period, with photovoltaic installations expected to decline this year and potentially remain flat in 2027, according to Frank Niendorf, Vice President at JinkoSolar. In response, the company is placing greater emphasis on integrated energy solutions and accelerating the expansion of its energy storage business.

“We are in the third consecutive year of consolidation in the solar industry,” Niendorf told pv magazine in an interview at The smarter E Europe in Munich, noting that, although all photovoltaic manufacturers continue to report losses, the major players remain active in the market.

Last year, Niendorf predicted that the substantial losses many module manufacturers had suffered in the recent past would force some companies out of the market. “A market shakeout is taking place,” says Niendorf, particularly with regard to the efforts of China’s central government to remove production capacity from the market. “However, provincial governments are providing massive support to the manufacturers in their regions.”

Module prices, meanwhile, have stabilized in recent months at around €0.12/W ($0.13) to €0.13/W. Nevertheless, some second- and third-tier manufacturers are still offering modules below production costs, Niendorf says. Producers are also facing pressure from fluctuating raw material prices. Silver prices, for example, reached record highs earlier this year, accounting for approximately 25% of module costs at the time. The situation has since eased, he adds.

Weak demand in key markets, including China and Europe, is also contributing to current price pressures. “In Germany, we are experiencing a slowdown in the market,” Niendorf says. “Given the current political discussions, we are seeing considerable investor uncertainty.”

He expects stagnation rather than growth in Germany and across Europe next year. “From 2028 onward, however, I expect new momentum,” Niendorf says. “Continued electrification and investments in data centers will drive demand in Germany upward again.”

China’s solar market is also showing signs of weakness. Niendorf expects annual photovoltaic installations in the country to fall from around 300 GW last year to approximately 150 GW this year.

Demand weakness in China and Europe is certainly also playing a role in price developments. “In Germany, we are experiencing a slowdown in the market,” Niendorf continues. “Given the current political discussions, we are seeing considerable investor uncertainty in this country.” For next year as well, Niendorf expects stagnation rather than growth in Germany and the broader European market. “From 2028 onward, however, I expect new impetus,” says Niendorf. “Ongoing electrification and investments in data centers will drive demand in Germany upward again.”

Despite the current market challenges, Niendorf believes JinkoSolar is well positioned for the next phase of industry growth. This year also marks an important milestone as JinkoSolar celebrates its 20th anniversary a testament to the company’s resilience, continuous innovation and long-term commitment to the global energy transition. Over the past two decades, JinkoSolar has grown from a photovoltaic manufacturer into one of the world’s leading clean energy technology companies, serving customers in more than 200 countries and regions.

Throughout changing market cycles, the company has consistently invested in technology, manufacturing excellence and customer partnerships, allowing it to maintain its position among the industry’s global leaders, says Niendorf.

Building on this foundation, JinkoSolar has evolved into a comprehensive one-stop energy solutions provider, offering photovoltaic modules, battery energy storage systems and intelligent energy management solutions from a single source. The company’s strategic expansion into energy storage in 2022 has further strengthened its ability to support customers across residential, commercial & industrial and utility-scale markets, according to Niendorf.

JinkoSolar has also invested heavily in its own production capacities and now operates its own battery cell production facilities with a capacity of 12 GWh. The company has also launched its own energy management system. “Around 90% of our utility-scale projects combine photovoltaic generation with battery energy storage, reflecting the market’s increasing demand for hybrid energy solutions,” Niendorf added.

However, JinkoSolar is not only investing heavily in its storage business. It is also focusing on continuous development of its solar modules. “Around 5% of our revenue is invested in research and development,” says Niendorf. A significant portion of this investment goes into the Tiger Neo series. At the trade fair in Munich, the company showcased, among other products, modules from the 3.0 series, including a 760 W module for utility-scale applications. In China, JinkoSolar is already two steps ahead. At the SNEC trade fair in Shanghai, held in early June, the company introduced modules from its Tiger Neo 5.0 series. The residential modules deliver up to 500 W of power output and are designed to compete with back-contact counterparts in the rooftop segement. They are expected to be offered in Europe soon, as Niendorf explains.

Niendorf also said he expects silicon-perovskite tandem modules to achieve broad market introduction within the next two to three years. JinkoSolar is already working on this technology. At present, however, weak demand and low prices do not provide a suitable market environment for large-scale deployment. “Our 20-year history has taught us that this industry is cyclical,” Niendorf concludes. “The companies that continue investing during difficult periods are the ones that emerge stronger. We remain committed to innovation, our customers and the long-term energy transition. We are confident that the next growth phase of the solar industry is already taking shape.”