Analysis of N-Type Modules' Bidding Performance from January to July 2023

The swift mass production of N-type solar cell has significantly expanded the development scope for N-type modules. The superior conversion efficiency of N-type modules can notably enhance the return on investment for photovoltaic projects. Since 2022, the steadily increasing supply of N-type modules has progressively become the favored choice for end-user power station procurement, leading to a surge in purchase volumes among major energy corporations. Based on SMM's incomplete statistics, there were 11 N-type module procurement projects in 2022, with an aggregate bid winning capacity close to 3.8GW. As we moved into 2023, the proportion of N-type modules in energy companies' procurement plans has risen yet again, with some instances where N-type modules' procurement capacity constituted over 40%, or even reached 50% of the total capacity. So, how have N-type modules fared in the downstream end-market bidding scene from January to July 2023?
I. Gradual Uplift in N-Type Market Share, Summing up to a Total Bid Winning Capacity of 30.34GW, and an Average Monthly Procurement Exceeding 20%
Based on SMM's incomplete data, the aggregate bid winning capacity for module procurement from January to July 2023 amounted to 134.11GW, out of which N-type modules contributed to 30.34GW. The first quarter, traditionally an off-peak season for solar bidding, saw numerous terminal energy firms still outlining their annual bidding projects and needs. Procurement bids mostly originated from deferred demands of the previous year or from projects with pre-selected models. Consequently, the overall bid capacity was relatively low in the first quarter, with N-type modules' procurement capacity hovering around 10%.
Beginning in the second quarter, the decline in module prices and the surge in end-user tenders have evidently boosted the demand for N-type modules. As per SMM's partial statistics, the procurement volume of N-type modules from April to July consistently represented over 20% of the total, nearing 30%.
For N-type modules, the tender market exhibits encouraging signs. The number of tender sections for N-type modules has notably increased, and several photovoltaic module tenders no longer exclusively specify N-type modules, instead allowing for either N- or P-type modules. P-type and N-type modules have started to compete head-to-head. According to SMM, P-type modules, due to their consistent supply, act as the "backup" module products for end-user power stations. However, with the falling prices and rising production of N-type modules, end-user power stations have begun to tilt towards substantially procuring N-type modules through tenders.

II: Central and Local State-Owned Enterprises Predominate in N-Type Module Tenders, Showcasing a Marked Uptick in Acceptance
As per SMM's partial data, from January to July 2023, a collective of 20 companies issued tenders to purchase N-type module. This includes central state-owned enterprises (SOEs) such as China Huaneng Group, China National Nuclear Corporation, China Datang Corporation, China Huadian Group Corporation, State Power Investment Ronghe Investment, China Three Gorges Corporation among others, making up to 14 entities. Additionally, local SOEs including Tibet Development Investment, Baobi New Energy Technology, High-Speed Group, and six more were also involved. The aggregate volume of N-type module bids from January to July reached 30.34 GW, distributed across 49 bid sections. A total of ten enterprises achieved a gigawatt-scale procurement capacity.
Throughout 2022, central SOEs largely viewed the procurement of N-type modules as experimental, resulting in relatively modest scales and quantities of tenders. The shift in module preference for end-user projects is predominantly dictated by the state of market production and supply. As N-type modules reach full industrialization, their market share has been on a gradual upswing, and consequently, the demand for N-type modules noticeably surged in 2023. As per SMM's understanding, new projects with module requirements this year are likely to give precedence to N-type TOPCon products. The proportion of N-type module procurement by central SOEs has already surpassed 20%. The elevated conversion efficiency of N-type modules, which boosts the rate of return for photovoltaic projects, has significantly heightened the acceptance of N-type modules among central SOEs.

III: numerous Players Compete For N-Type Module Bidding, with Jinko Power Technology, Tongwei Group, and CHINT Group Corporation being Big Winners
As per the partial statistics from SMM, from January through July of 2023, a total of 40 companies either secured bids or were shortlisted for potential bid-winning in N-type module tender projects. Among the successful bidders, those reaching gigawatt-scale in bid-winning volume include Jinko Power Technology, Tongwei Group, CHINT Group Corporation, Yidao Xinneng Engineering Design Research, and Huayao Photoelectric Technology.

Jinko Power Technology, one of the pioneers in the photovoltaic industry to embark on an expansion exceeding 10GW for N-type solar cell modules, has positioned these modules as its flagship products. The company consistently leads in both production and shipment volumes of N-type modules. In the N-type projects tendered from January to July 2023, Jinko Power Technology secured the top position with a bid-winning volume of 3.5GW.
Following its shift towards integration, Tongwei Group has been awarded numerous module procurement projects from central SOEs. With a rapid expansion of its module production capacity, currently at 14GW and aiming to reach 80GW, Tongwei Group is a noteworthy player. The company uses its proprietary TNC technology for N-type modules, persistently striving for technological innovation and product enhancement to boost its market share and shipment volume. In the N-type projects tendered from January to July 2023, Tongwei Group secured second place with a bid-winning volume of 2.9GW.
CHINT Group Corporation, is among the trailblazers in the photovoltaic industry to actualize mass production of N-type modules. In their module production blueprint, N-type modules represent more than 80% of the total capacity. In the first half of 2023, the shipment proportion of N-type modules from CHINT Group Corporation exceeded 40% of their overall shipment volume. In the N-type bid tenders from January to July 2023, CHINT Group Corporation secured a commendable third place, with a winning bid volume of 2.5GW.
Among other contenders in the module industry, Risen Energy, a pioneer in the layout of HJT technology and concurrent mass production of TOPCon and HJT modules, Yidao New Energy Technology, boasting an N-type module shipment volume nearing 50% of the total, and Trina Solar, continually enhancing its N-type vertical integration capacity, all secured top spots among the successful N-type module bidders. In a similar vein, companies like EGing Photovoltaic Technology and Suntech POWER, each projecting an annual N-type shipment volume surpassing 45%, have made their presence felt in the list of successful N-type module bidders.