According to statistics, domestic module exports in the first half of the year totaled 106GW, a year-on-year increase of 30.2%. Due to the high base formed by the outbreak of overseas markets in 2022, the year-on-year growth rate of export data in 23H1 has been lowered than the 81% in 22H1, but the overall growth is still relatively rapid.

Since the second half of 2022, due to mild winter weather and active policy responses, the tight supply and demand situation of natural gas in the EU has been eased to a certain extent, and terminal electricity prices have also declined relatively. At the same time, the tight supply and demand in the optical storage industry last year brought a certain oxtail effect to the demand for optical storage in Europe in the first half of the year. Downstream dealers have stocked up in large quantities since the second half of last year. With terminal installation capacity limited, demand in Europe has increased. Rapid or periodic pressure. At the same time, financing rates in most overseas regions rose sharply in the first half of the year, and risk-free interest rates and financing costs increased, resulting in delays in the construction of photovoltaic projects. The actual export capacity in July was 14.5GW, a month-on-month decrease of about 20%, and August exports were 17.3GW, a month-on-month decrease. pick up.

Emerging markets have huge demand potential. The total electricity demand in emerging markets continues to increase with the development of economic scale. Supporting power generation and power grid facilities are relatively weak. In recent years, power cuts and blackouts have occurred frequently in Southeast Asia, South Africa and other places. Photovoltaics have entered an era of parity globally. Supporting energy storage products also have certain power protection functions, and there is huge demand potential in emerging markets.

Overall, in the first half of the year, as component prices fell and stabilized, domestic demand grew significantly. Although the growth rate of overseas demand has slowed down, considering the current rate of return on price projects, overseas demand is expected to gain strength in the subsequent quarters.

· Asian market: In the first half of the year, inverter exports were US$1.03 billion, +35% year-on-year, and battery and module exports were US$7.27 billion, -2% year-on-year. The demand for photovoltaic storage in Asia is generally stable, with little change in demand from developed countries such as Japan and South Korea. India has vigorously promoted local photovoltaic manufacturing and set tariffs since April last year, shifting from component imports to self-assembly of imported batteries. Since the beginning of this year, battery exports to India have increased significantly year-on-year.