Solar module manufacturer Trina Solar recorded an annual operating revenue of RMB113.39 billion (~$15.67 billion) in 2023, a 33% year-over-year increase from 2022. The company also recorded a net profit of RMB5.53 billion (~$764.62 million), a 50% YoY increase.

Module shipments for the year totaled 65.21 GW, 51% higher than in 2022.

TrinaTracker’s business unit delivered more than 20 GW of solar mounting systems, and Trina’s storage business unit installed 5 GWh of DC containers and energy storage systems by the end of 2023.

The company also announced updated module shipment figures, with total cumulative shipments to date exceeding 205 GW by the end of the first quarter of 2024. Trina Solar’s 210mm modules constituted 120 GW of this figure.

Trina Solar’s production capacity at the end of 2023 was 55 GW for silicon wafers, 75 GW for cells, and 95 GW for modules. The company is building a new integrated n-type production facility to meet burgeoning demand. It targets a production capacity of monocrystalline wafers, high-efficiency cells, and modules of 60 GW, 105 GW, and 120 GW, respectively, by the end of 2024.

While the photovoltaic industry’s demands are global, its supply is predominantly concentrated in China. In 2022, China accounted for 85.6%, 97.4%, 86.9%, and 84.8% of the global output of silicon materials, silicon wafers, batteries, and modules. China’s production capacity represented 87%, 97.9%, 86.7%, and 80.8% for the same categories, according to the China Photovoltaic Industry Association’s annual report.

The industry is transitioning to N-type cell technology as traditional P-type PERC cells near their theoretical efficiency limit. In 2023, N-type cells captured a 26.5% market share, with Topcon technology claiming 23%.

The proliferation of N-type cells is evident from the surge in newly installed production lines and bidding activity, with 70% of bids from September to December 2023 being for N-type modules. A rapid expansion of N-type module penetration is expected in 2024.

With an investment of $130 billion in the solar industry this year, China will likely hold more than 80% of the world’s polysilicon, wafer, cell, and module manufacturing capacity in the next three years. According to a report by Wood Mackenzie, with more than 1 TW of wafer, cell, and module capacity forecasted to come online by 2024, China’s increased capacity will meet global demand until 2032.