Since Q3 2025, the photovoltaic (PV) industry chain has gradually emerged from the previous downturn and shown a clear trend of price stabilization and recovery. Behind this change lies the continuous expansion of global PV installation demand driven by carbon neutrality goals, as well as the dual support of supply-side optimization and industry self-regulatory adjustments. Core electronic components in the industrial chain have become a key constrained link driving industrial recovery due to supply-demand imbalance.

 

From the perspective of industrial fundamentals, global PV installation demand is expected to reach 583GW in 2025, a year-on-year increase of 10%. New grid-connected capacity in China maintains rapid growth, and the strong resilience of downstream demand has directly driven the price recovery of the industrial chain. Amid this trend, the supply-demand contradiction of several core electronic components has become prominent, attracting widespread market attention.

 

As the core of energy conversion, PV inverters are facing an especially severe shortage of key ICs. The INN2025K from Power Integrations, a highly integrated offline flyback switching IC integrated with a 650V MOSFET and synchronous rectification function, meets global energy efficiency standards and serves as a core component for small inverters. Currently, the market supply of this product is tight, with extended delivery cycles. Infineon's 1EDI302xAS series of isolated gate driver ICs, featuring a 20A high-output stage suitable for high-power inverters and complying with automotive-grade safety standards, has witnessed a surge in demand in large-scale ground-based power station projects, becoming a representative of in-short-supply part numbers.

 

In addition, affected by the shortage of semiconductor raw materials, the supply of supporting components in PV cells and modules is under pressure. Indium, a core material for copper indium gallium selenide (CIGS) solar cells, has seen its derivative indium phosphide face a "supply crunch" due to the explosive growth in demand driven by AI computing power and PV technology iteration, directly pushing up the cost of related components. Meanwhile, supply bottlenecks of high-purity silicon, gallium, and other raw materials have indirectly hindered the capacity release of power semiconductors and other components.

 

With the price recovery of the industrial chain and sustained demand growth, the tight supply situation of core components is unlikely to ease in the short term. Enterprises in the industry are safeguarding supply through technological upgrading and supply chain collaboration. The supply-demand balance of in-short-supply part numbers will become a key factor affecting the sustained recovery of the PV industry, and related component enterprises are poised to embrace dual opportunities for performance and valuation recovery.