For much of the past two years, Europe’s solar industry has been shaped by a very specific market condition: abundant module oversupply. Global manufacturing expansion, combined with softer-than-expected demand in certain regions, led to a sustained period in which supply consistently exceeded demand. The result was predictable and, for buyers, highly advantageous. Warehouses filled up, spot prices declined almost continuously, and procurement strategies across Europe began to converge on a single assumption—waiting would almost always lead to better prices.
That logic became embedded not only in trading behaviour, but also in project planning. Developers delayed procurement decisions, EPCs renegotiated supply contracts closer to installation dates, and distributors competed aggressively to move excess stock. In many cases, holding off buying became a rational strategy, as each month of delay often translated into incremental cost savings.
But that environment is now starting to shift, according to Bart Wansink, CEO of Search4Solar, a Rotterdam-based platform for solar panels, inverters, and batteries. “The market is clearly moving away from the extreme oversupply situation we saw in 2023 and 2024,” he told pv magazine. “Inventories are becoming leaner, and manufacturers are planning production in a much more disciplined way. The era of unlimited cheap inventory is ending”
The change is subtle rather than dramatic. Module availability in Europe remains healthy, and there is no indication of imminent shortages. But the days of continuously expanding stockpiles and aggressive spot price competition appear to be fading. After a prolonged period in which distributors often carried 6 to 12 months of inventory, stock levels are now noticeably tighter.
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This shift matters because it changes the psychology of procurement. In recent years, many buyers became comfortable delaying decisions, confident that prices would continue to fall. Today, however, several large procurement organisations have already started securing volumes earlier again, especially for utility-scale projects scheduled for delivery in late 2026 and 2027. The logic is straightforward: in a more balanced market, waiting too long can mean losing access to the most attractive pricing or product allocations. “For project developers who became accustomed to waiting until the last possible moment, this could become an important change.
At the same time, the technology landscape has also settled into a new structure. TOPCon modules have now become the dominant choice in most European tenders, effectively replacing PERC as the default technology for commercial and utility-scale projects. Their combination of higher efficiency, competitive cost, and broad manufacturer support has driven this rapid consolidation. “TOPCon is clearly the mainstream technology today,” he said, “but we are still seeing innovation at the premium end of the market.”
Heterojunction (HJT) modules continue to gain attention in applications where higher yields can justify additional cost, while back-contact (BC) technologies are increasingly appearing in high-end residential and commercial projects where aesthetics and maximum efficiency are important. As a result, procurement decisions are becoming more nuanced. “It is no longer simply a question of the lowest price per watt,” Wansink emphasized.
That shift is also visible in how projects are financed and approved. Where procurement used to be dominated almost entirely by price considerations, developers and investors are now placing greater emphasis on long-term performance, degradation rates, warranty structures, manufacturer bankability, ESG compliance, and supply chain transparency. In larger projects, these factors are often reinforced by lenders, who want greater certainty over how assets will perform over decades, not just at commissioning.
The combined effect is a more mature and more selective market, according to Wansink. The extreme volatility of recent years forced both buyers and suppliers to rethink their assumptions. Excessive inventory exposure on one side and delayed procurement on the other both proved risky. As a result, many participants are now trying to balance price optimization with supply security.
He also explained that, if for distributors and manufacturers this is contributing to a more stable environment, for developers it introduces a more difficult question: when is the right moment to commit?
Looking ahead, Wansink expects the next six months to bring relative stability in pricing, with the possibility of modest upward pressure rather than further sharp declines. “Global manufacturing capacity remains substantial, which should prevent any structural shortages,” he stated. “But at the same time, more disciplined inventory management across the supply chain is likely to reduce the frequency of deeply discounted spot deals that defined the last two years.”
Whether this marks the beginning of a longer-term recovery is still uncertain. What is becoming clearer, however, is that Europe’s solar procurement landscape is no longer defined by endless oversupply and falling prices. “Instead, it is defined by timing,” Wansink concluded. “And for an industry that has grown accustomed to waiting for the next price drop, that may be the most important change of all.”
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