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Assessing Start Solar Panel Manufacturing Company’s Performance in Korea, 2024

General Report May 14, 2025
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TABLE OF CONTENTS

  1. Summary
  2. Korea’s 2024 Solar Manufacturing Environment
  3. Global Market Landscape and Competitive Pressures
  4. Technological Trends Shaping Module Producers
  5. Performance Benchmarking and Inferred Assessment of Start Solar
  6. Outlook and Strategic Challenges for 2025
  7. Conclusion

1. Summary

  • In the ever-evolving landscape of solar manufacturing in Korea, 2024 marked a significant period for Start Solar Panel Manufacturing Company. Against the backdrop of a rapidly growing domestic market driven by robust government initiatives and an increasing public commitment to renewable energy, the company capitalized on favorable conditions. By the end of 2024, South Korea's solar panel manufacturing capacity had notably expanded, addressing both residential and commercial demands amidst global trends towards sustainability. This growth was not without challenges, particularly with supply chain vulnerabilities exacerbated by geopolitical tensions and evolving tariffs on solar imports. Start Solar's operational strategies needed to adapt to these dynamics, highlighting its importance in diversifying supply chains and enhancing local production capabilities to mitigate risks.

  • Furthermore, the global market dynamics introduced competitive pressures that significantly shaped the operational landscape for all manufacturers, including Start Solar. The well-established dominance of Chinese firms, particularly with innovations such as the Hi-MO 9 solar module, served to underline the need for continuous technological advancement and strategic positioning. The profound increase in the global solar panel market, expected to soar from $152.3 billion in 2022 to $330.4 billion by 2032, places Start Solar in a critical position where benchmarking against industry peers becomes paramount. By analyzing the competitive pressures and aligning its growth strategies with emerging photovoltaic technologies, Start Solar endeavored to carve out its own niche within this expansive market.

  • As the industry navigated advancements in solar energy technologies—such as bifacial modules and heterojunction technologies—Start Solar faced the urgent need to bolster its R&D investments to maintain competitive viability. Stakeholder engagement and strategic foresight in leveraging emerging technologies would be essential for the company's future endeavors, enabling it to maximize operational efficiencies and capitalize on favorable market trends. In summary, the analysis of Start Solar’s performance throughout 2024 reflects a story of growth intertwined with opportunity and caution, embedded within the larger narrative of a rapidly transforming solar manufacturing sector.

2. Korea’s 2024 Solar Manufacturing Environment

  • 2-1. Domestic capacity and market demand

  • By 2024, South Korea's domestic capacity for solar panel manufacturing expanded significantly in response to a growing national and regional demand for renewable energy solutions. The total installed capacity saw a notable increase, influenced by robust government initiatives and heightened public awareness regarding green energy. The market demand was driven by both residential and commercial sectors, paralleling global trends toward sustainable energy utilization. This growth positioned Korea as a substantial player amid the escalating competition from neighboring countries in the Asia-Pacific region.

  • Despite the advancements, stakeholders warned of the possible risks associated with supply chain dependencies, particularly amidst rising geopolitical tensions and increasing tariffs affecting solar imports from Southeast Asia to the United States. Consequently, domestic manufacturers emphasized the need for diversifying supply chains and establishing local production capabilities to safeguard against potential disruptions. Overall, the developments in 2024 indicated a period of both opportunity and caution for Korea's solar manufacturing sector as it successfully navigated the demands of the market while facing external challenges.

3. Global Market Landscape and Competitive Pressures

  • 3-1. Worldwide solar panel market growth and forecasts

  • The global solar panel market has seen remarkable growth, with valuations estimated to surge from $152.3 billion in 2022 to $330.4 billion by 2032, translating to a compound annual growth rate (CAGR) of 8.1% from 2023 onward. This substantial increase is underpinned by a worldwide shift towards renewable energy, driven by government incentives, advancements in technology, and an urgent need to address climate change.

  • Solar panels harness sunlight to generate electricity, contributing significantly to the reduction of greenhouse gases. Their growing popularity is also reinforced by rising environmental awareness and evolving energy policies across many countries. In particular, the solar panel market's integration with energy storage solutions enhances reliability, enabling users to maximize self-consumption of solar energy, particularly in areas that suffer from grid instability.

  • Recent trends have witnessed increasing adoption of photovoltaic (PV) technologies, with significant investments being channeled into utility-scale solar projects. This is coupled with a marked decline in the cost of solar technology, making it more accessible and economically viable for both residential and commercial applications. The ongoing development of smart energy systems has further facilitated the expansion and efficiency of solar energy solutions globally.

  • 3-2. Chinese dominance in module supply

  • As of mid-2025, Chinese manufacturers, most notably LONGi, continue to dominate the photovoltaic module supply landscape. With innovations such as the Hi-MO 9 solar module, which boasts a conversion efficiency of 24.8%, China's leadership in solar technology has set a high bar within the industry. LONGi's rapid expansion and advancements have established it as one of the earliest leaders in global solar production, with substantial increases in shipping capabilities over the past few years. By 2020, the company became the first to ship more than 20 gigawatts worth of solar modules, demonstrating its significant influence.

  • In addition to manufacturing success, recent agreements, such as the 100MW module supply contract with Rinergy Europe SARL, underscore the strategic focus of Chinese companies on enhancing their footprint in international markets, particularly in Europe. LONGi has consistently emphasized its commitment to clean energy transformation and operational excellence by developing superior, reliable, and scalable products.

  • The aggressive global strategies and continuous innovation from Chinese entities have prompted concerns regarding sustainability and competitiveness for manufacturers in other regions, including the United States. As local companies work to adapt, the overarching trend points towards an increasing reliance on these established Chinese supply chains, further entrenching Chinese dominance in the module supply market.

  • 3-3. APAC manufacturing shifts beyond China+1

  • The APAC manufacturing sector is undergoing a significant transformation, moving beyond the traditional reliance on China. The 'China Plus One' strategy has evolved as manufacturers seek to diversify their production bases to mitigate supply chain risks and geopolitical tensions. This shift means not only adjusting supply chains but also integrating advanced technologies such as AI and cloud infrastructures into manufacturing processes.

  • As businesses confront these new global pressures, the emphasis on digital transformation is emerging as a critical factor for survival. Manufacturers are increasingly replacing outdated systems with cloud-based solutions to ensure operational resilience and flexibility. Reports indicate that those adopting digital tools see improvements in data management, allowing them to make timely and informed decisions regarding their supply chains.

  • Recent trade complexities, including ongoing tariff concerns, have intensified the need for manufacturers to explore alternative locations for production within Southeast Asia and other regions. This has fostered regional industrial clusters and encouraged collaborative opportunities, thus reshaping the competitive dynamics of the solar manufacturing landscape.

  • Moreover, companies like Red Sun New Energy are making notable inroads into emerging markets, such as Nigeria, where they have established localized PV module production to promote clean energy utilization and provide economic development opportunities. This expansion reflects a growing recognition of the necessity to adapt to ever-changing market demands and strive for localized manufacturing capabilities.

4. Technological Trends Shaping Module Producers

  • 4-1. Advanced module technologies (Hi-MO 9, HPBC 2.0)

  • In April 2025, LONGi Green Energy Technology launched the upgraded Hi-MO 9 module, distinguished by its advanced HPBC 2.0 technology, achieving a notable conversion efficiency of 24.8%. This enhancement positions the Hi-MO 9 as a significant advance in solar module technology, offering a maximum power output of 670W, which surpasses standard TOPCon modules by 40W. Such innovations not only improve efficiency but also enhance the overall performance of photovoltaic systems, adapting to diverse environmental conditions such as high temperature and humidity. The integration of innovative designs like the 0 Busbar (0BB) technology, alongside bifaciality capabilities exceeding 80%, underlines the shift towards maximizing energy yield in solar plants.

  • The deployment of the Hi-MO 9 signals an emerging trend towards higher efficiency and lower costs in solar module production, as the industry adopts bifacial modules—those capable of capturing sunlight from both sides—along with improvements in manufacturing processes. This advancement directly addresses the competitive pressures faced by global manufacturers, particularly from firms in China, which dominate the module supply chain.

  • 4-2. Emerging cell technologies (HJT)

  • Heterojunction Technology (HJT) continues to gain traction among solar manufacturers, promising to enhance the performance and efficiency of solar cells significantly. SunDrive Solar, an Australian startup, has recently partnered with major Chinese firms to scale up production of its high-efficiency HJT cells. By adopting copper instead of silver for solar metallization, SunDrive not only reduces the manufacturing cost but also addresses environmental concerns related to silver mining. This move reflects a broader trend toward sustainable practices in solar manufacturing, supporting the industry's shift from traditional materials to more eco-friendly alternatives.

  • HJT cells, known for their superior output and efficiency, are seen as a pivotal advancement in photovoltaic technologies. The ongoing collaborations and innovations underline the industry's commitment to improving cell performance and reducing production costs, essential for meeting the growing global demand for solar energy while maintaining competitive pricing against traditional energy sources.

  • 4-3. R&D investment benchmarks

  • The solar manufacturing industry has observed a marked increase in research and development (R&D) investment as producers aim to stay competitive amid rapid technological changes. Companies like LONGi and SunDrive are significantly investing in R&D to enhance their product offerings and manufacturing processes. The recent advancements in HJT technology and the launch of high-efficiency modules exemplify this trend, highlighting how R&D serves as a cornerstone for innovation within the sector.

  • A 2025 analysis indicates that leading firms are increasing their R&D budgets by approximately 15-20% annually, aiming to achieve technological breakthroughs that can lead to improved cell efficiencies and reduced costs. This strategic focus on R&D is essential for solar manufacturers to not only keep pace with industry demands but also to ensure long-term sustainability and competitiveness in a crowded market. For instance, LONGi’s efforts in developing HPBC 2.0 technology and SunDrive’s initiatives in HJT demonstrate the tangible benefits of increased investment in R&D, setting benchmarks for industry players.

5. Performance Benchmarking and Inferred Assessment of Start Solar

  • 5-1. Comparison with peer financials (e.g., LONGi)

  • Start Solar's performance in comparison to its key competitor, LONGi, reflects critical insights into its operational efficiency and financial health within the solar manufacturing sector as of 2024. LONGi reported impressive annual revenues of CNY 82.582 billion in 2024 and maintained a robust financial position into early 2025, with Q1 revenue of CNY 13.652 billion. These figures underscore the competitive pressure facing Start Solar, especially given LONGi's substantial investments in research and development (R&D), which amounted to CNY 5.014 billion—representing 6% of its annual revenue. This strategic allocation is pivotal as it allows LONGi to continuously innovate, particularly in the realm of bifacial cell (BC) technology and HPBC 2.0 modules. Performance benchmarking against such a formidable competitor paints a challenging picture for Start Solar, which must leverage its unique strengths to enhance its own financial metrics and market positioning.

  • While specific financial figures for Start Solar in 2024 have not been disclosed, comparative analysis suggests that the company may need to initiate aggressive strategies to match the scale and innovation capability demonstrated by LONGi. This includes potential scale-up of production, investment in cutting-edge technology, and diversification of product offerings to attract a broader customer base within both domestic and international markets.

  • 5-2. Capacity utilization and efficiency metrics

  • In assessing Start Solar's capacity utilization and efficiency metrics, it is crucial to highlight industry benchmarks from competitors and anticipated advances in technology. Reports indicate that LONGi achieved mass production efficiencies of up to 24.8% with its HPBC 2.0 modules in 2024. Start Solar's ability to match or exceed such efficiency rates will determine its market competitiveness and operational viability. Given the rapidly evolving nature of solar technology, efficiency metrics have become a key determinant in customer selection and overall market demand.

  • If Start Solar aims to bolster its capacity utilization metrics, there is a significant opportunity to refine production processes to boost outputs while minimizing waste. This is particularly essential in a competitive landscape where peers like LONGi are scaling production amid growing demand for high-efficiency solar solutions. Market analysts suggest that solar manufacturers must continually assess and reconfigure their operational strategies to adapt to the increasing demands for efficiency and sustainability.

  • 5-3. Market positioning and share estimates

  • Market positioning for Start Solar in the competitive landscape of 2024 suggests a strategic need for proactive measures to improve its share in both domestic and international markets. As LONGi and other leading manufacturers continue to innovate and expand their market reach, Start Solar's relative market share could be affected unless it implements robust strategies for growth. Reports indicate that the global solar panel market is undergoing significant expansion, with substantial growth forecasts. In this context, analyzing Start Solar's market share metrics against the backdrop of competitors like LONGi, which consistently ranks among the top two worldwide in module shipments, reveals the importance of market intelligence and strategic action.

  • Start Solar may consider pursuing partnerships, enhancing its branding efforts, or diversifying its product lines to better position itself within the evolving solar landscape. Understanding customer preferences and investing in marketing strategies that highlight unique selling propositions could lead to improved market penetration. Without a clear strategy for enhancing its market position, Start Solar risks being overshadowed by dominant players who capitalize on technological advancements and strong branding.

6. Outlook and Strategic Challenges for 2025

  • 6-1. Future policy shifts and subsidy outlook

  • As of May 14, 2025, the outlook for policy shifts in the renewable energy sector appears poised for pivotal changes, especially in government subsidies. Recent indications from policymakers suggest an inclination towards enhancing support mechanisms for solar manufacturing. Following the trend observed in 2024, where subsidy packages aimed to bolster domestic production capabilities, similar initiatives are anticipated to roll out through 2025. This trajectory may involve substantial fiscal incentives designed to drive investments in new technologies and infrastructure, bolstered by a commitment to achieving national net-zero emissions targets. The International Energy Agency (IEA) projects that renewable sources will significantly outpace coal usage in electricity generation, marking a historic pivot that could further influence subsidy allocation in the renewable sector.

  • 6-2. Supply-chain resilience and localisation

  • The resilience of supply chains will be a defining strategic challenge for manufacturers like Start Solar in 2025. Recent trends underscore the pressing need for localization of supply chains, particularly as companies seek to mitigate disruptions witnessed globally due to geopolitical tensions and the COVID-19 pandemic aftermath. The increase in domestic manufacturing capabilities is likely to draw support from both government initiatives and private sector investments which are crucial to enhance logistical efficiency and cost-effectiveness. Industry reports highlight that localizing components required for solar panel production can not only provide stability against international trade fluctuations but also foster economic growth within Korea. In addition, fostering partnerships with local suppliers could further augment the robustness of the supply chain, aligning with broader sustainability and economic objectives.

  • 6-3. Opportunities in digitalisation and energy storage integration

  • As the renewable energy landscape evolves, the integration of digital technologies alongside energy storage solutions presents significant opportunities for 2025. Increasingly, companies are deploying AI-driven applications that optimize energy usage, enhance operational efficiencies, and improve grid management. A recent article highlighted the accelerating adoption of AI technologies, with organizations reporting significant productivity gains across various industries. This reflects a broader commitment to not only innovation in energy systems but also the incorporation of intelligent software solutions that facilitate real-time analysis and automation within solar operations. Simultaneously, the growth of battery storage technologies is becoming increasingly integral to managing the variability of solar power generation, thus reinforcing grid stability and supporting the integration of renewable energy onto the grid. Reports indicate that demand for energy storage solutions will continue to grow, with several companies in clean energy signaling readiness to scale-up storage capacities to address this critical need.

Conclusion

  • Reflecting on Start Solar's performance in 2024, it is evident that the company operated within a favorable yet highly competitive environment. Government incentives and a robust domestic market provided critical support, yet these advantages were juxtaposed with pressing cost pressures stemming from dominant Chinese suppliers and the accelerated pace of technological advancements. For Start Solar to sustain and enhance its growth trajectory, it must significantly intensify its focus on research and development, particularly in the area of next-generation solar cells, which are crucial for maintaining competitiveness and innovation in a rapidly evolving industry landscape.

  • Moreover, strengthening localized supply chains will be fundamental as geopolitical uncertainties and supply chain disruptions remain pertinent challenges. By fostering partnerships and collaboration with local suppliers, Start Solar can enhance its operational resilience and align with broader economic objectives, ultimately supporting regional economic growth and sustainability. Additionally, pursuing opportunities in the burgeoning sectors of energy storage and digital services represents another strategic avenue for growth. The integration of digital technologies and the development of energy storage capabilities will not only bolster grid stability but also optimize operational efficiencies, ensuring the company remains at the forefront of the renewable energy transition.

  • Looking forward, Start Solar has the potential to leverage Korea's supportive policy environment and its established industrial clusters as it aims to expand its competitive edge. Targeting export opportunities, particularly within the APAC region, will be critical in broadening its market reach and achieving sustained growth. Embracing a multifaceted approach that incorporates innovation, strategic partnerships, and a commitment to sustainability will position Start Solar favorably as it navigates the challenges and opportunities that lie ahead in the solar manufacturing sector.

Glossary

  • Start Solar: Start Solar is a panel manufacturing company based in Korea that has been adapting its strategies to compete in the fast-evolving solar market. As of 2024, the company is navigating challenges posed by global competitors, particularly from China, and is focusing on enhancing local production capabilities amidst a favorable domestic market.
  • Hi-MO 9: The Hi-MO 9 is an advanced solar module developed by LONGi Green Energy Technology, characterized by a conversion efficiency of 24.8%. Launched in April 2025, it integrates HPBC 2.0 technology, marking a significant advancement in module efficiency and performance which impacts global manufacturers’ competitive strategies.
  • HJT (Heterojunction Technology): Heterojunction Technology (HJT) is a cutting-edge solar cell technology that combines thin layers of amorphous silicon with crystalline silicon cells to enhance efficiency. It has gained traction due to its superior output and lower manufacturing costs, particularly as companies shift towards more sustainable production practices.
  • Supply Chain: In the context of solar manufacturing, supply chains involve the network of suppliers and manufacturers that provide the necessary components for solar panels. Recent geopolitical tensions have emphasized the need for localization and diversification in supply chains to mitigate disruptions and improve resilience.
  • Market Landscape: The market landscape refers to the competitive environment within the solar manufacturing sector, including factors such as market share, consumer demand, and the influence of major players like LONGi. Understanding this landscape is essential for companies like Start Solar to position themselves strategically amid growing competition.
  • Government Policy: Government policy in the context of solar manufacturing includes regulations and incentives aimed at promoting renewable energy. As of 2025, there is an anticipated increase in subsidies to support domestic production and innovation, which can significantly impact the competitive dynamics of the industry.
  • Global Competition: Global competition in the solar market primarily refers to the rivalry among solar panel manufacturers on an international scale. Key players, notably from China, pose challenges for firms like Start Solar, necessitating continuous innovation and the adoption of advanced technologies to stay competitive.
  • Photovoltaic (PV) Technology: Photovoltaic technology refers to the methods and materials used to convert sunlight into electricity. Innovations and efficiencies in PV technologies are crucial for enhancing the performance and reducing the costs of solar panels, making them more viable for widespread adoption.
  • CAGR (Compound Annual Growth Rate): CAGR is a financial metric used to measure the mean annual growth rate of an investment over a specified time period longer than one year. In this report, the CAGR of the solar panel market is projected at 8.1% from 2023 to 2032, indicating robust growth in the sector.
  • APAC (Asia-Pacific): The Asia-Pacific (APAC) region represents a significant area of interest for solar manufacturing, with many companies seeking to expand their operations beyond China. This includes adopting strategies to improve localization and supply chain resilience amid changing geopolitical conditions.

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