Canadian Solar Shatters Panel Shipment Record

Canadian Solar had a record year for solar panel shipments in 2022 – and expects an even bigger year in 2023.

Canadian Solar has two business segments: Global Energy and CSI Solar, with the latter focused on solar module manufacturing, total system solutions and battery storage system integration.

In the final quarter of last year, the company shipped 6.4GW¹ of solar panels, which was above the guidance range of 6.0 GW to 6.3 GW and up 68% year-over-year. For the full year, CSI racked up a record 21.1GW of shipments, which was a very impressive 45% increase year-over-year.

Commenting on the result, CSI Solar president Yan Zhuang said:

“We achieved significant growth and profitability improvements throughout 2022. We continued to focus on strengthening our competitive advantage in technology and product leadership, positioning our brand in high-priced premium markets, building on strong customer and channel relationships, and increasing control over costs through vertical integration of manufacturing capabilities.”

Panel Shipment Prediction For 2023

Looking ahead, Mr. Zhuang said he expects more significant growth driven by the firm’s solar and battery storage offerings. For the full year of 2023, the company hasn’t changed its outlook for CSI Solar’s total module shipments; which are expected to be in the range of 30 GW to 35 GW – quite a jump on 2022.

Manufacturing Capacity Expansion To Continue

Subject to capital allocations and market conditions (and of course, Murphy’s Law), Canadian Solar’s annual wafer, cell and module production capacities should continue to grow at a rapid clip this year. Here’s where the company was at the end of last year and what the company is expecting by the end of 2023:

Canadian Solar In Australia

While the top five markets ranked by shipments in 2022 were China, the U.S., Brazil, Spain and Germany, the company’s panels have been and continue to be pretty popular in Australia for residential PV installations given their comparatively low pricing point and track record to date.

The firm has achieved an average 4.7-star rating here on SolarQuotes from an overall total of 1,799 ratings at the time of publishing, and 4.9 stars over the last 12 months (200 ratings). You can check out Australian customer Canadian Solar panel reviews here, and compare specifications and estimated pricing of the company’s products available in Australia with other brands on SQ’s solar panel comparison table.

Canadian Solar is currently listed on SolarQuotes’ recommended solar brands chart, but the firm failed to score a spot on the podium this year in SQ’s Installers’ Choice Awards for the best solar panels in 2023 (it achieved 5th in the budget category).

Good to know: Despite the company’s name, Canadian Solar panels purchased in Australia will not be made in Canada – more likely China (as most modules are).