The world’s top 10 solar PV module manufacturers shipped a combined 502 GW capacity in 2024, representing a 22% year-on-year (YoY) growth over the 413 GW they shipped in 2023, according to InfoLink Consulting.
While this is an annual increase of more than 90 GW, their total shipments did not grow as strongly as in 2023 when InfoLink reported a 78% YoY increase which should be around 232 GW. The top 10 manufacturers in 2023 targeted combined shipments of 700 GW in 2024, but InfoLink forecast demand to slow down to a maximum of 519 GW owing to surplus supply (see 60% Global Module Supply In 2023 Came From Top 4 Suppliers).
Shipment rankings
According to the InfoLink list for 2024, the top 4 manufacturers accounted for about 63 of the total capacity shipped by the top 10. JinkoSolar continues to lead, with LONGi and JA Solar sharing the 2nd and 3rd spots as their total shipments had a difference of less than 5%. Trinasolar came next. This quartet ensured they continue to dominate this list as the ‘big get bigger.’
InfoLink Consulting says the top 4 manufacturers accounted for a combined 63% of the total module supply of the top 10 companies in 2024. (Photo Credit: InfoLink Consulting)
Tongwei, Astronergy, Canadian Solar, GCL, DAS Solar and Yingli occupy the remaining spots from 5 to 10, in that order. Competition among these tier II companies is ‘very fierce’ as the analysts point out a gap of 10 GW.
Domestic demand for Chinese manufacturers continues to remain stable as the top 10 listed firms shipped around 289 GW to their customers in China, InfoLink explains that this shows that the increase in the overseas geopolitical risks do play their part in manufacturers allocating their shipments accordingly.
Technology trends
N-type module shipments accounted for nearly 70% of the total shipments, with 22% share of PERC, and about 3% of back contact (BC) modules, mirroring the solar cell shipment trends last year as compiled by InfoLink. Rectangular TOPCon modules with dimensions of 182 x 210 mm accounted for about 13% of the shipment share, followed by 11% for both 182 mm x 199 mm, and 210 mm x 210 mm (see Top 5 Solar Cell Suppliers Shipped 163 GW Capacity In 2024).
Outlook
InfoLink sees the shipment targets of the top 10 module suppliers for 2025 ranging from 559 GW to 603 GW as ‘mainly stable,’, compared to the 700 GW target for 2024, but geopolitical risks will require attention. Going forward, the market share of n-type heterojunction (HJT) and BC products is likely to increase.
“However, as of the time of statistics, some manufacturers said that they will adjust according to the order situation, and even this year's target will be based on the loss target,” add InfoLink analysts.
As low-priced products continue to circulate in the market, they believe manufacturers will need to focus on their product quality to be able to stand out from the competition.
