The world’s top 10 solar crystalline silicon solar PV module manufacturers shipped a record 500 GW capacity in 2024, nearly doubling the previous year’s volume. In this Wood Mackenzie list dominated by Chinese manufacturers, JinkoSolar leads the ranking with a final score of 90.6 out of 100.
JA Solar follows next with an 89.8 score, LONGi Green Energy Technology is in the 3rd spot with an 86.5 score. Canadian Solar and Trinasolar share the 4th position with 84.0 and 83.7 points, respectively.
DMEGC Solar, Astronergy and Boviet Solar slot in the next 3 positions with respective scores of 83.0, 78.2 and 7.3.
Risen Energy and Qcells both share the 8th spot, and so do TCL Solar and Tongwei at the 10th position. Indian manufacturer Adani Solar is placed 9th.
All of these companies accounted for 62% of global production capacity and 89% of global module shipments in 2024, pointing to the concentrated industry dynamics.
They maintained a strong average utilization rate of 69% in a year marked by oversupply and price decline. Wood Mackenzie says this proves their efficiency, resilience and competitiveness, and reflects strong demand for their products.
A majority of these shipments comprised n-type modules. TOPCon was the leading technology with average conversion efficiencies of over 24%, followed by heterojunction (HJT) and back contact technologies reaching efficiency benchmarks of 24% and 25%, respectively.
Top manufacturers are also aiming for full vertical integration as they aim to gain ‘end-to-end control’ over production while lowering their reliance on external suppliers for solar cells and wafers.
“This strategy enables tighter control over cost, quality, and compliance, especially in a complex trade environment,” said Wood Mackenzie’s Head of Global Solar Supply Chain Yana Hryshko.
Despite this volume surge, these companies suffered a combined $4 billion in losses, according to the new Global Solar Module Manufacturer Rankings 2025 report by Wood Mackenzie.
Analysts blame aggressive pricing, intense competition and continued capital investments for their revenue decline year-on-year (YoY). It was a year of survival through scale for the industry, added Hryshko.
Geographical diversification
The report also evaluated these manufacturers on the basis of their ability to navigate rising trade tensions and market barriers in various geographies. Out of these 10, Wood Mackenzie counts 7 companies manufacturing in 3 or more countries, including Cambodia, India, Malaysia, Mexico and Vietnam.
Several top 20 companies are now expected to expand into Egypt, Oman, Saudi Arabia, South Africa, Qatar, and the UAE.
Overall, while China continues to dominate this space in terms of scale, the report writers see India, South Korea and Vietnam emerging as competing locations.
Wood Mackenzie estimates match those of InfoLink Consulting, which in February 2025 pegged solar module shipments by top 10 companies last year at 502 GW with a 22% annual growth over 413 GW in 2023.
