The 10 photovoltaic module producers leading global output face falling prices, fierce competition, and growing manufacturing overcapacity.
The Asian industry continues to dominate the global ranking of solar panel manufacturers. Chinese companies hold eight of the top ten spots, including the entire podium.
Global photovoltaic industry, 2024 ranking
Who are the top 10 photovoltaic module producers in the world? Each year, Wood Mackenzie answers this question with an analysis of the 40 largest solar panel brands across 10 countries. These companies alone account for 62% of global manufacturing capacity and 89% of all panel shipments in 2024.
The geographic concentration of solar manufacturing becomes even more apparent within the top 10, where China holds a dominant eight positions. Although the country maintains a clear lead, its grip is weakening due to the rise of new players and sharp price drops.
The year 2024 marked a turning point for the industry. “In many ways, it was a year of survival on a global scale,” said Yana Hryshko, head of global solar supply chain at Wood Mackenzie. “Aggressive pricing, intense competition, and constant capital investments weighed heavily on margins as companies fought to maintain long-term leadership in market share and technology.”
Top solar panel manufacturers of 2024
At the top of the 2024 list remains Chinese giant Jinko Solar, followed by compatriots JA Solar and LONGi in second and third place.
According to Wood Mackenzie’s report, the rest of the list includes:
- Canadian Solar (4th)
- Trina Solar (4th)
- DMEGC Solar (5th)
- Astronergy (6th)
- Boviet Solar (7th)
- Risen Energy (8th)
- Qcells (8th)
- Adani Solar (9th)
- TCL Solar (10th)
- Tongwei (10th)
A notable change this year: the introduction of a new metric evaluating companies’ ability to navigate growing trade tensions and national market barriers. Seven of the top ten manufacturers now operate factories in three or more countries, including Cambodia, India, Malaysia, Mexico, and Vietnam. Analysts also predict expansion into Egypt, Oman, Saudi Arabia, South Africa, Qatar, and the UAE.
Full vertical integration gains momentum
The report also highlights a strong trend toward full vertical integration across leading solar supply chains. While cell integration has become standard for major module producers, several companies are now accelerating investments in wafer manufacturing to gain tighter control over production.
The top 10 photovoltaic module producers in 2023
Chinese companies not only swept the podium but also took six additional spots in last year’s top 10.
Leading the pack was JinkoSolar, the Shanghai-based giant with 10 manufacturing bases spread across China, the U.S., Southeast Asia, and the Middle East. With more than 300 GW of modules sold and a vertically integrated production line from wafers to modules, the company has ranked number one globally for five consecutive years.
Trailing closely were fellow Chinese firms LONGi Green Energy and JA Solar in second and third place, respectively. While China continues to dominate, analysts emphasize that its lead is no longer unchallenged. Recent data show an increase in non-Chinese producers entering the top 10, with competitors from India, Singapore, and Japan rising to prominence.
Resilience under pressure
According to Wood Mackenzie, the top 10 photovoltaic module producers now have enough combined capacity to meet the global annual demand for new panels. These companies have also weathered the latest market shocks better than others. Despite significant challenges, including record-low solar module prices, these firms maintained an average utilization rate of 66% in the first half of 2024, reflecting their strong resilience.
“Profitability set the industry leaders apart,” said analyst Yana Hryshko. “While many companies faced financial losses, eight of the top 13 manufacturers posted positive earnings in the first half of 2024. This highlights their ability to offset drastic price reductions through effective cost control and efficiency optimization.”
Industrial overcapacity looms
The report warns that the shift to next-generation solar technologies is moving faster than anticipated. TOPCon leads the innovation race, while HJT (heterojunction) and BC (back-contact) technologies are gaining ground. From January to June 2024, R&D investments rose 4% year over year.
Still, analysts caution that current solar demand is not keeping pace with the surge in manufacturing capacity.
“The top 10 producers are increasingly concerned about low utilization rates and shrinking margins, which is making them more cautious about expansion plans,” Hryshko noted. “The solar industry has seen module prices fall drastically, from $0.24/watt to $0.08/watt, a drop of over 70%. This sharp decline has put significant pressure on revenues and profitability across the sector, raising concerns about the sustainability of some manufacturers.”
Read the full report here.
