The leading crystalline silicon solar manufacturers have shipped a record 500GW of PV modules in 2024, according to a report from analysts Wood Mackenzie.
In its annual report, ‘Global Solar Module Manufacturer Rankings 2025’, Wood Mackenzie said that the top ten solar module manufacturers have nearly doubled the volume of modules shipped from the previous year.
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Chinese solar manufacturer JinkoSolar ranked as the top solar module manufacturer for 2024 with a score of 90.6 out of 100, after ranking third last year. Wood Mackenzie’s ranking is based on several criteria, including capacity utilisation, technology maturity, financial condition, supply chain resistance, research and development and vertical integration, among others.
Regarding volumes shipped, JinkoSolar had its best year in 2024 with 99.6GW, as reported earlier this year on PV Tech. JinkoSolar was followed by fellow Chinese manufacturers JA Solar and LONGi in the top three.
The top three differ slightly from PV Tech Market Research’s own ranking published at the beginning of the year – which is based purely on shipment volumes – with the exception of JinkoSolar, which led the industry in both rankings. Chinese manufacturers Trina Solar and JA Solar closed the top three in terms of volume shipped in 2024.
| Rank | Manufacturer | Final score out of 100 |
| 1 | Jinko Solar | 90.6 |
| 2 | JA Solar | 89.8 |
| 3 | LONGi Green Energy | 86.5 |
| 4 | Canadian Solar | 84.0 |
| 4 | Trina Solar | 83.7 |
| 5 | DMEGC Solar | 83.0 |
| 6 | Astronergy | 78.2 |
| 7 | Boviet Solar | 76.3 |
| 8 | Risen Energy | 74.2 |
| 8 | Qcells | 73.9 |
| 9 | Adani Solar | 72.8 |
| 10 | TCL Solar | 70.8 |
| 10 | Tongwei | 70.7 |
“In many ways, 2024 was a year of survival through scale for the industry”, said Yana Hryshko, head of global solar supply chain at Wood Mackenzie. “Aggressive pricing, intense competition and continued capital investment weighed heavily on margins as companies pursued long-term leadership in market share and technology.”
Despite the surge in module shipments, the companies have reported losses of US$4 billion as revenues significantly declined year-on-year. This downturn in the solar manufacturing industry is expected to continue well into 2026, with results from the top four Chinese manufacturers reporting losses in the first quarter of 2025, despite the fact that these companies shipped 65GW of modules during that period.
Global manufacturing
One of the ongoing trends is the geographical diversification of solar manufacturing, with “emerging challengers” from India, South Korea and Vietnam rapidly closing the gap to leading Chinese manufacturers, according to Wood Mackenzie.
The ranking introduced a new criterion that evaluates a manufacturer’s ability to navigate the rising trade tensions – which have been grown in countries such as the US and Turkey – and country-specific barriers. Seven companies from the top ten now have manufacturing plants in three or more countries, including Cambodia, India, Malaysia, Mexico and Vietnam.
The Middle East and North Africa (MENA) region, as well as South Africa, is also looking to host manufacturing capacity in the coming months and years from the top 20 companies, according to Wood Mackenzie.
“Establishing production across multiple countries allows manufacturers to navigate tariffs, local content mandates, and import barriers,” Hryshko added. “It’s a strategic move to remain competitive in an increasingly fragmented global landscape.”
On top of more solar manufacturers diversifying their global manufacturing footprint, companies have advanced towards a more vertically-integrated supply chain, according to Wood Mackenzie. As cell processing has become a standard among leading module producers, many companies have accelerated their investments into wafer manufacturing to gain “end-to-end control over production”.
“The most ambitious players are moving upstream into wafer production,” added Hryshko. “This strategy enables tighter control over cost, quality and compliance, especially in a complex trade environment. As a result, reliance on third-party wafer and cell suppliers is expected to decline, reshaping the upstream supply landscape in the coming years.”
“Despite financial headwinds, the solar manufacturing industry is quickly repositioning for the next cycle of global growth,” concluded Hryshko. “Technology leadership, supply chain control and geographic agility will define the winners in the years ahead.”
