In 2024, the world’s ten leading manufacturers of photovoltaic modules delivered a record 500 gigawatts (GW) of modules, almost double the amount delivered the previous year. This information comes from the Wood Mackenzie report, »Global Solar Module Manufacturer Rankings 2025«. This represents a doubling of the previous year’s volume. However, at the same time, the leading companies reported total losses of four billion US dollars.
»In many ways, 2024 was a year of survival through scale for the industry,« says 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.« According to the report, China continues to dominate solar module manufacturing, but emerging challengers from India, South Korea, and Vietnam are catching up quickly.
The industry’s transition to next-generation cell technologies gained momentum in 2024. N-type modules accounted for the majority of shipments from several leading manufacturers. Jinko Solar, the world’s leading supplier, reported that over 87 per cent of its shipments in 2024 were N-type modules.
Wood Mackenzie’s points-based ranking system evaluated over 40 leading module manufacturers from ten countries. Together, these companies accounted for 62 per cent of global production capacity and 89 per cent of global module shipments in 2024.
A new criterion was added to the ranking this year to assess manufacturers’ ability to cope with increasing trade tensions and country-specific market barriers. Seven of the top ten manufacturers now operate production facilities in at least three countries, including Cambodia, India, Malaysia, Mexico, and Vietnam. Looking ahead, several of the top 20 companies are expected to expand into Egypt, Oman, Saudi Arabia, South Africa, Qatar and the United Arab Emirates.
© PHOTON
