Category
Author InfoLink
Updated February 18, 2025

The shipment data for this ranking was based on InfoLink’s database and surveys conducted with manufacturers. If the statistics for a certain manufacturers are not fully accounted for, the shipment data is cross-verified using output and inventory estimates from individual manufacturers’ operations and InfoLink's statistics. Moreover, data statistics start from 100 MW, and manufacturers with shipment volumes differing by no more than 5% will be ranked equally. The final data is subject to the companies’ published data.

Compared with the previous year, the total shipment volume of the top ten manufacturers in 2023 was 413 GW, while that of 2024 reached 502 GW. Despite a 22% annual growth rate, sluggish demand and oversupply in 2024 have hindered the momentum for significant annual growth.

250218_InfoLink_module shipment ranking 2024_en1

 

The top four manufacturers are highly concentrated, with significant gap between ranking tiers

250218_InfoLink_module shipment ranking 2024_en2

According to InfoLink’s statistics for 2024, the top ten shipped around 502 GW of modules, up 22% YoY, showing that the annual growth rate has begun to narrow, as previously predicted, with smaller growth in Q3-Q4 than in previous years.

Jinko, Longi, JA Solar, and Trina continued to secure the top four positions, with a slight change in their rankings. Since 2019, these vertically integrated companies have retained their top-four rankings, with the big getting bigger. Compared to the manufacturers ranked behind, there is a significant gap in shipment volumes of over 30%, with the top four accounting for 63% of the total volume of the top 10.

Competition among manufacturers in the second tier is very intense, with the order being Tongwei, Astronergy, Canadian Solar, GCL, DAS Solar, and Yingli. A gap of 10 GW can be observed. Notably, DMEGC and Risen tied for eleventh place, each shipped 20 GW, close to the 10th place. From 12th place onward, First Solar, Seraphim, Huayao, and Hanwha show a larger gap in shipment volumes.
 

Manufacturers' Chinese shipment share is growing.

For China-funded manufacturers, stable Chinese demand supports growth. Returning brands, newcomers, and cross-industry entrants have a higher Chinese market share. The top ten manufacturers shipped 289 GW, averaging 58% of the total, highlighting rising geopolitical risks affecting shipment distribution.
 

Large format products dominate shipments

The shipment data of the top ten shows that PERC products account for about 22% of the total volume, whereas n-type TOPCon module shipments account for nearly 70% of the total, and BC products account for 3%.

The module shipment trend this time mirrors that of cells, with near-rectangular formats dominating the majority of shipments. This includes both PERC and TOPCon, which together account for approximately 53% of the total. For the TOPCon rectangular size, the shipment volume for 182mm-199mm, 182*210mm, and 210*210mm formats make up about 11%, 13%, and 11% of the total, respectively.

250218_InfoLink_module shipment ranking 2024_en3

 

Shipment targets for 2025: Some manufacturers have not fully finalized their plans

According to our statistics for this period, the overall shipment targets are set around 559-603 GW. Compared to the previous targets for 2024, the new targets reflect a stability-oriented mindset among manufacturers regarding their expectations for 2025. The penetration rates of n-type, HJT, and BC products are projected to near saturation. As of the latest survey, however, some manufacturers indicated that they would adjust their targets based on order conditions or even set this year’s targets with a focus on minimizing losses.

Since the self-regulation at the end of 2024 gradually took effect in controlling production schedules, the decline in module prices has slowed. However, a significant number of low-priced modules continue to circulate in the market, pulling down the average price.

InfoLink believes that, for manufacturers to break through in a competitive landscape, they must place greater emphasis on the product quality. In line with the theme of last year, the key factors for manufacturers to stand out include module wattage, quality, and efficiency. In addition, the ability to anticipate and respond to policy changes can provide manufacturers with a competitive edge. This year, in particular, special attention must be given to geopolitical risks both domestically and internationally.

InfoLink to release PV Bill of Material Market Report to help businesses secure revenues

InfoLink Consulting is excited to announce the release of "PV Bill of Material Market Report" that will help businesses and stakeholders navigate geopolitical risks and drive informed decision-making with comprehensive market information and in-depth analysis on BOMs of the PV supply chain.

Learn more
InfoLink to release PV Bill of Material Market Report to help businesses secure revenues

為提供您更多優質的內容,本網站使用 cookies分析技術。若繼續閱覽本網站內容,即表示您同意我們使用 cookies ,關於更多 cookies 資訊請閱讀我們的 隱私權政策