Cell shipment ranking 1H24: Top 5 reshuffle amid sagging market

This ranking is based on external sales volume and does not include shipments for in-house module production or OEM orders. The data is measured from MW and processed with a 1% error margin, with manufacturers below 1% ranked equally. Official figures shall prevail if any differences.
 

Ranking reshuffled; the top five shipped nearly 78 GW

As stated previously, manufacturers phasing out outdated capacity and continuing R&D innovation will gain better market shares amid technological iteration. InfoLink’s prediction has been proven.

The top five cell suppliers shipped 77.96 GW in the first half of 2024, a 7-8% year-on-year decline, ending the rapid growth over the past few years. 

The ranking saw significant changes in 2024. Solar Space secured the top spot by rooting in China and actively expanding foreign markets, setting up power plants in Laos to mitigate the U.S.’ tariffs on imports from the four Southeast Asian countries.

Jietai, ranked second, was one of the first manufacturers to produce TOPCon cells. The company has benefited from the initial high premiums of high-efficiency cells and become a primary choice for customers overseas. Given the rising demand for TOPCon cells in non-China markets, Jietai secured order volumes in the first half.

Third place went to Tongwei, which continues deepening its module business and has increased its self-use proportion to 60-70%. It has been upgrading PERC production lines across several bases, resulting in a year-on-year decline in external shipments. 

Aiko and Yingfa Ruineng tied for fourth place, with their shipment volumes falling within the 1% statistical error margin. Aiko’s ranking slipped due to PERC line modification, but it has begun TOPCon production in the first half, offering a new option for customers amid technology transition. Yingfa Ruineng, made its debut on the list, seized the opportunity of the market trend and completed its modification to PERC lines in Yibin in the first quarter and started producing n-type 210mm rectangular cells. The company’s TOPCon cell shipments ranked in the global top three in the first half.

Runergy, consistently ranked among the top five since 2019 and had remained in the top three for three consecutive years, fell out of the list for the first half due to a shipment decline amid market turbulence. Yet, its shipment volume was close to the top five. SunSync and Sunrev remained noteworthy in cell manufacturing despite a gap in shipments compared to the leading manufacturers.

TOPCon cells took over; rectangular formats prevailed

The top five manufacturers shipped 77.96 GW of cells in the first half, with PERC reaching 37.3 GW and TOPCon catching up and surpassing with 40.6 GW, making up nearly 52% of the total.

M10 (182-182.2*182mm-199mm) formats dominated shipments of the top five manufacturers, regardless of n-type and p-type. The top five’ shipments of M10 format reached 61 GW, accounting for 78% of the market share, of which 182-182.2mm formats shipped 37.5GW (61%) and 183.75mm rectangular formats shipped 23.6 GW (39%). Cumulative shipment of G12 (210*210mm) format stood at 13.3 GW (17%), and the G12R (182*210mm) format at 3.2 GW (4%). Formats equal to or below M6 saw their shares shrinking below 1%.

Given the sluggish market and no significant recovery in demand in the first half, development of large-format G12R cells slowed, with manufacturers preferring near-rectangular formats. 183.75mm long-side, near-rectangular cells became mainstream for TOPCon, accounting for nearly 56%. For PERC, 182-182.2mm square cells dominated in the first half, making up 71%.

Survival strategies for cell manufacturers amid harsh market

The PV industry faced continuous declines in the first half. TOPCon cell prices fell from RMB 0.47/W at the beginning of the year to RMB 0.3/W by the end of June, a 36% sharp decline. Oversupply in the PV industry led to price collapses and affected manufacturers' IPO processes, with Solar Space and Runergy both failing IPO on the Shenzhen Stock Exchange.

Intensified competition forced manufacturers to reassess strategies, highlighting two trends. First, some non-vertically integrated cell manufacturers ventured into the module sector to reduce sales ratios. For instance, Tongwei expanded its module business in the second half of 2022 and ranked fifth in global module shipments by 2023. According to InfoLink's database, current vertical integrated cell capacity meets market demand, leaving the rest of external purchases to face fierce competition. Market opportunities boom, but each manufacturer faces uncertainties.

Second, strategies for foreign markets are crucial. Except for Tongwei and Aiko focusing on modules, other top-ranking manufacturers have overseas expansion plans. Solar Space's proactive setup in Laos creates room for premiums. Jietai and Yingfa Ruineng announced expansions in Oman and Indonesia, respectively. Runergy, one of the earliest manufacturers to expand overseas, benefited substantially from its operation in Thailand. In summary, the expansion is not only about looking for potential markets and opportunities but also helps enhance brand influence worldwide. 

The current industry forces cell manufacturers to make difficult decisions between survival and development. Apart from accelerating innovation and cautious market expansion, manufacturers must adapt to the unpredictable market conditions. It’s crucial for companies to constantly adjust strategies and enhance global competitiveness to stay ahead in the ever-changing market.