InfoLink’s 2024 cell shipment ranking: Top five manufacturers’ shipments down 11% YoY

Cell shipment ranking reshuffled: Top five maintain above 25 GW+ 

According to InfoLink’s research, the global top-five cell suppliers shipped 162.8 GW in total in 2024, down 10.7% YoY, ending rapid growth over the past few years.

Tongwei remained the undisputed leader. Despite the ongoing expansion of its module business and some ranking fluctuations in 1H24 , its strong domestic and international sales channels drove growth in 2H24, securing its position as the top supplier for 2024.

Solar Space rose to second place. As an established cell manufacturer, it successfully adapted to the shift toward n-type technology while continuing PERC supply to cover both mainstream and niche markets. Its factory in Laos proved to be an effective strategy for US exports. Solar Space led shipments in 1H24 but ranked second for the whole year.

Jietai secured third place, dominating the TOPCon market with its bold and rapid moves amid surging non-China demand for TOPCon cells, making Jietai a preferred brand. In 2024, nearly 90% of its shipments were n-type cells, showing strong growth momentum. Its parent company, Junda, also planned for a 5-GW cell project in Oman, meeting domestic demand and expanding its global market influence, given great strategies

Yingfa Ruineng ranked fourth, strategically scaling up its high-efficiency TOPCon production at its Yibin factory amid technological shifts. Its n-type shipments were among the top three globally. Moreover, its partnership with LONGi on BC technology positions it as a future leader in BC cell exports, setting for further market expansion.

Aiko came in fifth, with its business focus gradually shifting toward module expansion. While BC technology remains at its core , most BC cell production was used in its own modules, limiting external shipments. Unlike its competitors, Aiko did not fully transition to TOPCon in 2024. Instead, it prioritized PERC cells, making it one of the few manufacturers where p-type cell shipments made up over 85% of the total, differentiating from the rest of the industry.
 

TOPCon cells take over as rectangular formats rapidly prevail

The top five manufacturers shipped 162.8 GW of cells in 2024, with PERC reaching 53.5 GW and TOPCon catching up and surpassing with 109.3 GW, making up nearly 67% of the total.


 

Despite the growing trend of rectangular wafers in recent years, square cells are dominant among the top five cell manufacturers in 2024. According to InfoLink, square cell shipments reached 92.1 GW (57% of the total), while rectangular cells (182~182.2*182mm~210mm) accounted for 70.7 GW (43%).

Square cells:

• 166mm and below: Minimal shipments, under 1 GW.

• 182~182.2mm: 63.4 GW (39%).

• 210mm: 28.2GW (17%).

Rectangular cells:

• 183.75mm : 49.7 GW (31%).

• 182~182.2*210mm: 20.4 GW (13%).

• 210mm: Minimal shipments, under 1 GW.

Boosted by the adoption of n-type cells, rectangular cells exceeded 60% of the top five n-type cell shipments in 2024.

However, weak demand and uncertain market acceptance slowed the growth of large-format G12R cells. 183.75mm micro-rectangular cells became the mainstream TOPCon choice in 2024, making up 44% of the top five TOPCon shipments, while G12R held 19%.

Meanwhile, PERC cells continued to rely on 182~182.2mm and 210mm square cells, driven by cost-effectiveness and demand in non-China markets.
 

Solar industry seeks balance amid oversupply

In 2024, the cell industry faced severe oversupply. The rapid expansion of high-efficiency cell production worsened the supply-demand imbalance, intensifying price wars. TOPCon cell prices dropping 40% from RMB 0.47/W to RMB 0.28/W by year-end. Intense price wars and cost pressures pushed manufacturers to the brink, even affecting industry leaders.

By late 2024, signs of price stabilization appeared. Industry associations led self-regulation efforts, including production quota restrictions and curbs on new capacity expansion. These efforts may help correct the oversupply issue and gradually restore market balance.

However, recovery takes time, and competition remains fierce. In the battle of technology and cost, only those who adapt and strengthen their edge can stay ahead. After the downturn, new growth opportunities will emerge for those who endure.

Despite the challenges, success will come.