According to InfoLink statistics, the top ten module manufacturers shipped approximately 502 GW in 2024, representing a 22% increase over 2023 (413 GW). However, the annual growth rate has started to slow, with a smaller advance in the third and fourth quarters, as previously predicted.
Jinko, LONGi, JA Solar and Trina maintained their positions as the top four manufacturers, albeit with slight changes in their rankings. Since 2019, these companies have remained at the top of the sector.
The consultancy emphasized that these four companies have a significant difference in shipment volume, exceeding 30% more than subsequent manufacturers. Together, they account for 63% of the total volume of the ten largest companies in the sector.
Regarding the other manufacturers in the ranking, competition remains intense. Tongwei, Astronergy, Canadian Solar, GCL, DAS Solar and Yingli are all competing for positions, with a 10 GW gap between them.
It is worth noting that DMEGC and Risen tied for 11th place, with 20 GW shipped each, coming close to 10th place. From 12th place onwards, manufacturers such as First Solar, Seraphim, Huayao and Hanwha recorded a more significant difference in shipment volumes.
Expansion of the Chinese market
Chinese manufacturers continue to expand their global market share, driven by stable domestic demand. The growing presence of emerging brands and new industry entrants has contributed to an increase in China’s share of global shipments.
In 2024, the top ten manufacturers shipped 289 GW to the Chinese market, representing 58% of the global total. This concentration also reflects the growing geopolitical challenges impacting the international distribution of shipments.
Mastery of TOPCon technology
The technological evolution of the photovoltaic market is reflected in the profile of global shipments:
- 22% of shipments were PERC modules;
- 70% were TOPCon N-type modules;
- 3% corresponded to BC (Back Contact) products.
The trend towards adopting rectangular formats also stood out in shipments, especially in TOPCon solar panels. Among the most shipped formats:
- 182mm-199mm: 11%;
- 182*210mm: 13%;
- 210*210mm: 11%.
Projections for 2025
According to InfoLink, shipment targets for 2025 range from 559 GW to 603 GW. Compared to the targets set for 2024, the new targets reflect a more cautious strategy on the part of manufacturers, focused on market stability.
The penetration of N-Type, HJT and BC products is close to saturation, prompting some companies to adjust their production targets in line with demand. Since the gradual implementation of self-regulation at the end of 2024, there has been a slowdown in the decline in module prices, although there are still low-cost products on the market putting pressure on the average price.
Challenges and strategies for competitiveness
To stand out in a highly competitive environment, manufacturers will need to prioritize, according to Infolink:
- Power and efficiency of modules;
- Product quality;
- Ability to adapt to regulatory and geopolitical changes.
The consultancy warns that in 2025 it will be essential for manufacturers to monitor sector policies and geopolitical risks, both domestic and international, to ensure sustainable competitive positioning.
Research methodology
The data presented was based on InfoLink's database and interviews with manufacturers. Where figures for a specific manufacturer were not fully disclosed, InfoLink performed cross-checks using production and inventory estimates.
The statistics include only manufacturers with shipment volumes exceeding 100 MW. Companies with differences of less than 5% in their volumes were classified equally. The final data remains subject to official updates from each company.
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An answer
Good afternoon. We also need statistics on the worst panels and those that were rejected by INMETRO. Great report. INTERSOL ECO.