Top 10 Solar PV Manufacturers Show Resilience Despite Challenges: Wood Mackenzie

Despite significant challenges, including sharp declines in solar module prices and disruptions in the silicon supply chain, the top ten solar PV module manufacturers achieved an average utilisation rate of 66 percent, with most surpassing 70 percent in the first half of 2024, according to Wood Mackenzie’s report titled 'Global Solar Module Manufacturer Ranking H1 2024'.

The report highlights the resilience and robust performance of these manufacturers, who have sufficient production capacity to meet global annual demand, ensuring continued growth in the renewable energy sector.

The rankings reveal an important shift, with non-Chinese manufacturers gaining prominence. Companies from India, Singapore, and Japan have entered the top ten, marking a diversification in the global solar PV manufacturing landscape.

Jinko Solar, LONGi Green Energy, and JA Solar, all based in China, retained the top three spots, followed by Trina Solar and Canadian Solar. Adani Solar from India ranked sixth, while Tongwei and Astronergy from China shared the seventh position. Singapore’s EliTe Solar, Japan’s VSUN Solar, and China’s Risen Energy shared ninth place, while Maxeon Solar Technologies, also based in Singapore, rounded out the top ten. Rankings for the seventh and ninth positions were shared due to closely matched scores.

As per the report, profitability emerged as a defining factor for the top-tier players, with eight out of the 13 leading manufacturers reporting positive profits in H1 2024.

Yana Hryshko, managing consultant and head of global solar supply chain research at Wood Mackenzie, noted that despite a 70 percent decline in solar module prices, i.e., from USD 0.24 per watt to USD 0.08 per watt, these companies managed to navigate financial pressures through effective cost control and efficiency optimisation. This significant price drop has strained revenues across the sector, prompting caution among manufacturers regarding future expansion plans.

The report also highlighted rapid advancements in solar technologies, with TOPCon leading the way, followed by increasing production shares for HJT and BC technologies. Investments in research and development averaged 4 percent, reflecting a steady rise compared to 2023. However, the rapid expansion of manufacturing capacity has led to overcapacity concerns, compounded by slower-than-expected solar demand growth. This has left manufacturers grappling with low utilisation rates and shrinking margins.

Wood Mackenzie’s rankings are based on a unique scoring methodology that evaluated 38 manufacturers from 11 countries, covering 68 percent of global production capacity and 84 percent of shipments. Criteria included manufacturing experience, vertical integration, financial performance, and capacity utilisation. This comprehensive assessment underscores the resilience and adaptability of the top players, positioning them to address challenges in the dynamic solar PV market.