Image: Wood Mackenzie
The world's top 10 solar photovoltaic (PV) module manufacturers shipped a record 500 gigawatts (GW) of modules in 2024, nearly doubling the previous year's volume, according to Wood Mackenzie's new Global Solar Module Manufacturer Rankings 2025 report. Despite this surge in shipments, the leading players collectively reported losses of US$4 billion as revenues declined significantly year-over-year.
Top 10 solar PV module manufacturer ranking in 2024:
Wood Mackenzie’s score-based ranking assessed more than 40 leading module manufacturers across 10 countries. These companies accounted for 62% of global production capacity and 89% of global module shipments in 2024, highlighting the concentrated nature of the industry's top performers.
According to Wood Mackenzie’s report, China continues to dominate the solar module manufacturing landscape in terms of scale, but emerging challengers from India, South Korea, and Vietnam are rapidly closing the gap as global production becomes more geographically diverse.
This year’s rankings introduce a new criterion to evaluate manufacturers’ ability to navigate rising trade tensions and country-specific market barriers. Seven of the top 10 manufacturers now operate production facilities in three or more countries, including Cambodia, India, Malaysia, Mexico, and Vietnam. Looking ahead, several top 20 companies are expected to expand into Egypt, Oman, Saudi Arabia, South Africa, Qatar, and the UAE.
Wood Mackenzie’s latest rankings also highlight a growing trend toward full vertical integration among leading solar supply chains. While cell integration is now standard among top-tier module producers, several companies are accelerating investments in wafer manufacturing to gain end-to-end control over production.
The industry’s transition to next-generation cell technologies gained momentum in 2024. N-type modules accounted for the majority of shipments from several top-tier manufacturers. Jinko Solar, the top global shipper, reported that over 87% of its 2024 shipments were N-type.
As solar PV module prices remain under pressure, manufacturers will need to balance cost reduction with ongoing investment in technology and geographic expansion. The industry's future will be shaped by continued expansion into the Middle East and Africa, efficiency gains across various technologies, rising consolidation through vertical integration, and evolving strategies to navigate trade policies and local market regulations.
Source：Wood Mackenzie
