Adani Solar Emerges as India’s Top-Ranked PV Module Manufacturer in Wood Mackenzie 2026 Rankings

India’s solar manufacturing sector received a major boost as Adani Solar secured the sixth position in Wood Mackenzie’s Global Solar PV Module Manufacturer Ranking 2026, making it one of the highest-ranked non-Chinese solar module producers globally.

According to the latest assessment by Wood Mackenzie, Adani Solar joined the global top ten module manufacturers amid a changing international solar market shaped by trade barriers, localisation requirements and supply chain diversification. The ranking evaluated 48 solar PV module manufacturers from ten countries, covering 65 percent of global production capacity and 83 percent of worldwide module shipments.

While Chinese companies continued to dominate the rankings, Adani Solar’s sixth-place finish highlighted India’s growing presence in global solar manufacturing. Singapore-based ELITE Solar ranked eighth, while South Korea’s Qcells secured the tenth position among non-Chinese manufacturers gaining ground in protected and high-barrier markets.

Wood Mackenzie noted that ongoing global oversupply has intensified financial pressure on Chinese manufacturers, which collectively reported losses of around USD 5.5 billion in 2025. In contrast, many non-Chinese manufacturers, including those operating in protected markets, remained profitable due to stronger pricing conditions.

The report also found that manufacturers are increasingly diversifying production outside China in response to trade tensions and local content requirements. Nine of the top ten manufacturers now operate production facilities in at least two countries.

Wood Mackenzie awarded Grade A status to 25 solar module manufacturers for 2026, recognising companies that meet high standards in operational strength, reliability and transparency. The rankings assess factors such as manufacturing capacity, technology maturity, financial health, supply chain resilience, ESG performance, reliability standards and research and development capabilities.

The findings underscore India’s growing role in the global solar supply chain as the country continues to expand domestic manufacturing capacity and strengthen its position in international renewable energy markets.