Top 10 Solar Module Makers Ship Record 500 GW in 2024 Amid USD 4 Billion in Losses

The world’s top 10 solar photovoltaic (PV) module manufacturers shipped a record 500 GW of modules in 2024, almost twice the volume shipped in 2023, according to Wood Mackenzie’s Global Solar Module Manufacturer Rankings 2025. Despite this unprecedented surge in output, the leading companies collectively reported losses of around USD 4 billion, as steep price cuts, falling revenues, and rising costs weighed heavily on their bottom lines.

“In many ways, 2024 was a year of survival through scale for the industry,” said Yana Hryshko, Head of Global Solar Supply Chain at Wood Mackenzie. “Margins were squeezed as manufacturers fought for long-term dominance in market share and technology leadership," he added.

The ranking assessed more than 40 global manufacturers, evaluating them on factors like capacity utilisation, technological advancement, ESG compliance, and supply chain resilience. Chinese giant Jinko Solar topped the list with a score of 90.6, followed closely by JA Solar (89.8) and LONGi Green Energy (86.5). Canadian Solar and Trina Solar rounded out the top five. Other notable entries in the top 10 included DMEGC Solar, Astronergy, and Adani Solar—India’s sole representative among the global elite.

The top 10 accounted for 89 percent of global module shipments and 62 percent of production capacity in 2024. Despite the industry-wide revenue slump, these manufacturers maintained an average utilisation rate of 69 percent, signaling strong operational efficiency amid turbulent conditions.

A key trend highlighted in the report is the geographic expansion of manufacturing operations. While China remains the dominant hub, companies are increasingly setting up production bases in countries like India, Malaysia, Vietnam, and Mexico to circumvent trade barriers and meet local content requirements.

“Establishing manufacturing across multiple regions helps mitigate risks from tariffs and import restrictions,” Hryshko explained. “Seven of the top 10 manufacturers now operate facilities in at least three countries," he noted.

Looking ahead, Wood Mackenzie predicts more companies will venture into emerging solar manufacturing hotspots such as Egypt, Oman, Saudi Arabia, South Africa, Qatar, and the UAE.

The report also notes a growing push toward vertical integration, particularly upstream into wafer production. While most top manufacturers already produce solar cells in-house, some are now moving further up the supply chain to secure tighter control over quality, cost, and compliance, especially vital in today’s geopolitically complex trade environment.

2024 also marked a major leap toward advanced cell technologies. N-type modules dominated shipments, with Jinko Solar reporting that 87 percent of its modules last year were N-type. Within that, TOPCon emerged as the leading technology, with conversion efficiencies above 24 percent. Meanwhile, Heterojunction (HJT) and back contact technologies gained traction, posting benchmark efficiencies of 24 percent and 25 percent, respectively.

With prices under pressure and losses mounting, the report underscores the need for manufacturers to strike a delicate balance, pursuing innovation and global expansion while managing costs. As the industry expands into new regions like the Middle East and Africa, leaders will likely be those who master vertical integration, invest in R&D, and strategically diversify their supply chains.

“Despite financial headwinds, the solar manufacturing industry is quickly repositioning for the next cycle of global growth,” Hryshko said. “Technology leadership, supply chain control, and geographic agility will define the winners in the years ahead.”

Wood Mackenzie will present further insights at the upcoming SNEC Solar PV Conference in Shanghai from June 10-13. Yana Hryshko will deliver a keynote on June 11, titled 'Can the world replace Chinese solar supply chain?'.