JinkoSolar takes top spot on WoodMac’s list of PV module manufacturers
Wood Mackenzie has released its PV module manufacturer rankings for 2024.
“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.
However, the top 10 module manufacturers globally shipped more the 500 GW of panels last year.
“Aggressive pricing, intense competition, and continued capital investment weighed heavily on margins as companies pursued long-term leadership in market share and technology,” said Hryshko.
This year’s rankings included a new criterion assessing manufacturers’ ability to “navigate rising trade tensions and country-specific market barriers.”
JinkoSolar was the largest module provider last year with shipments totaling 90.6 GW, followed by JA Solar with 89.6 GW, Longi with 86.5%, Canadian Solar with 84.0 GW, and Trina Solar with 83.7 GW. All the first 10 positions were taken by Asian manufacturers, including South Korea-based Qcells with 73.9 GW and India's Adani Solar with 72.8 GW.
“Despite challenging market dynamics, the top 10 manufacturers maintained a strong average utilization rate of 69%, reflecting efficient operations and steady demand for their products,” Wood Mackenzie said in a statement. “This performance underscores the resilience and competitiveness of leading manufacturers in competitive pricing environments.”
The report noted the importance of diversifying production across different countries to address import tariffs and domestic content requirements in several markets. It also highlighted theg rowing push for more vertically integrated approaches.
“The most ambitious players are moving upstream into wafer production,” said Hryshko. “This strategy enables tighter control over cost, quality, and compliance, especially in a complex trade environment. As a result, reliance on third-party wafer and cell suppliers is expected to decline, reshaping the upstream supply landscape in the coming years.”
Source - PV Magazine