JA Solar And TrinaSolar Lead Wood Mackenzie’s Global Solar Module Ranking H1 2025 With Scores Of 91.7 And 91.6

JA Solar and Trinasolar have taken the top positions in Wood Mackenzie’s Global Solar Module Manufacturer Ranking for the first half of 2025, with scores of 91.7 and 91.6, respectively. The ranking, which assessed 38 crystalline silicon module manufacturers, reflects a growing divide within the solar industry between leading companies and smaller players, with top manufacturers focusing on technology, utilisation, and geographic diversification to navigate ongoing oversupply challenges.

According to Yana Hryshko, Head of Global Solar Supply Chain at Wood Mackenzie, while the top manufacturers account for approximately 80 per cent of global shipments, they are under pressure from steep price declines. The top ten manufacturers collectively reported a net loss of $2.2 billion in the first half of 2025. In contrast, non-Chinese players within the top ten remained profitable by concentrating on premium and protected markets, demonstrating that operational excellence and financial discipline are the true differentiators in a challenging market.

The report highlights several key trends among leading manufacturers. The top ten companies maintained an average utilisation rate of 70 per cent, significantly higher than the 43 per cent average for all other manufacturers. Adani Solar and DMEGC Solar achieved full utilisation at 100 per cent. The top ten manufacturers also shipped a combined 224 GW of modules, representing 75 per cent of global shipments in the first half of the year. Geographic diversification is increasing, with emerging competitors from India, South Korea, Singapore, and the United States gradually expanding the competitive landscape beyond China, influenced in part by tightening trade policies.

The ranking also introduced a ‘Grade A’ classification, which recognises manufacturers for operational excellence and bankability. Companies must meet at least five performance criteria to earn this designation, providing developers and asset owners with a benchmark to reduce procurement risks. For the first half of 2025, 30 manufacturers from nine countries achieved Grade A status.

Looking ahead, Wood Mackenzie expects the solar module industry to experience consolidation, deeper vertical integration, and regionalisation between 2026 and 2027. Leading manufacturers are increasingly controlling the entire wafer-to-module process, particularly in regions such as MENA, to strengthen tariff resilience. Technological advancements, including TOPCon 4.0 and back-contact cells, are expected to push mainstream module efficiency above 25 per cent, accelerating the phase-out of lower-grade production lines. Weaker suppliers may face closures or mergers, while Grade A manufacturers are positioned to benefit as global demand strengthens and prices stabilise, shifting the industry from survival to strategic investment.

The ranking assessed 38 well-known module manufacturers from nine countries, whose combined production and shipments accounted for 62 per cent and 75 per cent of the global market by the first half of 2025, respectively. Wood Mackenzie’s methodology incorporates both production performance and buyer-focused criteria, providing a comprehensive evaluation of each manufacturer’s operational strength and reliability.