JA Solar and Trinasolar have jointly secured the top position in Wood Mackenzie’s Global Solar Module Manufacturer Ranking for the first half of 2025, scoring 91.7 and 91.6 respectively. The ranking assessed 38 manufacturers of crystalline silicon solar modules and highlighted a widening operational and financial divide across the global solar manufacturing industry.
According to Wood Mackenzie, leading manufacturers are increasingly relying on technological leadership, high capacity utilisation and geographic diversification to navigate prolonged oversupply and intense pricing pressure in the market.
Despite accounting for nearly 80% of global module shipments, the world’s largest solar manufacturers continue to face challenging market conditions. The top ten manufacturers collectively reported a net loss of USD 2.2 billion in the first half of 2025, driven by sharp declines in module prices that have affected even the largest players in the sector. In contrast, all non-Chinese companies within the top ten remained profitable by focusing on premium and protected markets.
Wood Mackenzie’s analysis showed a strong concentration of market share and utilisation among the top-tier players. The top ten manufacturers recorded an average utilisation rate of 70% during H1 2025, compared with a global average of 43% for the rest of the industry. Adani Solar and DMEGC Solar stood out by maintaining full capacity utilisation during the period. Collectively, the top ten shipped 224 GW of solar modules, representing around 75% of global shipments in the first half of the year.
The ranking also underscored growing geographic diversification within the industry. Emerging challengers from India, South Korea, Singapore and the United States are gaining ground, reflecting a gradual shift in the competitive landscape beyond China amid tightening trade policies.
In its latest assessment, Wood Mackenzie introduced a new ‘Grade A’ classification to set a higher benchmark for operational excellence and bankability. The designation focuses on compliance with multiple performance criteria rather than shipment volumes alone, offering developers and asset owners a clearer framework for reducing procurement risk. A total of 30 manufacturers across nine countries achieved ‘Grade A’ status in H1 2025.
Looking ahead, Wood Mackenzie expects the global solar manufacturing sector to undergo further consolidation between 2026 and 2027, alongside deeper vertical integration and increased regionalisation of production. The firm noted that wafer-to-module integration is emerging as a key competitive advantage, with several leading manufacturers expanding manufacturing capacity in the Middle East and North Africa to build tariff-resilient supply chains.
Technological advancements, particularly in TOPCon 4.0 and back-contact technologies, are expected to push mainstream module efficiencies beyond 25%, accelerating the phase-out of less efficient manufacturing lines. As weaker suppliers face shutdowns or mergers, leading manufacturers are expected to sustain utilisation rates of 60–75%. Wood Mackenzie forecasts that as global demand strengthens and pricing stabilises from 2026 onward, the industry will transition from a period of survival to one of strategic investment, with Grade A manufacturers best positioned to capture the next phase of growth.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
