Wooden Mackenzie has launched its newest “Global Solar Module Manufacturer Ranking” report for the primary half of 2025, which assesses photo voltaic panel corporations on shipments, bankability and efficiency.
JA Photo voltaic and Trinasolar collectively claimed the highest rank, with scores of 91.7 and 91.6, respectively. The report evaluated 38 producers of crystalline silicon modules and highlights a rising operational and monetary divide inside the trade. Main corporations are specializing in expertise, utilization and geographic diversification to navigate the continuing oversupply problem.
“Regardless of dominating 80% of worldwide shipments, the world’s main photo voltaic producers are feeling the squeeze of a troublesome market. The Prime 10 manufactures reported a collective $2.2 billion internet loss in H1 2025, a results of steep worth declines which have impacted even the trade’s largest gamers,” stated Yana Hryshko, Head of World Photo voltaic Provide Chain at Wooden Mackenzie. “In sharp distinction, all non-Chinese language gamers in our Prime 10 remained worthwhile by specializing in premium and guarded markets. This 12 months’s outcomes clearly present that monetary self-discipline and operational excellence are the true separators in a troublesome market.”
Wooden Mackenzie’s World Module Rating stresses the resilience of prime producers in opposition to ongoing pricing stress and oversupply, which has continued to outline the market:
- Polarized utilization: The Prime 10 producers maintained a mean utilization price of 70% in H1 2025, in distinction to the worldwide common of simply 43% for all different producers. Adani Photo voltaic and DMEGC Photo voltaic had been notable for sustaining a 100% utilization price.
- Market share focus: The Prime 10 producers collectively shipped 224 GW of modules, representing 75% of worldwide shipments within the first half of the 12 months.
- Geographic diversification: Rising challengers from India, South Korea, Singapore and the US affirm that the aggressive panorama is diversifying past China, pushed by tightening commerce insurance policies.
The up to date rating additionally debuts the ‘Grade A’ classification, setting a recent commonplace for operational excellence and bankability. In accordance with Hryshko, this designation is a important sign for the downstream market: “It strikes the main target past cargo quantity to spotlight suppliers assembly strict international procurement requirements. By requiring adherence to 5 or extra efficiency standards, we’re offering builders and asset house owners with a transparent instrument to scale back danger.” A complete of 30 producers throughout 9 international locations earned a spot on the ‘Grade A’ checklist for H1 2025.
‘Grade A’ corporations on Wooden Mackenzie’s World Photo voltaic Module Producer Rating H1 2025
Wanting forward, Wooden Mackenzie forecasts that 2026-2027 might be outlined by trade consolidation, deeper vertical integration and regionalization of producing:
- Vertical integration as new frontier: Wafer-to-module management is changing into the brand new aggressive frontier, as most of the Prime 20 producers broaden into the MENA area for tariff-resilient manufacturing.
- Technological leap: The subsequent effectivity leap, pushed by TOPCon 4.0 and back-contact applied sciences, will push mainstream module efficiency above 25%, accelerating the retirement of lower-grade manufacturing traces.
- Market shift: Weaker suppliers will face shutdowns or mergers as main producers maintain utilization charges of 60-75%. As international demand strengthens and pricing stabilizes from 2026 onward, the trade will shift from survival mode to strategic funding, with Grade A producers finest positioned to seize the subsequent development cycle.
Information merchandise from Wooden Mackenzie
