Wood Mackenzie has been released PV module manufacturer rankings for the first half of 2024.
“Despite facing significant challenges, including unprecedented price declines in solar modules and the Silicon Supply Chain, the top ten solar PV manufacturers achieved an average utilization rate of 66%, most surpassing 70% ,” said Yana Hryshko, managing consultant and head of global solar supply chain research. “Top ten manufacturers have sufficient capacity to meet global annual demand. The latest rankings show a particular increase in non-Chinese manufacturers entering the top 10, with companies from India, Singapore and Japan making their mark. “
Image: Wood Mackenzie
The report shows that the PV module manufacturing industry was able to significantly reduce production costs through effective cost control and efficiency optimization, with TopCon modules still holding the largest market shares, although heterojunction (HJT) and Back Contact (BC) products are gaining ground in some markets.
“The top ten manufacturers are increasingly concerned about low utilization rates and shrinking margins, making them more cautious about their expansion plans,” Hryshko said. “The solar industry has recently seen a dramatic drop in module prices, dropping from $0.24 per watt to $0.08 per watt, a reduction of more than 70%. This significant price drop has put significant pressure on revenues and profitability in the sector, raising concerns about the sustainability of some manufacturers. “
Woodmackenzie evaluated 38 solar manufacturers on nine criteria: manufacturing experience, manufacturing capacity, vertical integration, capacity utilization rates, technology fit, R&D, financial conditions, environmental social governance (ESG) and corporate social responsibility (CSR) compliance, and third-party availability – certifications.
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