Wood Mackenzie’s solar module ranking for the first half of 2025 places JA Solar and Trina Solar joint number 1 and introduces a new “Grade A” benchmark focused on purchasing and project financing decisions.
Wood Mackenzie has published its Global Solar Module Manufacturer Ranking for the first half of 2025, putting JA Solar and Trina Solar nearly tied for the top spot according to their weighted scoring model.
JA Solar scored 91.7 points, narrowly ahead of Trina Solar with 91.6, in an assessment of 38 crystalline silicon module manufacturers on 10 core performance dimensions. The rankings are based on supplier surveys, public disclosures, proprietary databases and industry interviews, applying market-based estimates where data gaps exist.
The report also introduces a new ‘Grade A’ classification, positioned as an operational and financeability benchmark for procurement and project finance. According to Wood Mackenzie, Class A status will be awarded to manufacturers that meet at least four best-practice thresholds by the first half of 2025, with the aim of highlighting suppliers that demonstrate consistent execution across manufacturing, finance and supply chain performance rather than just at the scale of shipping.
The scoring framework applies equal weighting to multiple pillars, including environmental, social and governance performance, third-party reliability testing results, financial health, manufacturing track record, supply chain resilience and vertical integration. Additional points are related to the intensity of research and development and patent activity. Thin-film manufacturers such as First Solar are excluded because the ranking is limited to crystalline silicon modules.
Canadian Solar finished in third place with a score of 90.4, followed by JinkoSolar with 88.8 and LONGi with 87.0. DMEGC scored 84.0, Astronergy 81.9, while Adani Solar and Qcells were tied at 81.0. EliTe Solar scored 78.9, SEG Solar 76.6 and Tongwei 75.0. Wood Mackenzie awards shared rankings where score differences fall within a narrow range.
Yana Hryshko, managing consultant and head of Wood Mackenzie’s global solar supply chain research, says pv magazine that “the Class A rating provides an independent benchmark for identifying PV module manufacturers that meet the highest expectations for performance and transparency in the industry.”
The report highlights a widening operational gap within the sector, with the top ten manufacturers maintaining capacity utilization levels of around 70%, compared to around 40% for the wider sector, amid continued price pressure and weak profitability conditions.
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