Wood Mackenzie has released its latest “Global ranking of solar panel manufacturersreport for the first half of 2025, in which solar panel companies are assessed on deliveries, financeability and performance.
JA Solar and Trinasolar jointly claimed the highest rank, with scores of 91.7 and 91.6 respectively. The report evaluated 38 crystalline silicon module manufacturers and highlights a growing operational and financial gap within the industry. Leading companies are focusing on technology, usage and geographic diversification to address the persistent problem of oversupply.
“Despite dominating 80% of global shipments, the world’s largest solar manufacturers are feeling the pressure of a tough market. The top 10 manufacturers reported a combined net loss of $2.2 billion in the first half of 2025, due to sharp price declines that have hit even the largest players in the sector,” said Yana Hryshko, Head of Global Solar Supply Chain at Wood Mackenzie. “In stark contrast, all non-Chinese players in our Top 10 remained profitable by focusing on premium and protected markets. This year’s results clearly show that financial discipline and operational excellence are the real dividing lines in a tough market.”
Wood Mackenzie’s Global Module Ranking highlights the resilience of top manufacturers against the ongoing price pressures and oversupply that continue to shape the market:
- Polarized usage: The top 10 manufacturers maintained an average utilization rate of 70% in the first half of 2025, compared to the global average of just 43% for all other manufacturers. Adani Solar and DMEGC Solar stood out for maintaining 100% occupancy.
- Market share concentration: The top 10 manufacturers collectively shipped 224 GW of modules, representing 75% of global shipments in the first half of the year.
- Geographic diversification: Emerging challengers from India, South Korea, Singapore and the United States confirm that the competitive landscape outside China is diversifying, driven by tightening trade policies.
The updated rankings also introduce the ‘Grade A’ rating, setting a new standard for operational excellence and bankability. According to Hryshko, this designation is a crucial signal for the downstream market: “It shifts the focus beyond shipment volume and highlights suppliers that meet strict global sourcing standards. By requiring compliance with five or more performance criteria, we provide developers and asset owners with a clear tool to reduce risk.” A total of 30 manufacturers in nine countries have earned a place on the ‘Grade A’ list for H1 2025.
‘Grade A’ companies on Wood Mackenzie’s Global Solar Module Manufacturer Ranking H1 2025
Looking ahead, Wood Mackenzie predicts that the 2026-2027 period will be defined by industrial consolidation, deeper vertical integration and regionalization of production:
- Vertical Integration as the New Frontier: Wafer-to-module control is becoming the new competitive frontier as many of the top 20 manufacturers expand into the MENA region for rate-resilient manufacturing.
- Technology Leap: The next efficiency leap, powered by TOPCon 4.0 and back-contact technologies, will push the performance of regular modules above 25%, accelerating the retirement of lower-quality production lines.
- Market Shift: Weaker suppliers will face closures or mergers as leading manufacturers maintain 60-75% utilization rates. As global demand strengthens from 2026 and prices stabilize, the industry will shift from survival mode to strategic investment, with Class A manufacturers best positioned to handle the next growth cycle.
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