Wooden Mackenzie has launched its newest “Global Solar Module Manufacturer Ranking” report for the primary half of 2025, which assesses photo voltaic panel firms 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 throughout the trade. Main firms are specializing in know-how, utilization and geographic diversification to navigate the continued oversupply problem.
“Regardless of dominating 80% of worldwide shipments, the world’s main photo voltaic producers are feeling the squeeze of a tough market. The High 10 manufactures reported a collective $2.2 billion internet loss in H1 2025, a results of steep value declines which have impacted even the trade’s largest gamers,” stated Yana Hryshko, Head of International Photo voltaic Provide Chain at Wooden Mackenzie. “In sharp distinction, all non-Chinese language gamers in our High 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 tough market.”
Wooden Mackenzie’s International Module Rating stresses the resilience of prime producers towards ongoing pricing stress and oversupply, which has continued to outline the market:
- Polarized utilization: The High 10 producers maintained a mean utilization fee 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 have been notable for sustaining a 100% utilization fee.
- Market share focus: The High 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 USA verify 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 customary 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 focus on suppliers assembly strict international procurement requirements. By requiring adherence to 5 or extra efficiency standards, we’re offering builders and asset homeowners with a transparent device to cut back threat.” A complete of 30 producers throughout 9 international locations earned a spot on the ‘Grade A’ listing for H1 2025.
‘Grade A’ firms on Wooden Mackenzie’s International Photo voltaic Module Producer Rating H1 2025
Wanting forward, Wooden Mackenzie forecasts that 2026-2027 will likely 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 High 20 producers develop 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 greatest positioned to seize the subsequent development cycle.
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