Top ten solar manufacturers ship 500 GW in 2024 despite $4bn losses

Global solar leaders doubled shipments in one year, but combined losses of $4 billion highlight intense margin pressure in the sector.

Share:

The world’s ten largest photovoltaic (PV) module manufacturers shipped a combined total of 500 gigawatts (GW) of solar modules in 2024, according to the Global Solar Module Manufacturer Rankings 2025 report published by Wood Mackenzie. This figure nearly doubled the shipments recorded the previous year. Despite this growth, these companies faced combined financial losses of $4 billion over the year, driven by significant revenue declines and heightened price competition.

Production concentrated among few players

Wood Mackenzie evaluated over 40 manufacturers across ten countries for its annual ranking, based on a maximum score of 100. The top ten accounted for 62% of global capacity and 89% of global module shipments in 2024. Chinese manufacturer Jinko Solar led the ranking with a score of 90.6, followed by JA Solar (89.8) and LONGi Green Energy (86.5). Trina Solar and Canadian Solar shared fourth place, illustrating the market’s high concentration.

Despite price pressure, the top ten maintained an average utilisation rate of 69%, reflecting operational efficiency amid steady product demand.

Global expansion to manage trade tensions

The report highlights a strategic shift toward geographic diversification to address increasingly fragmented trade policies. Seven of the top ten manufacturers now operate factories in at least three countries. Locations mentioned include Cambodia, India, Malaysia, Mexico and Vietnam. This diversification helps offset the impact of tariffs, local content requirements and other import restrictions.

Wood Mackenzie also noted a growing presence of manufacturers based in India, South Korea and Vietnam, which are beginning to challenge China’s dominance across the solar value chain.

Rise of vertical integration and technology transition

Vertical integration continues to expand, with several companies investing in wafer production to reduce reliance on third-party suppliers. The report notes that most top ten manufacturers already produce their own solar cells, with the most ambitious moving further upstream in the supply chain.

Technologically, N-type modules represented the majority of shipments for several top-tier producers. Jinko Solar stated that over 87% of its 2024 shipments were N-type. The Tunnel Oxide Passivated Contact (TOPCon) technology remained dominant, with average efficiencies exceeding 24%, while heterojunction and back contact modules reached 24% and 25% efficiency respectively.

New markets and industrial strategies emerging

With module prices still under pressure, manufacturers must balance cost reduction with continued investment in technology and regional deployment. Wood Mackenzie expects industrial expansion to continue into the Middle East and Africa, including Egypt, Oman, Saudi Arabia, Qatar and the United Arab Emirates.

“Despite financial headwinds, the solar manufacturing industry is quickly repositioning for the next cycle of global growth,” said Yana Hryshko, Head of Global Solar Supply Chain at Wood Mackenzie.

EDP Renewables North America and California Water Service have entered into a 20-year agreement to supply solar energy to a strategic Bakersfield site, reducing grid energy costs by about $1.7mn over the contract duration.
Solar growth in the European Union is seeing its first annual contraction in ten years, following reduced subsidies and shifting budget priorities in several member states.
Scatec secures the development of a 846 MW photovoltaic cluster in the Free State province, with an investment of ZAR13bn ($735mn), following the seventh round of South Africa's REIPPPP programme.
Enbridge invests $0.9bn in a 600 MW solar facility in Texas, fully dedicated to powering Meta Platforms, Inc.'s data centres through a long-term power purchase agreement.
ENGIE has announced the acquisition of 22 distributed solar projects in Pennsylvania, further strengthening its renewable energy expansion strategy while supporting the local economy and enhancing the reliability of the distribution grid.
Estuary Power commissions the Escape Solar and Storage project in Nevada, integrating 185 megawatts of solar capacity and securing enhanced financing from institutional investors to supply electricity to several major players in the leisure sector.
New anti-dumping tariffs and Foreign Entity of Concern (FEOC) restrictions are disrupting the US solar supply chain, while ongoing dependence on China exposes the industry to significant risks, according to Wood Mackenzie.
Sri Lanka and the International Solar Alliance (ISA) have signed a strategic partnership to accelerate solar energy deployment in the country, aiming for 70% renewable energy by 2030.
Sunrun announced the pricing of its $431 million securitization, involving leases and power purchase agreements. This marks the company’s 14th public securitization and its third of 2025.
Resalta has completed the acquisition of Statkraft’s Croatian platform, expanding its presence in renewable energy across Eastern Europe, with a portfolio of projects and a full local team.
Gaia Renewables 1 has acquired a 10% stake in two solar power plants in the Northern Cape, following regulatory approval and financial close, strengthening its portfolio of independent assets.
Dutch firm Gutami Holding has signed a 25-year agreement with Burkina Faso and national utility SONABEL for a 150 MW solar project with 50 MW storage, valued at over €100mn ($109mn).
SOFAZ acquires 49% of a 14-plant solar portfolio held by Enfinity Global in Lazio and Emilia-Romagna, reinforcing its long-term stable investment strategy.
Entech spent €1.4mn to acquire a portfolio of photovoltaic projects under development across southern and central France, marking a first move in its external growth strategy following a recent capital increase.
A guarantee operation orchestrated by the World Bank targets the expansion of distributed energy solutions across nearly twenty African markets, involving a project portfolio led by CrossBoundary Energy and a financial collaboration with Standard Bank South Africa.
Facing chronic power outages, South African households are increasingly turning to solar self-generation, jeopardizing Eskom's pricing model and widening energy-access inequalities between affluent neighborhoods and disadvantaged areas.
Sol Systems has secured a $675mn credit facility to accelerate the development of 500 MW of solar and storage projects in Illinois, Ohio and Texas, backed by an international banking consortium.
The rapid rise of solar energy is disrupting Pakistan’s electricity sector, forcing the government to revise its tariff policy and introduce new taxes on solar panel imports.
Sabanci Renewables announces the acquisition of the Texan solar project Pepper from OCI Energy, strengthening its US portfolio to 660 MW and paving the way for an increase to 3 GW by 2030.
The results of recent Polish auctions reveal a predominance of photovoltaic solar, with 178 projects selected and a total capacity of 1.67 GW, while other segments found no takers.