What's Happening?
Wood Mackenzie has released a report ranking the top solar module manufacturers globally for the first half of 2025. JA Solar and Trinasolar lead the rankings with scores of 91.7 and 91.6, respectively. The report evaluates 38 manufacturers of crystalline silicon modules, highlighting a growing operational and financial divide within the industry. Despite dominating 80% of global shipments, leading manufacturers are experiencing financial strain, with the top ten reporting a collective $2.2 billion net loss due to steep price declines. However, non-Chinese players in the top 10 have remained profitable by focusing on premium and protected markets. The report also introduces a new 'Grade A' classification, setting a standard for operational excellence
and bankability, with 30 manufacturers across nine countries earning this designation.
Why It's Important?
The report underscores significant challenges in the solar module manufacturing industry, particularly the impact of price declines on profitability. This situation highlights the importance of financial discipline and operational excellence in maintaining competitiveness. The introduction of the 'Grade A' classification provides a tool for developers and asset owners to reduce risk by identifying suppliers that meet strict global procurement standards. The findings suggest a shift in the competitive landscape, with rising challengers from India, South Korea, Singapore, and the United States diversifying the market beyond China. This diversification is driven by tightening trade policies, which could reshape global supply chains and influence future market dynamics.
What's Next?
Looking ahead, Wood Mackenzie forecasts industry consolidation, deeper vertical integration, and regionalization of manufacturing in 2026-2027. The report predicts that wafer-to-module control will become a new competitive frontier, with many top manufacturers expanding into the MENA region for tariff-resilient production. Technological advancements, such as TOPCon 4.0 and back-contact technologies, are expected to push module performance above 25%, leading to the retirement of lower-grade manufacturing lines. As global demand strengthens and pricing stabilizes, the industry is expected to shift from survival mode to strategic investment, with Grade A manufacturers best positioned to capture the next growth cycle.
