Wedoany.com Report-Jun 10, In 2024, the global solar module industry achieved significant growth in shipments, with the top 10 manufacturers collectively delivering over 500 gigawatts (GW) of panels, according to a Wood Mackenzie report. Yana Hryshko, head of global solar supply chain at Wood Mackenzie, stated: “In many ways, 2024 was a year of survival through scale for the industry.” The report highlighted the competitive dynamics driving this expansion.

Leading the rankings, JinkoSolar shipped 90.6 GW, followed closely by JA Solar with 89.6 GW, Longi with 86.5 GW, Canadian Solar with 84.0 GW, and Trina Solar with 83.7 GW. Other notable manufacturers included South Korea’s Qcells with 73.9 GW and India’s Adani Solar with 72.8 GW, with all top 10 positions held by Asian companies. Hryshko noted: “Aggressive pricing, intense competition, and continued capital investment weighed heavily on margins as companies pursued long-term leadership in market share and technology.”

The report emphasized operational efficiency, with the top 10 manufacturers achieving an average utilization rate of 69%, reflecting robust demand and effective production strategies. Wood Mackenzie stated: “Despite challenging market dynamics, the top 10 manufacturers maintained a strong average utilization rate of 69%, reflecting efficient operations and steady demand for their products.” This performance underscores the industry’s ability to navigate competitive pricing environments.

To address market challenges, such as import tariffs and domestic content requirements, manufacturers are diversifying production across multiple countries. The report also highlighted a shift toward vertical integration, with Hryshko stating: “The most ambitious players are moving upstream into wafer production. This strategy enables tighter control over cost, quality, and compliance, especially in a complex trade environment.” This trend is expected to reduce reliance on third-party wafer and cell suppliers, reshaping the solar supply chain in the coming years.

The 2024 rankings introduced a new criterion evaluating manufacturers’ ability to manage trade barriers and market-specific regulations, reflecting the industry’s adaptability. These developments position leading solar module manufacturers to strengthen their global market presence while advancing sustainable energy solutions.