Wood Mackenzie releases global solar module manufacturing ranking

Wood Mackenzie has released a new report ranking the top solar module manufacturers in the world for the first half of 2025. Coming in on top are JA Solar and Trinasolar with scores of 91.7 and 91.6, respectively.

Wood Mackenzie’s Global Solar Module Manufacturer Ranking evaluates 38 manufacturers of crystalline silicon modules and highlights a growing operational and financial divide within the industry. Leading companies are focusing on technology, utilization, and geographic diversification to navigate the ongoing oversupply challenge, according to the report.

“Despite dominating 80% of global shipments, the world’s leading solar manufacturers are feeling the squeeze of a difficult market,” said Yana Hryshko, head of global solar supply chain at Wood Mackenzie. “The top ten manufactures reported a collective $2.2 billion net loss in H1 2025, a result of steep price declines that have impacted even the industry’s largest players.”

Financial discipline played a key role in maintaining profitability.

“In sharp contrast, all non-Chinese players in our top 10 remained profitable by focusing on premium and protected markets,” Hryshko added. “This year’s results clearly show that financial discipline and operational excellence are the true separators in a difficult market.” 

Breaking down the rankings

Wood Mackenzie’s Global Module Ranking stresses the resilience of top manufacturers against ongoing pricing pressure and oversupply, which has continued to define the market: 

• Polarized utilization: The top 10 manufacturers maintained an average utilization rate of 70% in the first half of 2025, in contrast to the global average of just 43% for all other manufacturers. Adani Solar and DMEGC Solar were notable for maintaining a 100% utilization rate. 
• 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: Rising challengers from India, South Korea, Singapore, and the United States confirm that the competitive landscape is diversifying beyond China, driven by tightening trade policies. 

The updated ranking also debuts the Wood Mackenzie’s new “Grade A” classification, setting a fresh standard for operational excellence and bankability. According to Hryshko, this designation is a critical signal for the downstream market: “It moves the focus beyond shipment volume to highlight suppliers meeting strict global procurement standards. By requiring adherence to five or more performance criteria, we are providing developers and asset owners with a clear tool to reduce risk.” A total of 30 manufacturers across nine countries earned a spot on the ‘Grade A’ list for H1 2025. 

Looking ahead

Wood Mackenzie forecasts that 2026–2027 will be defined by industry consolidation, deeper vertical integration, and regionalization of manufacturing: 

• Vertical integration as 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 tariff-resilient production. 
• Technological leap: The next efficiency leap, driven by TOPCon 4.0 and back-contact technologies, will push mainstream module performance above 25%, accelerating the retirement of lower-grade manufacturing lines. 
• Market shift: Weaker suppliers will face shutdowns or mergers as leading manufacturers sustain utilization rates of 60–75%. As global demand strengthens and pricing stabilizes from 2026 onward, the industry will shift from survival mode to strategic investment, with Grade A manufacturers best positioned to capture the next growth cycle. 

Note on the ranking:  

• Scope: 38 well-known module manufacturers from nine countries participated in this ranking, with a total production capacity and shipment accounting for 62% and 75% of the world by H1 2025, respectively 
• Methodology: Wood Mackenzie calculates unique scores for each module manufacturer to determine the rankings. Wood Mackenzie also evaluates the manufacturers from the buyers’ perspective, contingent on thorough research of what buyers look for when assessing module manufacturers.