Top ten solar PV module manufacturers show resilience in H1 2024 despite facing significant headwinds, Wood Mackenzie says

Despite facing significant challenges, including unprecedented price declines across solar modules and the silicon supply chain, the top ten solar PV manufacturers achieved an average utilisation rate of 66%, most surpassing 70%, as reported by Wood Mackenzie. The new global solar PV module manufacturer rankings report stated that these manufacturers have demonstrated remarkable resilience and firm performance in the first half of 2024.   

According to the report ‘Global solar module manufacturer ranking H1 2024’, top ten manufacturers have sufficient capacity to meet global annual demand. Notably, the latest rankings show an increase in non-Chinese manufacturers entering the top 10, with companies from India, Singapore, and Japan making their mark. 

Source: Wood Mackenzie’s global solar module manufacturer ranking H1 2024 report 

Note: Both 7th place and 9th place were awarded to multiple companies each due to close scores. Companies with scores within 0.3 or lower of each other were given the same rank. 

“Profitability set apart the top-tier players in the industry. While many companies faced financial losses, eight out of the 13 leading manufacturers reported positive profits in the first half of 2024. This achievement highlights their ability to manage significant price reductions through effective cost control and efficiency optimisation,” said Yana Hryshko, managing consultant and head of global solar supply chain research. 

According to the report, the transition to new technologies is happening faster than the market anticipated. TOPCon is leading in technological innovation, while HJT and BC are also increasing their production share. Additionally, investments in research and development are on the rise, averaging 4%, which is an increase compared to 2023. 

However, the report also noted that current solar demand growth does not address the overcapacity caused by rapid capacity expansion. “The top ten manufacturers are increasingly concerned about low utilisation rates and shrinking margins, making them more cautious about their expansion plans,” said Hryshko. “The solar industry has seen a dramatic decline in module prices recently, dropping from $0.24 per watt to $0.08 per watt, which is a reduction of over 70%. This significant price decrease has put considerable pressure on revenues and profitability across the sector, raising concerns about the sustainability of some manufacturers,” Hryshko added. 

Wood Mackenzie’s unique scoring methodology evaluated more than 38 solar PV module manufacturers from 11 countries, with total production capacity and shipment accounting for 68% and 84% of the world, respectively. The ranking examines nine different criteria, including module manufacturing experience, vertical integration, financial performance, capacity utilisation, and more. 

ENDS 

Notes to Editors 

• Wood Mackenzie has released the ranking and scores for the top 10 ranked module manufacturers, but over 20 additional manufacturers are included in the full ranking. 

• The ranking is based on vendor surveys, public filings, proprietary databases, and multiple conversations with manufacturers. 

• The nine scoring criteria and their weighting 

• The full results of the ranking and analysis of key trends is available in the associated research report.