10 Best Solar Panel Manufacturers Named for 2024.

Stable production of solar modules in the first half of 2024 was demonstrated by the largest manufacturers despite challenges. According to a study by Wood Mackenzie, the top 10 companies in the industry achieved an average utilization of production capacities of 66%, with some even exceeding 70%. Despite falling prices and supply issues with silicon, they showed stable output in the first half of the year.

Interestingly, the ranking included not only Chinese manufacturers but also companies from India, Singapore, and Japan, which will also play an important role in global solar module production and meet growing demand.

Ranking of the 10 Best Solar Panel Manufacturers:

• 1st place: Jinko Solar - China;
• 2nd place: LONGi Green Energy - China;
• 3rd place: JA Solar - China;
• 4th place: Trina Solar - China;
• 5th place: Canadian Solar - China/Canada;
• 6th place: Adani Solar - India;
• 7th place: Tongwei - China;
• 7th place: Astronergy - China;
• 8th place: DMEGC Solar - China;
• 9th place: EliTe Solar - Singapore;
• 9th place: VSUN SOLAR - Japan;
• 9th place: Risen Energy - China;
• 10th place: Maxeon Solar Technologies - Singapore.

Wood Mackenzie noted that 7th and 9th places were shared among several companies due to similar results. Manufacturers occupied equal positions with a difference of less than 0.3 points.

Yana Gryshko, head of research on the global solar supply chain, noted that leaders differ in their profitability. Many companies experienced financial losses, but eight out of the 13 leading companies reported profits in the first half of 2024. She also added that this indicates the ability to effectively manage price declines and optimize costs.

The report also shows that the transition to new technologies is happening faster than expected in the market. TOPCon technology is leading in technological innovations, and the production of heterojunction solar cells (HJT) and back contact cells is also increasing. Investors have also increased their investments in research and development by 4% compared to 2023.

However, the report points to the problem of excess capacity due to rapid production increases, which is not alleviated by the current growth in demand for solar energy. Major manufacturers are concerned about low utilization and shrinking margins, forcing them to be more cautious in planning.

'Recently, there has been a sharp decline in prices for modules from $0.24 to $0.08 per watt, which is more than 70%. This puts significant pressure on revenues and profitability across the industry, raising concerns about the sustainability of some manufacturers,' Gryshko added.

Wood Mackenzie evaluated over 38 manufacturers from 11 countries using a unique methodology that considers total production capacity and shipments. The ranking took into account nine different criteria, such as manufacturing experience, financial performance, and capacity utilization. The ranking was compiled based on surveys, public filings, proprietary databases, and discussions with manufacturers.