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

Wood Mackenzie has released its PV module manufacturer rankings for the first half of 2024.

“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 utilization rate of 66%, most surpassing 70%,” said Yana Hryshko, managing consultant and head of global solar supply chain research. “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.”

The report reveals that the PV module manufacturing industry was able to significantly reduce production costs through effective cost control and efficiency optimization, with TOPCon modules still having the largest market shares, although heterojunction (HJT) and back contact (BC) products are gaining ground in some markets.

“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.”

WoodMackenzie evaluated 38 solar manufacturers on nine criteria: manufacturing experience, manufacturing capacity, vertical integration, capacity utilization rates, technology maturity, R&D, financial conditions, adherence to environmental social governance (ESG) and corporate social responsibility (CSR), and availability of third-party certifications.