Adani makes global Top 10 as solar shipments double — but profits vanish
New Delhi: Global solar photovoltaic (PV) module shipments reached a record 500 gigawatts (GW) in 2024, nearly doubling the previous year's volume, while the top 10 manufacturers posted collective losses of USD 4 billion,
Wood Mackenzie
said in a new report.
The consultancy's Global Solar PV
Module Manufacturer Rankings
report noted that the leading players faced declining revenues due to intense price competition and continued capital investment, despite increased shipment volumes.
'In many ways, 2024 was a year of survival through scale for the industry,' said
Yana Hryshko
, Head of Global Solar Supply Chain at Wood Mackenzie. 'Aggressive pricing, intense competition, and continued capital investment weighed heavily on margins as companies pursued long-term leadership in market share and technology.'
According to the report, the top 10 solar module manufacturers accounted for 89 per cent of global module shipments and 62 per cent of production capacity.
Jinko Solar
led the rankings with a score of 90.6 out of 100, followed by JA Solar (89.6), and LONGi Green Energy (86.5). Indian firm Adani Solar ranked ninth with a score of 72.8.
The other companies in the top ten were Canadian Solar, Trina Solar, DMEGC Solar, Astronergy, Boviet Solar,
Risen Energy
, Qcells, TCL Solar, and Tongwei.
Despite challenging market conditions, the top manufacturers maintained an average utilisation rate of 69 per cent in 2024.
The report highlighted growing diversification in production locations due to trade barriers and local content requirements. Seven of the top 10 companies now operate manufacturing facilities in at least three countries, including India, Cambodia, Malaysia, Mexico, and Vietnam. Expansion plans by several top 20 manufacturers include countries such as Egypt, Oman, Saudi Arabia, South Africa, Qatar, and the UAE.
'Establishing production across multiple countries allows manufacturers to navigate tariffs, local content mandates, and import barriers,' Hryshko added.
The rankings also pointed to rising vertical integration, with several companies investing in wafer manufacturing to gain better control over supply chains and reduce reliance on third-party suppliers.
'Moving upstream into wafer production enables tighter control over cost, quality, and compliance,' Hryshko said.
In terms of technology, N-type modules dominated 2024 shipments among leading manufacturers. Jinko Solar reported that more than 87 per cent of its shipments last year were N-type modules. TOPCon technology led among advanced technologies with average conversion efficiencies exceeding 24 per cent, while heterojunction (HJT) and back-contact technologies recorded efficiencies of 24 per cent and 25 per cent respectively.
Looking ahead, Wood Mackenzie said the solar manufacturing sector will need to focus on balancing cost pressures with investments in innovation, vertical integration, and geographic diversification.
'Despite financial headwinds, the solar manufacturing industry is quickly repositioning for the next cycle of global growth,' Hryshko said.
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