To help relevant departments and PV stakeholders understand the true situation of industry development, Solarbe & Solarbe Consulting, after comprehensive research and repeated verification, have released the 2024 Annual Chinese PV module Enterprise Shipment Rankings for reference.
The report covers 39 enterprises, a record high. Among them, there are leading players with shipments exceeding 70 GW and industry newcomers with shipments below 3 GW. Overall, the threshold for the top four has reached 70 GW, with total shipments of the four enterprises exceeding 310 GW, accounting for nearly 50% of the market; the threshold for the top ten exceeds 19 GW, and the threshold for the top twenty reaches 5.8 GW. The market and orders are further concentrated, increasing pressure on enterprises.
Regarding enterprises, it can be seen that JinkoSolar, JA Solar, Trina Solar, and LONGi Green Energy have stably maintained their top four positions, and the positions of the top ten brands are also relatively fixed, with small gaps between them. In 2025, GCL System Integration, DAS Solar, Risen Energy, Yingli Solar, and DMEGC may enter a fierce competition, with their rankings expected to adjust.
Enterprises with shipments below 6 GW may need to increase brand promotion efforts in 2025 and showcase their advantages from multiple angles. Especially for enterprises with overseas sales accounting for less than 30%, they can actively expand overseas high-price markets to increase shipments and profitability.
In terms of products and technology, TOPCon remains the absolute mainstream and the most competitive sector. According to our previously released “2024 PV module Bid Statistics,” all n-type bid prices below CNY 0.65 yuan/W came from TOPCon. It is estimated that in 2025, the TOPCon sector will remain crowded and highly competitive. Without reasonable exit channels, there is a high probability of more low prices emerging. If enterprises must supply through cost compression after winning bids, it may pose certain hidden dangers to power station quality.
The BC segment is still dominated by two enterprises, and in some bids, even insufficient valid bids from fewer than three enterprises in BC tender sections have led to bid failures. Of course, as more enterprises layout the BC segment, this issue is expected to improve in 2025.
In terms of HJT, while there are many enterprises involved, only Huasun Energy and Risen Energy have shipped more than 5 GW of HJT modules. It is estimated that more enterprises will make breakthroughs in HJT in 2025.
In 2024, the global renewable energy market remains hot. Especially after achieving optimal pricing for photovoltaic (PV) and energy storage systems in some regions, new PV installations have scaled new heights, and market demand has grown steadily.
However, this still cannot absorb the ever-increasing PV capacity. According to Solarbe Consulting, by the end of 2024, domestic polysilicon capacity will exceed 3.6 million tons, and both cell and module capacities will surpass 1,000 GW, with growth continuing. This has forced related enterprises to compete intensely, raising the bar for their brand influence, technology research and development capabilities, production management standards, cost control abilities, and overseas channel development.
It is worth noting that due to low-price competition in the PV industry chain, some enterprises face the situation of “selling more, losing more.” Therefore, it’s better to understand the operation and profitability of enterprises to comprehensively assess their development rather than only focusing on shipments.
