InfoLink’s 1H25 global module shipment ranking: Top ten companies’ total shipments up 10% YoY

The shipment data for this ranking was based on InfoLink’s database and surveys conducted with manufacturers. The final data is subject to the company’s official figures. Data statistics start from 100 MW, and manufacturers with shipment volumes differing by no more than 5% will be ranked equally.  
 

Top four manufacturers remain highly concentrated

According to InfoLink’s statistics, the global top ten module suppliers shipped a total of approximately 247.9 GW, up 10% YoY.

Among the first-tier players—the top four—Jinko Solar secured the top spot by a narrow margin, followed closely by LONGi Green Energy in second place. The two began to widen their shipment lead over other competitors during 1H25. Trina Solar and JA Solar tied for third place. Together, the top four accounted for nearly 60% of total shipments, reaffirming the industry's trend toward consolidation and dominance by major players.

In the second tier, Tongwei and Astronergy ranked fifth and sixth, respectively, while DAS Solar and Canadian Solar tied for seventh. GCL Integration and Yingli Group ranked ninth and tenth, respectively. Regarding shipment performance in the second tier, most companies posted QoQ growth. Notably, Tongwei and DAS Solar saw YoY shipment increases of 30–40% in 1H25, highlighting the rapid expansion of their module business footprints.

Two companies near the lower end of the ranking—DMEGC and Aiko Solar—also delivered noteworthy performances. DMEGC, with its long-standing focus on the European market, leveraged its channel advantages to reach a nearly 60% shipment ratio in non-China regions in 1H25. Aiko Solar, a long-established professional cell manufacturer, stood out through differentiated competition with its advanced BC technology, becoming the only company in 1H25 to ship exclusively BC modules. Both companies demonstrated strong pricing power in non-China premium markets, offering valuable insights for industry peers.
 

Shipments within China dominated in 1H25, with TOPCon leading the market 

Driven by China’s installation rush around key policy deadlines, the global top ten module suppliers continued to focus their shipments on the Chinese domestic market in 1H25, with approximately 58% of shipments going to China and 42% to overseas markets. Among non-China markets, in addition to traditional demand centers such as Asia-Pacific and Europe, most companies also actively expanded into the Middle East and Africa, both of which saw shipment growth in the first half of the year.

In terms of technology, TOPCon modules have become the dominant product across the top ten global suppliers. Data from 1H25 shows that TOPCon accounted for over 94% of shipments among the top ten, while PERC only maintained a marginal presence at the lower end. As for BC and HJT technologies, their global market share is not fully reflected in this dataset, as Aiko Solar and major HJT manufacturers did not rank among the top ten during this period. The data primarily illustrates the technology choices adopted by the top ten suppliers, rather than representing the full global distribution of cell technologies.
 

From market share to sustained competitiveness: How integrated module makers survive and thrive

In 1H25, the module sector continued to navigate through a downturn. The PV industry remains in a transitional phase near the bottom of the market cycle. While large shipment volumes reflect a company’s brand strength and channel reach, long-term sustainability ultimately hinges on the ability to generate consistent profits. All top ten global module suppliers are integrated players. Although they benefit from economies of scale, larger production capacity also brings heavier fixed-cost pressure during periods of loss, posing even greater operational challenges. Companies with stronger cash reserves and healthy debt-to-asset ratios are better positioned to withstand market downturns and retain the flexibility to pursue strategic investments.

In the past, market competition primarily centered on expanding shipment volumes and securing first-mover advantages. For now, with most regional markets already well-covered, the industry may need to shift its focus toward penetrating niche segments through differentiated products, aligning more closely with customer needs, and enhancing long-term customer retention—thereby breaking free from the cutthroat competition caused by product homogeneity. As calls to end the industry’s price war grow louder, the companies best positioned to stand out in the next upward cycle will be those that strike a balance between scale and profitability, shift competition from price to value, and convert short-term volume gains into long-term competitiveness.