InfoLink’s 1H25 PV cell shipment ranking: Top five companies’ total shipments up 13% YoY

PV cell shipment rankings shifted; top five shipped nearly 88 GW in total  

According to InfoLink’s research, the combined global PV cell shipments of the top five manufacturers in 1H25 reached approximately 87.8 GW, marking a YoY increase of about 12.5%.

Among the top five, Tongwei maintained its position as the world’s leading PV cell supplier in 1H25, following its first-place finish for full-year 2024. Tongwei not only holds the world’s largest total cell production capacity but is also expanding its PV business across the value chain. Leveraging its channel advantages both in China and abroad, Tongwei continues to strengthen its market leadership.

Ranking second is Solar Space, an established cell manufacturer with deep industry roots. It leverages a flexible product portfolio to precisely meet both mainstream market demand and niche segments. In 1H25, the China-based facilities of Solar Space continued to ship PERC cells while advancing technology upgrades and product iteration. Its Laos facility, as one of the most favorable export routes to the U.S. ahead of major global trade shifts, also contributed significantly to Solar Space’s shipment volume.

Yingfa Ruineng, a subsidiary of Yingfa Group, rose to third place by capitalizing on market opportunities through forward-looking production planning and business strategies. In 1H25, its n-type cell shipments ranked among the top two globally. Notably, following the launch of its BC cell technology collaboration with LONGi last year, Yingfa Ruineng began shipping BC cells in 2Q25, becoming the world’s first specialized cell manufacturer to export BC cells.

Jietai ranked fourth. As one of the earliest manufacturers to adopt next-generation technology, its TOPCon products have secured a stable market share. Amid surging demand from non-China regions for TOPCon cells, Jietai has become one of the preferred brands among international clients. Meanwhile, the company is actively developing cell production projects in the Middle East and Africa, not only to meet local demand but also to supply surrounding markets, further strengthening its market advantage outside of China.

Aiko Solar ranked fifth, having gradually shifted its business focus toward the module segment in recent years, with a strong emphasis on BC technology development. Currently, its BC cells are primarily used in its in-house module products and therefore are not included in cell shipment statistics. Unlike most other Chinese cell manufacturers, Aiko has not made a large-scale shift to TOPCon technology. In 1H25, PERC remained the company’s main cell product, with p-type cells accounting for as much as 70% of its shipments, reflecting a distinct strategic direction.
 

TOPCon shipment share remains high, with large-format cells gaining ground

The top five companies on this ranking list shipped a total of 87.8 GW of PV cells in the first half of the year. TOPCon cells, currently the most widely adopted technology, accounted for 88.3% of total shipments. PERC cells made up approximately 11.2%, while BC cells, still in the early stages of development, accounted for less than 1%.

In terms of cell shipments by format in 1H25, 18X P (182–182.2 mm / 182–183.75 mm) accounted for approximately 8.2 GW, or 9.4% of total shipments. In contrast, 210P has seen a sharp decline in demand, with shipments dropping to only around 1.6 GW, representing 1.8% of the total.

18X N (182–182.2 mm / 182–183.75 mm) cell shipments totaled approximately 38.7 GW, accounting for 44.1% of total shipments. Shipments of 210RN and 210N large-format cells reached around 24.3 GW and 14.4 GW, representing 27.7% and 16.5%, respectively.

Notably, the 210RN format accounted for about 31.4% of all TOPCon cell shipments in 1H25, a sharp YoY increase from just 8%, indicating rapid market share expansion. As end-market acceptance of this format grows, most Chinese cell manufacturers have begun converting smaller-format production lines, such as 18X N, to 210RN this year to better align with the increasingly clear market trend.
 

”Anti-price war” policy drives turning point in PV cell market

The PV cell industry experienced rapid shifts in 1H25. Driven by China’s “531 installation rush,” short-term market demand surged in March, pushing TOPCon cell prices—sacross all formats—briefly above RMB 0.30/W. However, as policy tailwinds gradually receded, prices quickly reversed. By early July, cell prices had fallen to historic lows, dropping to as low as RMB 0.23–0.24/W. For most manufacturers, sales prices were already hovering near cash cost levels, intensifying survival pressure.

Fortunately, a series of “anti-price war” measures have been announced recently, sending positive signals to the industry. In the long run, these policies are expected to help the PV sector overcome current oversupply challenges and gradually guide market conditions toward a healthier, more sustainable level of operation. For cell manufacturers caught between upstream and downstream price pressures, such measures will not only help alleviate financial strain but also support the recovery and improvement of overall operational structures.

The effects of policy intervention and a meaningful market rebound, however, will take time to materialize. In the short term, end-market demand is not sufficient to support a significant price recovery across the supply chain, and competitive pressure within the industry remains intense. The PV sector stands on the brink of transformation after a prolonged battle over technology and cost. To remain resilient amid volatility, build lasting advantages, and seize the next wave of growth opportunities, companies must be capable of responding precisely to challenges, strengthening brand competitiveness, and adapting flexibly to shifting global political and economic conditions.