Solar Power World
By Kelly Pickerel | December 17, 2025
Wood Mackenzie has released its latest “Global Solar Module Manufacturer Ranking” report for the first half of 2025, which assesses solar panel companies on shipments, bankability and performance.
JA Solar and Trinasolar jointly claimed the top rank, with scores of 91.7 and 91.6, respectively. The report evaluated 38 manufacturers of crystalline silicon modules and highlights a growing operational and financial divide within the industry. Leading companies are focusing on technology, utilization and geographic diversification to navigate the ongoing oversupply challenge.
“Despite dominating 80% of global shipments, the world’s leading solar manufacturers are feeling the squeeze of a difficult market. The Top 10 manufactures reported a collective $2.2 billion net loss in H1 2025, a result of steep price declines that have impacted even the industry’s largest players,” said Yana Hryshko, Head of Global Solar Supply Chain at Wood Mackenzie. “In sharp contrast, all non-Chinese players in our Top 10 remained profitable by focusing on premium and protected markets. This year’s results clearly show that financial discipline and operational excellence are the true separators in a difficult market.”
Wood Mackenzie’s Global Module Ranking stresses the resilience of top manufacturers against ongoing pricing pressure and oversupply, which has continued to define the market:
The updated ranking also debuts the ‘Grade A’ classification, setting a fresh standard for operational excellence and bankability. According to Hryshko, this designation is a critical signal for the downstream market: “It moves the focus beyond shipment volume to highlight suppliers meeting strict global procurement standards. By requiring adherence to five or more performance criteria, we are providing developers and asset owners with a clear tool to reduce risk.” A total of 30 manufacturers across nine countries earned a spot on the ‘Grade A’ list for H1 2025.
‘Grade A’ companies on Wood Mackenzie’s Global Solar Module Manufacturer Ranking H1 2025
Looking ahead, Wood Mackenzie forecasts that 2026-2027 will be defined by industry consolidation, deeper vertical integration and regionalization of manufacturing:
News item from Wood Mackenzie
Kelly Pickerel has more than 15 years of experience reporting on the U.S. solar industry and is currently editor in chief of Solar Power World.

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