Global photovoltaic cell shipments among the world’s leading manufacturers reached approximately 195 GW in 2025, representing a 19.8% year on year increase, according to research by InfoLink. The ranking is based on external sales volumes and excludes in house module production and OEM orders. Data is measured in MW with a 1% margin of error. Manufacturers with shipment variance below 1% are ranked equally, and in case of discrepancies, official company figures prevail.
Tongwei retained its position as the world’s largest PV cell supplier in 2025, further consolidating its leadership in the segment. Supported by the industry’s largest polysilicon and cell production capacities, the company continues to leverage full vertical integration to strengthen its competitive position in the global PV value chain.
With shipment differences within 1%, SolarSpace and Yingfa Ruineng tied for second place.
SolarSpace maintained its standing among leading global suppliers through a diversified sales strategy and continued product iteration. The company accelerated format upgrades while reinforcing its technological capabilities. Amid significant global trade shifts, its Laos manufacturing base emerged as a key export platform to India and the US, with shipments to non China markets accounting for more than 30% of annual volumes.
Yingfa Ruineng sustained high utilisation rates throughout 2025 under an aggressive operating strategy, securing a strong market share position. Following its 2024 cooperation agreement with LONGi, the company achieved stable shipments of BC cells in the second half of 2025 and remains the only specialised manufacturer globally exporting BC cells.
Jietai Technology ranked fourth in 2025. As one of the earliest adopters of TOPCon technology, Jietai has established strong technical capabilities and a solid non China customer base. The company is also advancing new cell capacity construction in the Middle East and Africa, aimed at serving regional demand while facilitating future access to the US market.
Aiko secured fifth position. Unlike most major Chinese cell producers, around 60% of its shipments remain weighted toward PERC products. Alongside maintaining this base, Aiko has expanded its BC module business, underscoring a differentiated and value driven strategy.
TOPCon technology remained the dominant cell architecture in 2025, accounting for 88.3% of the 195 GW shipped by the top five manufacturers. PERC represented approximately 10%, while BC cells accounted for 1.7%.
By format, 18X P cells totalled 17.3 GW, representing 8.9% of shipments. Shipments of 210P cells in China declined steadily through the year, with the country’s five leading manufacturers discontinuing production by year end. Full year 210P shipments reached just 2.1 GW, or 1.1% of total output.
The 18X N format remained dominant at 77.8 GW, accounting for 39.8% of shipments. Meanwhile, 210RN and 210N large format cells reached 56 GW and 42 GW respectively, representing 28.7% and 21.5% of total volumes. The share of 210RN shipments rose significantly from 19% in 2024 to 28.7% in 2025, reflecting accelerating adoption of large format cells across Chinese manufacturers and downstream buyers.
The 18X format is increasingly supplied to emerging markets including India and Turkey, where format migration is still underway. InfoLink expects 210RN to continue gaining share from 18X N in 2026 and to become the mainstream shipment format.
Market conditions in 2025 were marked by pronounced volatility. In March, China’s 531 policy temporarily stimulated demand, lifting TOPCon cell prices above RMB 0.30 per W. As the policy impact faded, prices fell sharply to historical lows of RMB 0.23 to RMB 0.24 per W, with most Chinese manufacturers operating near cash cost levels.
Following the introduction of anti price war policies in July and speculation in August regarding the cancellation of export VAT rebates, cell prices gradually recovered toward full production cost levels. A sharp increase in silver prices in November and December added further cost pressure, pushing cell prices to a relative peak of RMB 0.38 per W by end December 2025. The upward trend extended into early February 2026 before moderating as silver prices retreated.
However, end market demand failed to recover in parallel. Since the second half of 2025, Chinese integrated module manufacturers have struggled to absorb elevated outsourced cell prices, resulting in sharply reduced procurement volumes. The market has therefore been characterised by quoted prices that have not translated into corresponding transaction volumes.
Under simultaneous upstream and downstream pressure, cell manufacturers continue to face significant operational strain. Many are awaiting clearer signals in March 2026 and the second half of the year, including potential short term restocking in non-China markets linked to the anticipated cancellation of export VAT rebates in April.
As competition across the PV industry intensifies, the sector is entering a new phase of structural transformation. After years of rapid technology upgrades and aggressive cost competition, future resilience will depend on manufacturers’ ability to navigate shifting global policies, strengthen brand positioning and adapt to evolving macroeconomic conditions.
Author: Bryan Groenendaal






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