Global solar module shipments from leading manufacturers reached approximately 536 GW in 2025, according to market research by InfoLink Consulting. The ranking is based on shipment data from the company’s database and manufacturer surveys, covering suppliers with shipments of 100 MW or more.
Shipment volumes among lower ranked manufacturers were highly concentrated, with the difference between the highest and lowest suppliers below 30 GW narrowing to less than 5 GW. As a result, the methodology for handling ties was revised. Companies shipping 30 GW or more are jointly ranked when shipment differences do not exceed 5%, while suppliers shipping below 30 GW share rankings when the difference is within 1 GW.
The ranking includes 12 global module suppliers.
The top tier recorded shipments in the range of 80 to 90 GW. JinkoSolar and LONGi shared first place after including output from their United States manufacturing facilities, with only a marginal difference between the two.
The second tier recorded shipments of 60 to 70 GW, with Trina Solar and JA Solar tied in third place. Combined, the four companies accounted for about 58% of the total shipments among ranked suppliers, creating a clear gap between them and the rest of the market.
Technological innovation continues to underpin the leadership of these companies. JinkoSolar has accelerated investment in its TOPCon 3.0 roadmap to increase module power output. LONGi has expanded the deployment of its back contact products, strengthening its premium positioning. Trina Solar has consolidated its leadership in industry standardisation through its 210 and 210R module series, while JA Solar is advancing the industrialisation of TOPCon 3.0 and back contact technologies.
Together these companies have leveraged their scale to deepen research and development capabilities and expand both domestic and international distribution channels.
The third tier recorded shipments between 30 and 50 GW, with Tongwei ranked fifth and Astronergy sixth.
Unlike the leading tier which focusses heavily on technology leadership and global expansion, third tier suppliers typically follow a more cautious strategy. Their module businesses tend to prioritise stable growth and risk management. In many cases they have taken a measured approach to overseas capacity expansion, with shipments still heavily supported by the Chinese domestic market.
These companies also tend to follow established technology pathways rather than aggressively pursuing early stage innovations. This reduces the financial risks associated with rapid technology shifts and large capital investments.
The fourth tier recorded shipments between 20 and 30 GW. GCL System Integration ranked seventh. Eighth place was jointly held by DMEGC Solar and Canadian Solar. Tenth place was shared by TCL Solar, Yingli Solar and DAS Solar.
Most suppliers in this tier remain heavily reliant on the Chinese market, although some have built strong regional positions. DMEGC Solar is particularly active in Europe while Canadian Solar has a significant presence in North America. Shipment volumes across this group remain extremely close, suggesting that rankings may shift significantly in 2026.
Additional manufacturers on the margins of the top ranking include First Solar, Aiko Solar and Risen Energy, each shipping more than 10 GW. These companies represent alternative technology pathways beyond TOPCon, including thin film, back contact and heterojunction technologies.
From a market perspective, module shipments in 2025 increasingly shifted toward overseas markets. China accounted for about 55% of shipments among leading listed manufacturers while 45% were delivered to non China markets. Exports outside China increased by 3 percentage points year on year.
According to customs data, China exported 267.6 GW of PV modules in 2025, an increase of roughly 13% year on year. The ranked suppliers accounted for around 80 to 85% of those exports, reinforcing their dominance in global supply chains.
Outside China, traditional demand centres in Asia Pacific and Europe remained strong, while shipments to the Middle East and Africa grew rapidly as suppliers expanded into emerging markets. The United States market faced disruption from tariffs, anti-dumping and countervailing duty volatility, foreign entity compliance requirements and early subsidy phase downs.
Technologically, TOPCon modules dominated the portfolios of the global top ten suppliers, accounting for nearly 95% of shipments. Older PERC technology fell sharply to about 1 to 2% of shipments.
Despite strong shipment volumes, the global module industry remained under financial pressure. All of the top ten suppliers operate as vertically integrated manufacturers, which provides scale advantages but also results in higher fixed costs during market downturns.
Many companies have reported two consecutive years of net losses, making 2026 a critical year for financial recovery.
Although module prices have recently shown signs of recovery, the increase has largely been driven by rising silver prices rather than stronger end market demand. As a result, gross margins have not improved significantly and profitability remains weak.
Demand prospects are also softening. InfoLink forecasts that China’s new PV installations could fall from 316.57 GW in 2025 to between 180 and 210 GW in 2026, representing a 34 to 43% year on year decline.
With demand expected to contract and profit margins under pressure, industry consolidation is likely to accelerate. Competition is gradually shifting from volume driven expansion toward differentiated products and stronger customer relationships.
Manufacturers that balance scale with profitability and move competition away from price toward long term value creation are expected to be best positioned when the next solar market growth cycle emerges.
Author: Bryan Groenendaal
February 26, 2026
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