Global external shipments of solar PV cells from the top five manufacturers reached approximately 91.9 GW in the first half of 2026, up 5% compared with the same period last year, according to InfoLink’s latest ranking. The list is based on external sales volume and excludes cells used for in house module production or OEM orders. Data are measured in MW with a 1% error margin, and manufacturers within that margin are ranked equally, with company official figures taking precedence in case of discrepancies.
Tongwei retained the top position, reinforcing its role as an integrated player with the largest cell production capacity globally. Yingfa Ruineng climbed to second place by sustaining a higher utilisation rate and stabilising shipments of BC cells, which has broadened its product mix. SolarSpace held third, leveraging a diversified portfolio and production capacity in Laos to serve markets outside China. Jietai remained fourth, supported by strong demand for n type cells abroad after early adoption of TOPCon technology. Sunsync entered the ranking at fifth, having expanded capacity rapidly and increased shipments steadily through the first half.
Source: InfoLink Database
Price volatility dominated the first half. Early in the year, high silver prices pushed up production costs, prompting widespread quote increases and lifting TOPCon cell prices to around RMB 0.45 per watt in February. As silver prices eased, cost pressure dropped and cell prices came under downward pressure. By the second quarter, supply and demand remained in an adjustment phase, with persistent price competition and weak end market demand constraining module makers’ appetite for externally sourced cells. This drove a rapid price decline into July, with prices falling to the industry cash cost range of RMB 0.26 to 0.27 per watt.
Outlook for the second half hinges on policy and market signals. Domestic demand in China has yet to recover meaningfully, while India’s demand for imported cells has weakened significantly after the June implementation of the Approved List of Models and Manufacturers for cells, adding pressure on Chinese exporters. Industry focus is now on upcoming energy efficiency standards, consumption tax rebate policies, and discussions on supply side adjustments at early August industry meetings. The key question is whether these measures will accelerate capacity rationalisation, support a price recovery along the supply chain, and ease the long term supply demand imbalance.
Over the longer term, wider adoption of TOPCon in China and convergence of cell formats are pushing products toward commoditisation, limiting the scope for price based competition. The sector is in a critical rebalancing phase, with manufacturers pursuing differentiated growth strategies. Sustained technological advancement, continued investment in research and development, and the development of stable markets and sales channels outside China will be decisive for competitive positioning and survival through the next consolidation cycle.
Author: Bryan Groenendaal
August 10, 2026
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