Taiwan-based research firm InfoLink Consulting said the world’s 10 largest solar module suppliers shipped about 247.9 GW in the first half of 2025, up 10% from a year earlier. JinkoSolar edged out Longi Green Energy for first place, while Trina Solar and JA Solar Technology shared third. The top four made up nearly 60% of shipments, underscoring rising concentration.
Tongwei, Astronergy, Das Solar and Canadian Solar followed in positions five to seven, with GCL System Integration and Yingli Green Energy ranking ninth and tenth. Most suppliers grew shipments, with Tongwei and Das Solar rising 30% to 40%. DMEGC sold nearly 60% abroad, while Aiko Solar stood out as the only supplier to ship only back-contact modules.
China accounted for 58% of shipments, while overseas markets made up 42%. In addition to Asia-Pacific and Europe, the Middle East and Africa added growth. TOPCon technology led with more than 94% of shipments from the top ten, while passivated emitter and rear contact (PERC) fell behind. The absence of back-contact and heterojunction specialists meant the list reflected leader technology choices rather than global shares.
InfoLink said financial strength is as important as scale in a profit-constrained cycle. Leading suppliers are vertically integrated, ensuring capacity but adding fixed costs. Strong balance sheets allow investment during downturns, while competition is shifting from volume expansion to product differentiation and customer loyalty.
In solar cells, the top five suppliers shipped about 87.8GW, up 12.5%. Tongwei stayed first, supported by upstream integration and international channels. SolarSpace ranked second, with Chinese PERC output and a Laos base. Yingfa Ruineng rose to third with n-type shipments among the leaders and exports of back-contact cells beginning in the second quarter. JTPV placed fourth, building its TOPCon position and growing sales in the Middle East and Africa. Aiko Solar ranked fifth, but most back-contact output was consumed internally, leaving PERC as its main external product.
Pricing shifted sharply. Ahead of China’s May 31 installation deadline, TOPCon cell prices briefly rose above CNY 0.30 ($0,042)/W before falling to CNY 0.23 to CNY 0.24 by early July, near cash costs. InfoLink said oversupply limits recovery, downstream demand is weakening, and suppliers able to balance scale with profitability and shift from price-led to value-driven competition may gain an advantage in the next cycle.
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