In accordance with Wooden Mackenzie’s ballot of top-performing international photo voltaic module producers for the primary half of 2025, all non-Chinese language corporations throughout the prime 10 remained worthwhile whereas the group suffered a collective internet lack of $2.2 billion for January-June 2025.
The rating coated 38 “well-known” producers of crystalline silicon modules throughout 9 nations. The businesses accounted for 62 % of world manufacturing capability and 75 % of world exports in the course of the interval, WoodMac stated in a press launch.
The rating included standards that represented “the patrons’ perspective, contingent on thorough analysis of what patrons search for when assessing module producers”, WoodMac stated.
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“Regardless of dominating 62 % [ 224 gigawatts] of world shipments, the world’s main photo voltaic producers are feeling the squeeze of a troublesome market”, stated Yana Hryshko, WoodMac head of world photo voltaic provide chain. “The highest 10 producers reported a collective $2.2 billion internet loss in H1 2025, a results of steep worth declines which have impacted even the business’s largest gamers.
“In sharp distinction, all non-Chinese language gamers in our prime 10 remained worthwhile by specializing in premium and guarded markets. This yr’s outcomes clearly present that monetary self-discipline and operational excellence are the true separators in a troublesome market”.
WoodMac added, “Rising challengers from India, South Korea, Singapore and the U.S. affirm that the aggressive panorama is diversifying past China, pushed by tightening commerce insurance policies”.
JA Photo voltaic and Trinasolar, each headquartered in China, collectively claimed the highest spot.
The highest 10 averaged 70 % in utilization throughout H1, in comparison with 43 % for the remaining. India-based Adani Photo voltaic and China-based DMEGC Photo voltaic logged one hundred pc utilization.
WoodMac gave 29 of the businesses within the rating a “Grade A” score, “a recent normal for operational excellence and bankability”. Grade A standards had been capability utilization, expertise maturity, ESG and CSR adherence, third-party certification, monetary circumstances, module manufacturing expertise in manufacturing, module manufacturing expertise in years, provide chain resilience, vertical integration, and analysis and improvement.
In 2026-27, WoodMac expects “business consolidation, deeper vertical integration and regionalization of producing”.
“Wafer-to-module management is changing into the brand new aggressive frontier, as most of the prime 20 producers broaden into the MENA [Middle East and North Africa] area for tariff-resilient manufacturing”, it stated.
“The subsequent effectivity leap, pushed by TOPCon 3.0 and back-contact applied sciences, will push mainstream module efficiency above 25 %, accelerating the retirement of lower-grade manufacturing traces”, WoodMac added.
“Weaker suppliers will face shutdowns or mergers as main producers maintain utilization charges of 60-75 %”, it stated. “As international demand strengthens and pricing stabilizes from 2026 onward, the business will shift from survival mode to strategic funding, with Grade A producers greatest positioned to seize the subsequent development cycle”.
To contact the writer, e mail jov.onsat@rigzone.com
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