JinkoSolar and LONGi Green Energy Technology topped global solar module shipment rankings in 2025 with 80 GW to 90 GW shipments each
Trinasolar and JA Solar followed in the 60 GW to 70 GW range, with the top 4 together accounting for nearly 58% of total 2025 shipments
A clear gap exists below the 60 GW level, says InfoLink Consulting; Tongwei and Chint New Energy (Astronergy) formed the third tier (30 GW to 50 GW)
Companies such as GCL System Integration, Canadian Solar, and TCL Zhonghuan shipped 20 GW to 30 GW
Chinese module exports reached 267.6 GW in 2025, up 13% YoY, with companies on InfoLink’s list contributing around 80% to 85% of total export volumes
Global solar module shipments by publicly listed manufacturers reached around 536 GW in 2025, according to InfoLink Consulting. The research shows that shipments were highly concentrated among leading suppliers, with only 12 listed companies making it to the ranking.
JinkoSolar and LONGi Green Energy Technology lead the first tier of shipments (80 GW to 90 GW range), both tied for the top spot, with only a marginal difference after accounting for shipments from their US manufacturing facilities.
They are followed by Trinasolar and JA Solar, tied for the 3rd place in the 2nd tier of shipments (60 GW to 70 GW range).
All of these companies have continued to maintain a strong grip over their market share due to their technological innovation – JinkoSolar’s TOPCon 3.0 technology, LONGi’s bet on back contact (BC), Trinasolar’s supply chain standardization with its 210/210R series, and JA Solar’s simultaneous focus on TOPCon 3.0 and BC, notes InfoLink.
“Building upon their existing scale advantages, these four companies continue to deepen their technological R&D and product differentiation strategies, and further construct long-term competitive barriers through the strengthening and consolidation of their domestic and international distribution networks,” highlight InfoLink analysts.
These top 4 module suppliers account for nearly 58% of 2025 module shipments. There is a clear gap below the 60 GW level, meaning the top 4 companies are much larger than the rest, according to InfoLink.
The 3rd tier (30 GW to 50 GW) had Tongwei in 5th place and Chint New Energy (Astronergy) in 6th. Companies in this bandgap serve as the ‘backbone’ of the industry with their prudent and stable operating style. Their approach is to follow mainstream trends to avoid uncertainties and capital expenditure pressures, and be cautious in terms of overseas capacity expansion. These companies are also invested in other business segments beyond solar, which helps them with resources.
The 4th tier is for shipments between 20 and 30 GW, which includes companies such as GCL System Integration (GCL SI) in 7th, Hengdian Dongci and Canadian Solar tied for 8th, and TCL Zhonghuan, Yingli Development and Yidai New Energy tied for 10th spot on the InfoLink list.
Among the others on this list are First Solar (thin-film), AIKO (BC), and Risen Energy (HJT) – all having shipped more than 10 GW last year.
The focus of the listed Chinese module suppliers was on their respective domestic markets, as China accounted for approximately 55% of their shipments and overseas markets around 45%.
“According to data from Chinese customs, China's photovoltaic module exports reached 267.6 GW in 2025, with an annual growth rate of about 13%,” point out the analysts. “After deducting shipments from overseas manufacturing bases, the companies on this list contributed about 80-85% of the total export volume, demonstrating their scale advantage and distribution capabilities. The leading companies have basically monopolized global export market resources.”
Overseas markets now also include the Middle East and Africa regions, as the US market poses challenges related to Foreign Entity of Concern (FEOC) compliance, fluctuating anti-dumping and countervailing duties (AD/CVD), and an early phase-out of subsidies under the One Big Beautiful Bill Act (OBBBA).
InfoLink analysts see 2026 as a crucial year for most PV companies, as most of them have suffered net losses for 2 consecutive years. Module prices have improved of late, but InfoLink attributes the price recovery to passive price increases owing to rising silver prices rather than end-demand improvement. Even the increased module prices are not sufficient to match reasonable returns for domestic power plant investors under the new electricity pricing mechanism, analysts stress.
InfoLink projects Chinese solar installations this year to be 34% to 43% lower than 317 GW of 2025, reaching approximately 180 GW to 210 GW. NEA had earlier announced that China installed over 315 GW last year (see China Sets New Annual Solar PV Installation Record In 2025).
InfoLink’s forecasts are closer to the CPIA’s 180 GW to 240 GW AC projections for this year (see CPIA: China Solar Installations To Dip In 2026 Before Resuming Growth).
“With many companies having already experienced two consecutive years of net losses, another loss could put them under pressure to be designated as a “ST” (Special Treatment) stock (risk warning). At this critical juncture, it is expected that companies will shift their business philosophies this year,” explains InfoLink.
Manufacturers should be looking at penetrating niche markets with differentiated products as their growth strategy from now on, and thus escape the ‘involutionary dilemma of product homogenization’.
It adds, “Against the backdrop of declining demand and compressed profits, 2026 will be a crucial year for accelerated industry differentiation and consolidation.”
InfoLink had previously reported 502 GW of combined module shipments by the world’s top 10 manufacturers in 2024 (see Top 10 Solar Module Manufacturers Ship 502 GW In 2024).