The top 10 solar module manufacturers in H1/2023 shipped around 159 GW to 160 GW capacity with JinkoSolar leading the tally, while Tongwei led top 5 cell producers that altogether sold 84.4 GW capacity globally, according to the latest shipment rankings released by InfoLink Consulting.
Module shipments
JinkoSolar replaced LONGi at the top spot, having shipped over 30 GW in the 1st half this year, while LONGi shipped 26.64 GW mostly within China and Europe (see LONGi Shipped 26.64 GW Solar Modules In H1/2023). Both Trina Solar and JA Solar shipped over 24 GW to take the 3rd spot.
Between the top 3 module companies and the rest in the top 10 list, there is a shipment gap of at least 10 GW, point out the analysts.
As new Chinese module players enter the domain, such as Tongwei and DAS Solar for instance, the competition for bottom 5 positions is getting more intense, according to the analysts. A global player with consistent shipments, Hanwha Q Cells couldn't make it to the top 10 owing to the tough competition.
"As module capacity increases continuously in the second half, excessive capacity will aggravate the competition for manufacturers in the second half of the ranking," states InfoLink.
During the reporting period, module shipments grew by 57% YoY, but registered a slower rate of growth, increasing only 28% QoQ. Analysts attribute this to unexpected lower demand, overseas inventory, rising share of domestic sales, and buyers adopting a wait-and-watch approach.
A total of 71.6% market share belonged to M10 or 182 mm modules among the top 10, while G12 accounted for 26.9%, followed by M6 with 1.5%. In terms of technology, n-type modules took up 18% of total sales. TOPCon module sales reached 25 GW to 26 GW with JinkoSolar accounting for 60% to 65% of these.
Cell shipments
The top 5 cell producers during H1/2023 remained unchanged while their positions changed a bit with Solar Space climbing up to the 3rd spot, pushing Runergy to 4th.
"The supply-demand relationship was not the only factor affecting the cell sector in the first half. At the beginning of this year, price drop in the upstream sectors caused cell prices to decline. However, the mismatch between supply and demand of M10 and G12 cells as well as n-type and p-type cells led to price hikes," state the analysts.
PERC remained the most popular cell technology with the top 5 companies shipping a cumulative 73.2 GW, followed by 10.5 GW TOPCon cell technology. Heterojunction (HJT) and back-contact cells were mostly for self-consumption.
Countries like India and Turkey continue to buy multi-Si cells whose shipments otherwise were minuscule. Similarly, large format cells M10 and G12 dominated shipments.
Going forward, InfoLink forecasts TOPCon to 'reshape' the cell sector as its nameplate capacity swells to around 700 GW thanks to expansion projects getting off the ground during H2/2023, exceeding that of PERC's 500 GW. Expect competition to intensify then, not just in terms of capacity but also price, caution the analysts.
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