The world’s five largest solar cell suppliers shipped about 91.9 GW in H1 2026, representing a year-on-year (YoY) growth of around 5% from the same period in 2025, according to InfoLink Consulting. In H1 2025, the top 5 companies shipped 87.8 GW (see China Solar PV News Snippets).
Its latest ranking is based on external shipments by the companies and excludes cells used internally by vertically integrated manufacturers or supplied to other companies for contract manufacturing.
Tongwei retained the top position in the ranking with its large manufacturing base. Yingfa Ruineng moved into second place, supported by a relatively high capacity utilization rate. The company also continued steady shipments of its back-contact (BC) cells, according to InfoLink.
Zhongrun Solar ranked third due to its diverse product portfolio and Laos-located production capacity supporting shipments to overseas markets, InfoLink said.
Jietai Technology (JTPV), one of the earliest solar cell manufacturers to have invested in TOPCon, maintained its fourth spot on the list as the growing overseas demand for n-type cells increased, boosting its shipment volumes.
Sunsync, also kown as Heguang Tongcheng PV Technology, is a new entrant to the InfoLink top 5 list. According to the analysts, the company’s shipments increased steadily in H1 as it expanded its manufacturing capacity.
Analysts note the volatile price environment for the solar PV industry in the initial six months of 2026. High silver prices at the beginning of the year pushed up production costs, with TOPCon cell prices across sizes reaching about RMB 0.45/W in February. Cell prices came under pressure as silver costs eased.
In Q2 2026, supply and demand remained in an ‘adjustment phase’ due to price competition and a ‘prisoner’s dilemma’ persisting among companies, according to InfoLink analysts.
Price competition continued as downstream module manufacturers limited purchases of externally sourced cells amid subdued end-market demand, note the analysts.
In July this year, solar cell prices fell rapidly, reaching about RMB 0.26/W to RMB 0.27/W, which InfoLink identified as the industry’s cash-cost line.
For Chinese manufacturers, weaker domestic demand and the implementation of India’s ALMM List-II in June have reduced demand for imported cells in India, creating additional pressure on their overseas business.
In the longer term, InfoLink explains, wider adoption of TOPCon and more standardized cell sizes are likely to increase product competition. Companies will now need to focus on technology, R&D, overseas markets, and strong brands to remain competitive as the industry goes through a supply-demand restructuring.
Meanwhile, the Chinese government is now encouraging the industry to focus on improving energy efficiency and reducing energy consumption in their manufacturing operations, which is likely to accelerate the phase-out of inefficient production capacity (see China Tightens Energy Standards For Solar Manufacturing).
“Whether these factors can further drive overall capacity clearing in the industry, leading to a recovery in supply chain prices and improving the long-term oversupply situation are key issues worth paying attention to in the second half of the year,” says InfoLink.
