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US-based market intelligence and analytics firm Wood Mackenzie's list of top 10 solar PV module manufacturers ranking for the year 2023 is dominated by Chinese companies with 8 of them self-sufficient in solar cell capacity. JA Solar with a final score of 82.9 out of 100 tops the list.
These companies were scored on the basis of 9 scoring criteria and their weighting. These comprise module manufacturing experience, manufacturing capacity and growth rate, vertical integration, capacity utilization, technology maturity, research and development (R&D), financial conditions, adherence to ESG and CSR, and availability of 3rd party certification.
According to their results, while JA Solar leads Trina Solar is not far off with 81.7, and JinkoSolar with a score of 80.8 in the top 3. Canadian Solar is in the 4th spot with 78.5, while both LONGi Green Energy Technology and Risen New Energy have the same score of 78.0 in the 5th spot.
TW Solar or Tongwei, Astronergy, Hanwha Qcells, and DMEGC Solar are next in line with a score of 77.6, 76.3, 75.8 and 74.1, respectively. The 10th spot is shared by Elite Solar with 71.4, and Boviet Solar with 71.2 score.
"Our ranking reflects a comprehensive summary of the most important criteria that buyers care about when purchasing solar PV modules. The scoring criteria focuses on the items that buyers ask about most frequently in their requests for quotations or requests for proposals," said Wood Mackenzie's Head of Solar Supply Chain Yana Hryshko.
The top-ranked manufacturers have more than 10 years of module manufacturing experience, vertical integration, and high-capacity utilization. Despite the oversupply situation in the market, the top 10 companies continue to expand with a focus on becoming more vertically integrated.
In terms of growth rate and capacity, 10 out of 12 companies grew by over 100% in the last 4 years, as per the analysts.
Out of the 12 companies listed, 7 are expected to exceed 100 GW of module production capacity by 2027, while their total capacity of wafers and cells is anticipated to reach 830 GW over the same time frame. Wood Mackenzie says this is 'enough to satisfy global demand twice.'
Earlier this year in February 2024, InfoLink Consulting placed JA Solar on 4th spot in terms of 2023 solar module shipments. The list was led by JinkoSolar (see 60% Global Module Supply In 2023 Came From Top 4 Suppliers).