InfoLink Consulting counts around 226 GW solar PV modules to have been shipped by top 10 suppliers in H1 2024
It includes JinkoSolar, JA Solar, Trina Solar and LONGi as the top 4 with a market share of close to 63%
Large rectangular sizes gain ground as n-type TOPCon modules become the preferred choice
Overseas expansion plans need to be reviewed as anti-globalization trend gains traction
JinkoSolar, JA Solar, Trina Solar and LONGi were the top 4 module suppliers in H1 2024 as they accounted for approximately 63% of the total shipments reported by top 10 manufacturers in during the period, according to InfoLink Consulting.
Altogether, the top 10 module companies shipped close to 226 GW capacity, representing 40% Year-over-Year (YoY). In H1 2023, their shipment volume was around 160 GW (see H1/2023 Solar Cell & Module Shipment Rankings).
Tongwei Solar, Astronergy, Canadian Solar were next on the list, in that order, followed by GCL SI and DAS Solar tied for the 8th place pointing at the fierce competition in this space. All of these companies shipped more than 10 GW individually. Risen Energy was 10th on the list.
According to InfoLink analysts, outside of the top 10, manufacturers like DMEGC, Yingli Solar, Seraphim, First Solar, and Suntech had more than 5 GW of individual shipments between January and June this year.
Among the other prominent names that are not on the list are Hanwha Q Cells and First Solar with the latter dropping out of it for the 1st time. InfoLink analysts believe this is because both these companies have a laser sharp focus on the US market. Indian manufacturers too are largely limited to catering to domestic demand with the little production that’s operational now.
Chinese companies, on the other hand, have relatively stable demand at home in China. Their overseas shipments during H1 2024 were impacted by policy changes, geopolitical risks and high inventory levels.
The average overseas shipments of the top 10 manufacturers accounted for around 65% in H1 2022, coming down to 47% in 2023, and now 44% in 2024, reflecting a ‘downward trend’.
Cautious for future
Going by the overcapacity putting pressure on their margins, solar module manufacturers have revised downward their shipment target plans for 2024. InfoLink counts the top 10 solar module manufacturers to now ship a combined 555 GW to 611 GW, compared to the original volume of 700 GW.
Mostly Chinese, these companies will need to leverage their technological strength to continue to stand out in the market as the anti-globalization trend gains in the overseas markets.
“With the rise of anti-globalization trend, the decentralized layout of overseas manufacturing plants will test the operation and management control capabilities of manufacturers. Especially regarding the specifications for the use of materials, the issue of traceability continues to be discussed this year. In addition to the United States, Europe has also begun to discuss related issues. How to plan in advance and make quick decisions will be opportunities for manufacturers to stand out,” according to the analysts.
Module technology and size
In terms of module sizes, the trend towards large rectangular sizes is on the rise with micro-rectangular specifications accounting for around 64% of the total shipments, including PERC and TOPCon. For TOPCon the rectangular specifications of (182-182.2*182mm-199mm) are gradually increasing.
While n-type TOPCon products accounted for nearly 70% of the total shipments, PERC accounted for about 27% to 28%. HJT and XBC products accounted for close to 1% and 4% of the total shipments out of the top 10.
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