Wood Mackenzie released its Global Solar Module Manufacturer Ranking H1 2024 report, in which it ranked top 10 solar PV manufacturers, who have achieved an average utilization rate of 66%, most surpassing 70%. The manufacturers were faced with mounting challenges including unexpected price declines across solar modules and the silicon supply chain, but they managed to demonstrate remarkable resilience and solid performance in the first half of 2024.

The report went on to suggest that these 10 manufacturers have sufficient capacity to meet the global annual demand. What was notable was the rise of non-Chinese manufacturers, where companies from Singapore, India, and Japan were seen making it to the Top 10 list.

Yana Hryshko, Managing Consultant and Head of Global Solar Supply Chain Research at Wood Mackenzie, said: “Profitability set apart the top-tier players in the industry. While many companies faced financial losses, 8 out of the 13 leading manufacturers reported positive profits in the first half of 2024. This achievement highlights their ability to manage significant price reductions through effective cost control and efficiency optimisation.”

The report also touched upon the transition to new technologies by the companies, which is happening at a fast pace. While TOPCon leads the technological innovation, HJT and BC have also been seen to increase their production share. Also on the rise are the investments in research and development, averaging 4%, which is an increase compared to 2023.

While there is a solar demand growth, the report found that it does not tackle the overcapacity caused by rapid capacity expansion. “The top ten manufacturers are increasingly concerned about low utilisation rates and shrinking margins, making them more cautious about their expansion plans,” added Hryshko.

Over 38 solar PV module manufacturers from 11 countries, with a total production capacity and shipment accounting for 68% and 84% of the world, respectively, were evaluated using Wood Mackenzie’s unique scoring methodology. About 9 different criteria were taken into consideration for this evaluation, like module manufacturing experience, vertical integration, financial performance, capacity utilization, and more.

Meanwhile, 2 months back, Wood Mackenzie released its Floating Solar Landscape 2024 report.

（Picture: Veer）