Top 10 Solar Panel Manufacturers in the World

Ever felt the sun powering not just your savings—but also global change? In 2025, solar energy has come of age, with a handful of powerhouses (and a rising Indian star) driving the charge. Let’s navigate this solar galaxy together, beginning with the giants—and showcasing where India’s very own Rayzon Solar finds its shine.

What’s New (2025 Update)

• Record-setting shipments: The top 10 solar PV module manufacturers shipped an unprecedented 500 GW in 2024—nearly double the previous year.

• Intense market dynamics: Despite soaring output, consolidated losses hit US $4 billion—reflecting fierce pricing pressure and capital expenditure.

• Emerging IPO spotlight: India’s Rayzon Solar is gearing up for an IPO, aiming to expand into solar cell manufacturing after reaching 6 GW module capacity.

Table of Contents

1. Ranking Overview

2. Problem & Market Pressures

3. Data: Leading Players & Shipments

4. Rayzon Solar: India’s Rising Star

5. Steps Ahead for Emerging Manufacturers

6. Pitfalls & Industry Challenges

7. Conclusion & Call to Action

1. Ranking Overview (2025)

According to Wood Mackenzie’s 2025 rankings:

1. JinkoSolar (Score 90.6)

2. JA Solar (89.8)

3. LONGi Green Energy (86.5)

4. Canadian Solar (84.0)

5. Trina Solar (83.7)

6. DMEGC Solar (83.0)

7. Astronergy (78.2)

8. Boviet Solar (76.3)

9. Risen Energy (74.2)

10. Qcells (73.9)

11. Adani Solar (72.8)

12. TCL Solar (70.8)

13. Tongwei (70.7) 

2. Problem: Scaling Under Pressure

The solar PV industry is in a phase of “survival through scale.” Heightened competition and falling prices have squeezed margins, even as shipments soared.  The overcapacity problem is especially acute in China, where production soared beyond demand, triggering regulatory intervention.

3. Data: Global Shipments & Capacity

• Top 6 months of 2024 ship volumes:

  • JinkoSolar: 47.2 GWp

  • JA Solar: 38 GWp

  • Trina Solar: 34 GWp

  • LONGi: 31.3 GWp 

• Tier-1 capacity leaders (Q1 2025):

  • Jinko Solar: 120,000 MW

  • Trina Solar & JA Solar: 100,000 MW each

  • Tongwei: 85,000 MW

  • Canadian Solar: 61,000 MW

4. Rayzon Solar: India’s Rising Star

• A Surat-based solar PV module manufacturer (founded 2017) with 6 GW of manufacturing capacity using TOPCon technology.

• On the path to expanding into solar cell manufacturing, backed by an INR 1,500 crore IPO filing. 

• With strong domestic demand and India’s accelerating solar policy framework, Rayzon is positioned for rapid growth.

5. Steps for Emerging Manufacturers

1. Achieve scale: Build capacity and diversify markets to compete globally.

2. Innovation leadership: Leverage advanced techs like TOPCon and HJT for efficiency gains.

3. Financial strength: Aim for Tier-1 bankability for smoother financing.

4. Strategic expansion: Establish manufacturing footprint beyond home base.

5. Local demand leverage: Cultivate strong domestic markets to buffer against global volatility.

6. Pitfalls & Challenges

• Overproduction risks: China's manufacturing glut led to low utilization (~54%) and heavy losses.

• Financial instability: Sustained price wars and capital demands are eroding margins even at scale.

• Financing and credibility gaps: Without Tier-1 bankability or financial transparency, market trust is hard-won.

• Geopolitics: Trade barriers and geopolitics challenge exporters, especially to the US and EU markets.

7. Conclusion & Call to Action

Conclusion
The 2025 solar PV landscape is defined by a few global giants—like JinkoSolar, JA Solar, and LONGi—who dominate scale and shipment volumes. Yet, disruption is brewing: with its IPO filing, Rayzon Solar emerges as a formidable Indian contender, poised to make its mark in both modules and (soon) cell manufacturing.

Call to Action
For project developers, investors, and solar professionals: keep an eye on emerging players like Rayzon—the next wave of global solar leadership might come from India.

C) Internal Linking Plan

• Solar Industry Trends 2025 – scale & cost pressure

• Top Solar Panel Technologies – TOPCon, HJT, perovskite

• Indian Solar Manufacturers Rising – Rayzon, Adani Solar etc.

D) FAQ (5 Questions)

1. Who is the largest solar panel manufacturer in 2025?

   • JinkoSolar leads with 47.2 GWp shipped in just the first half of 2024.

2. What does Tier-1 status mean?

   • It signifies financial reliability—manufacturer has supplied multiple non-recourse bank-financed projects.

3. Is Rayzon Solar Tier-1?

   • Not yet—still emerging domestically, but on a strong growth trajectory with 6 GW capacity.

4. Why are major manufacturers still reporting losses?

   • Fierce price competition and rapid capacity build-out are pressuring margins, despite scale.

5. Can local demand in India support domestic panel makers?

   • Yes—India’s module capacity has more than doubled recently, providing a solid foundation for firms like Rayzon.