According to a report by Wood Mackenzie, despite facing significant challenges, including price declines in modules and the silicon supply chain, the top ten solar manufacturers achieved an average utilization rate of 66%.
The “Global solar module manufacturer ranking H1 2024” highlighted the resilience of these companies in the first half of 2024, highlighting that they have sufficient capacity to meet the global annual demand for modules.
One of the most notable points was the increase in non-Chinese manufacturers in the top 10 ranking, with companies from India, Singapore and Japan gaining prominence and making their mark on the global market.
According to the study, both 7th and 9th places were awarded to several companies due to similar scores. Manufacturers that had a difference of up to 0,3 points between their scores were given the same position in the ranking.
“Profitability separated the industry’s major players. While many companies faced financial losses, eight of the top 13 manufacturers reported positive profits in the first half of 2024. This achievement highlights the ability to manage significant price reductions through effective cost control and efficiency optimization,” said Yana Hryshko, management consultant and head of global solar supply chain research at Wood Mackenzie.
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According to the report, the transition to new technologies is happening faster than the market anticipated. TOPCon is leading in technological innovation, while HJT and BC are also increasing their share of production. In addition, R&D (research and development) investments are increasing, averaging 4% – which represents an increase compared to 2023.
However, the research also noted that current solar demand growth is not addressing overcapacity caused by rapid capacity expansion. “The top ten manufacturers are increasingly concerned about low utilization rates and declining margins, making them more cautious about their expansion plans,” Hryshko commented.
“The PV industry has seen a dramatic decline in module prices recently, falling from $0,24 per watt to $0,08 per watt, which is a reduction of over 70%. This significant price reduction has put considerable pressure on revenues and profitability across the industry, raising concerns about the sustainability of some manufacturers,” he added.
Wood Mackenzie’s scoring methodology evaluated more than 38 manufacturers from 11 countries, with total production and shipping capacity ing for 68% and 84% of the world, respectively. The ranking examines nine different criteria, including module manufacturing experience, vertical integration, financial performance and capacity utilization.
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