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JinkoSolar Tops 2024 Global PV Module Rankings as Industry Shifts Toward Vertical Integration

JinkoSolar’s leadership underscores China’s continued dominance in solar manufacturing, but new players like Adani Solar (India) and Qcells (South Korea) are gaining ground

Author

Alan Zhu
June 17, 2025

Wood Mackenzie’s latest report reveals JinkoSolar as the world’s leading solar module supplier in 2024, with JA Solar, Longi, Canadian Solar, and Trina Solar close behind. The top 10 manufacturers shipped over 500 GW of panels, despite fierce competition and pricing pressures.

Key Takeaways from Wood Mackenzie’s 2024 Rankings

Top 5 Global PV Module Manufacturers (2024 Shipments)

  1. JinkoSolar – 90.6 GW

  2. JA Solar – 89.6 GW

  3. Longi – 86.5 GW

  4. Canadian Solar – 84.0 GW

  5. Trina Solar – 83.7 GW

Other Notable Manufacturers:

  • Qcells (South Korea) – 73.9 GW

  • Adani Solar (India) – 72.8 GW

  • Aggressive Pricing & Tight Margins – Intense competition forced manufacturers to prioritize scale over profitability.

  • 69% Average Utilization Rate – Top players maintained strong operational efficiency despite market pressures.

  • Trade Barriers & Localization – Companies are diversifying production to navigate tariffs (e.g., U.S. IRA, EU policies).

  • Vertical Integration Boom – Leading firms are moving upstream into wafer production to control costs and ensure compliance.

Why Vertical Integration is the Future

Wood Mackenzie highlights a strategic shift among top manufacturers:
✔ Greater control over supply chain (reducing reliance on third-party wafers/cells)
✔ Lower production costs
✔ Better compliance with regional trade policies

"The most ambitious players are moving upstream into wafer production," said Yana Hryshko, WoodMac’s Head of Global Solar Supply Chain. "This reshapes the upstream supply landscape."

JinkoSolar’s leadership underscores China’s continued dominance in solar manufacturing, but new players like Adani Solar (India) and Qcells (South Korea) are gaining ground. As trade tensions rise, vertical integration and localized production will be key to long-term success.

Will Western manufacturers catch up? Or will Asia maintain its stronghold? Share your views below!

#SolarEnergy #PVModules #Renewables #JinkoSolar #WoodMackenzie #SolarIndustry #CleanEnergy #VerticalIntegration

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