As a hot track, the photovoltaic industry has never lacked topics, and various lists and selections around it have emerged one after another, but the ranking of module shipments has always been one of the most important data to reflect the leading position of the industry and the overall development trend of photovoltaics.

PV Tech has released a research report on the list of the top 10 PV module suppliers in 2024, and has selected the top 10 companies of the year, based on the annual shipments of PV companies in the first three quarters of last year.

According to the report, the top 10 module suppliers by volume in 2024 are occupied by Chinese manufacturers for the second year in a row, which means that China will once again dominate the global PV industry in 2024, Securities Star noted.

In the forecast of PV module shipments, JinkoSolar once again maintained the top spot on the list and has been the leading module supplier by volume seven times in the past nine years. In addition, Trina Solar (688599.SH) has achieved a new breakthrough in terms of shipments compared to 2023, surpassing JA Solar to second place.

The report also pointed out that in recent years, the difference between Trina Solar's and JA Solar's module shipments has been within a few percentage points, and the figures of the two are expected to be similar in 2024. And since relevant indicators show that Trina Solar's module shipments are slightly higher, it is currently predicted that it will be in second place.

In addition, in the top 10 list, the shipments of Yiyi Xinneng, GCL Integration and Risen Energy are also close (the gap between them is about 5%), so the final positions of the eighth and tenth places may change.

According to a research report released by PVtech, in 2024, the top 10 PV module suppliers ranked by shipments of private label products are all Chinese companies, and so far, Chinese companies have occupied all the top 10 spots in the list for the second year in a row.

Looking back, companies such as Dai-ichi Solar and Hanwha, which were once quite famous, have not appeared in the top 10 shipment list for a long time.

In fact, industry insiders believe that if new entrants want to enter the PV industry and be among the top, the annual shipments of enterprises need to reach the standard of 25GW and above. It is worth noting that the total shipments of the top 10 module suppliers in 2024 have exceeded 500GW, which undoubtedly sets a very high barrier to entry for the industry.

Securities Star noted that according to the previous data for the first three quarters of 2024, Jinko, JA Solar, Trina and LONGi module F4 positions are relatively stable, of which JinkoSolar shipped 67.65W of modules in the first three quarters of 2024 and JA Solar shipped 57GW of cell modules in the first three quarters.

Although Trina Solar does not have specific data for the first three quarters, it will ship about 34GW in the first half of 2024, ranking third in the world.

It is worth mentioning that Trina Solar has made continuous breakthroughs in technological strength and product innovation in recent years. From the release of the industry's first 210 modules in 2020, to the first quarter of 2023, the industry shipped more than 120 GW of 210 modules, and by November 2023, Trina Solar's 210 modules shipped more than 100 GW.

As of December 2024, the industry is expected to ship nearly 380 GW of 210 modules, of which Trina Solar's 210 modules are expected to ship more than 170 GW. At present, the shipment volume and growth rate of 210 modules have both hit a new high.

According to the analysis of industry insiders, the rise of new photovoltaic forces has also joined the competition of shipment data. In the first half of this year, TW Solar held the fifth place with 18.67GW of shipments. Tongwei's goal is to become one of the top three in the world in the module sector. The shipments of the three module manufacturers, Yiyi New Energy, Yingli Energy and Risen Energy, are generally in the range of 14-15GW.

It is important to note that the above rankings are based on preliminary forecasts made in the first three quarters of 2024 and industry research, as none of the above companies have been audited for operations as of the end of 2024. The exact number (at least for nine listed companies) will not be known until mid-April 2025, but only a few areas of the overall ranking are expected to need to be adjusted.

The report also said that while the top 10 PV module suppliers tend to be in the spotlight and occupy a lot of space in industry media reports, it cannot be ignored that there are many other key PV manufacturers who are working hard to improve technology and reduce costs in the production process.

In fact, from raw material supply, equipment manufacturing, to cutting-edge technology leadership in the manufacturing field, China's photovoltaic industry has made efforts at all levels, which ultimately profoundly affects the quality and trend of modules sold to the end market. According to some analysts, there are about 20 to 30 companies in China with strong potential, and they are expected to become the backbone of shaping the development direction of the photovoltaic industry in the next few years. (This article debuted Securities Star, written by Zhao Zixiang).