World rating of photovoltaic modules in 2023

Demand in 2023 remained sturdy regardless of market disruptions by provide and stock points within the second half of the 12 months. Cargo volumes of the checklist of producers elevated considerably, up by 78% YoY. There’s a clear distinction amongst module makers, with top-ranked firms remained the identical because the earlier 12 months, however the second-ranked firms shuffled markedly amid extreme competitors. The variety of firms elevated to 13 as a result of shut cargo volumes of firms ranked tenth. The rating is predicated on statistics from InfoLink’s database and InfoLink’s survey on producers. Ought to there be any producer but to calculate its cargo quantity, we use operational information and our estimation primarily based on manufacturing output and stock from the database. Additionally, producers whose complete cargo doesn’t differ by greater than 5% are tied for the rankings. Official figures shall prevail when there’s any discrepancy.

Sturdy cargo quantity, extreme competitors amongst second-ranked firms 

Jinko, Longi/Trina, and JA Photo voltaic secured the primary to fourth locations with a slight reshuffle. Since 2019, the largest 4 vertically built-in firms have retained their positions. Clearly, the largest firms are getting greater in recent times, leaving the second-ranked ones behind with vital cargo hole. The hole stood at 20 GW between main firms and people ranked from the fifth in 2022, after which the hole widened to 30 GW in 2023 with 60 GW distinction between the primary fourth and the remaining. It’s estimated that the highest 4 firms took up round 60% of the whole shipments of the top-10 checklist.   

The second-ranked firms skilled fierce competitors. The rating noticed clear change, with Tongwei and Canadian Photo voltaic tied for the fifth place, adopted by Astronergy and Risen. The bottom quantity reached 20 GW amongst these ranked fifth to eighth. 

DAS Photo voltaic was ranked ninth, adopted by First Photo voltaic/GCL/Yingli/DMEGC that tied for the tenth. Older manufacturers returned to the top-10 checklist this time, indicating the continuation of fierce competitors into 2024.

Corporations outdoors of the rankings, together with Suntech, Solargiga, Q-Cells, Huansheng Photo voltaic and Seraphim, noticed cargo quantity rising to 7-10 GW.
 

Highlights of 2023 cargo rankings

Jinko: With benefit in selecting n-type know-how early, the corporate has posted sturdy cargo quantity within the first half, growing by 74% from 2022, and thus reclaiming the highest.

Longi: Secure efficiency saved the corporate within the second place. It has achieved GW-scale cargo of HPBC merchandise, however a barely slower annual development fee than the highest 4 firms, sitting at 48%. 

Trina: The corporate’s cargo quantity differed lower than 5% from Longi and thus they have been tied for the second. It’s price noting that Trina’s benefit in rectangle wafers and long-term engagement in G12R product collection allowed it to achieve an annual development fee of 55%, a stellar efficiency.  

JA Photo voltaic: With steady enterprise planning, price administration and abroad channel administration, it has lengthy been on the highest 4 checklist. Its cargo grew steadily, with 46% annual development fee.

Tongwei: With benefits throughout the provision chain, the corporate has climbed from the second-ranked in 2022 to the center and posted an annual development fee as excessive as 262% in contrast with 2022. Tongwei was additionally the one firm that entered each the cell and module rankings.

Canadian Photo voltaic: Following its steady operation precept, the corporate has stayed on the center of the checklist for greater than 5 years. Its market share of abroad cargo topped the checklist this time.

Astronergy: The corporate’s annual development fee reached 108%, with its home market share rising noticeably. In the meantime, the corporate’s long-term engagement in n-type merchandise enabled it to safe the second largest share of n-type shipments.

Risen: Whereas its annual development fee slowed this time, its technique of providing numerous merchandise made it the one firm that shipped each n-type TOPCon and HJT merchandise on the checklist. 

DAS Photo voltaic: As a brand new entrant to n-type area in recent times, the corporate has come near the top-10 checklist in 2022, and climbed to the ninth place this time. It secured the fifth place by way of n-type TOPCon cargo, with its annual development fee hitting 113%.

First Photo voltaic: It’s the one non-China firm on the rating. Since its entry to the checklist in 2020, the corporate has sustained a cargo quantity between at the very least 6 GW to 9 GW. Its annual development fee is anticipated to achieve 29% this 12 months. With a spotlight within the US market, the corporate’s total profitability is robust. 

GCL: The corporate was one of many top-10 prior to now however had fallen outdoors of the checklist in 2019, however re-entered the checklist in 2023. Domestically, its cargo quantity accounted for the very best share in China, having secured massive orders from state-owned firms. Its annual development fee stood at 494%, the very best of all.

Yingli: An outdated model that has been specializing in the home market and exploring abroad channels in recent times. In line with data out there, the corporate secured a number one place within the checklist of awarded firms in China’s auctions final 12 months, with greater than 100% annual development fee in shipments. 

DMEGC: The corporate has been specializing in Europe’s distributed era market and France’s low-carbon module market, securing a second place available in the market share of abroad cargo and posted an annual development fee as excessive as 134%. The corporate is planning to scale up its enterprise in home and abroad markets, in addition to distributed era market. 

Market share of home cargo continues to develop

First Photo voltaic apart, the typical share of cargo to non-China markets in 2022 was round 50-55%; the determine declined to 40-45% in 2023, a downward development for 2 consecutive years. 

Rationale behind included stock pileup in abroad markets and sluggish economic system, however the main cause was that firms that returned to the checklist or new entrants have comparatively weaker abroad channels than the highest 4 largest manufacturers, whereas rising home market underpinned demand. These components led to a lower within the share of cargo to non-China markets.

Massive dimension and n-type merchandise dominate shipments

Among the many PERC merchandise (together with rectangle wafers) shipped by the highest 10 firms (excluding First Photo voltaic), the share of M10 (18Xmm) and G12 reached 70%, of which G12 and G12R accounted for 22%. The share of M6 (166mm) and different sizes of PERC fell to solely 2%. Module shipments of n-type TOPCon (all sizes) rose markedly to 26%. 

Cargo targets stay bold for 2024

Wanting forward, the whole cargo is estimated to achieve 700 GW primarily based on the cargo targets of firms on the checklist. Of which, the share of merchandise of recent know-how accounts for greater than 70%; some even plan for 90-100%, with TOPCon the bulk. The highest 4 largest firms’ cargo goal is raised to past 90 GW stage and even 120 GW, leaving the second-ranked firms behind. 

InfoLink initiatives that module demand development will sluggish this 12 months, sitting at 460-519 GW with solely 11% of annual development fee. With a complete deliberate cargo quantity of 700 GW by the highest 10 firms, the competitors will stay fierce this 12 months.

Influence of surplus provide has emerged, with acceptance fee diversifying markedly within the first quarter of this 12 months. Amid the competitors producers shall make choice quick, differentiating merchandise, and securing know-how benefit. Module energy output, high quality, and effectivity shall be key components figuring out producers’ competitiveness edge this 12 months. In the meantime, abroad market actions, particularly coverage adjustments and situations on supplies use and product of origin, ought to be carefully monitored, as getting ready prematurely shall be key to face out of the extreme competitors for producers.

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