Top 10 solar companies shipped 500 GW in 2024 says Wood Mackenzie

According to Wood Mackenzie’s Global Solar Module Manufacturer Rankings 2025, the top 10 solar manufacturers shipped 500GW of modules in 2024, nearly doubling the previous year’s volume. Despite this increase, these manufacturers collectively reported $4billion in losses due to aggressive pricing, capital-intensive operations, and declining revenues. Wood Mackenzie has stated that the top 10 accounted for 89% of global shipments and 62% of production capacity. Seven of these companies established manufacturing operations in at least three countries, including India, Malaysia, Vietnam, and Mexico, to reduce trade risks. Further expansion into Egypt, Saudi Arabia, and South Africa is also underway. The report confirmed that n-type modules dominated shipments, led by TOPCon technology with average efficiencies above 24%.