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Choosing the right manufacturer of photovoltaic panels is one of the most important steps when planning an investment in solar energy. With over a thousand companies active in the market, only a small fraction meet the strict financial and operational reliability standards. In this context, the Tier 1 solar panels list developed by BloombergNEF serves as a valuable tool for investors, helping to distinguish trustworthy manufacturers from less stable entities. Opting for Tier 1 solar panels ensures high product quality, long-term performance, and greater confidence in your solar investment.
What Is the Tier 1 Solar Panels List?
The Tier 1 ranking developed by Bloomberg New Energy Finance (BloombergNEF) classifies solar panel manufacturers based on their ability to participate in non-recourse financing projects supported by commercial banks. This means that a manufacturer is viewed by financial institutions as financially stable enough to back large-scale investments without requiring collateral from the investor.
In practice, this translates to greater trust from the capital markets and lower financing costs for projects involving such manufacturers. The Tier 1 list does not assess the technical quality of products or lab test results – it focuses strictly on financial criteria, such as the scale of operations, track record in completed projects, and level of vertical integration in production.
This ranking is published quarterly and is based on data drawn from a database of over 40,000 photovoltaic projects monitored globally by BloombergNEF.
Quarterly Tier 1 Ranking by BloombergNEF
Below is the latest quarterly summary of the presence of selected manufacturers in the BloombergNEFTier 1 ranking over the period from 2023 to 2025:
The table illustrates manufacturers that consistently meet the Tier 1 criteria in recent quarters, confirming their strong market position and ability to maintain the financial standards required by BloombergNEF.
Tier 1 Manufacturers According to BloombergNEF in 2018–2024
In 2Q 2025, the ranking of Tier 1 photovoltaic panel manufacturers confirms the dominance of Chinese companies, which possess the highest production capacities in the world. Longi and Jinko Solar topped the list, each with an annual production capacity of 120,000 MW. They were followed by JA Solar and Trina Solar, each with a capacity of 100,000 MW, as well as TW Solar (Tongwei) with 85,000 MW.
Canadian Solar also maintains a strong position on the list with 61,000 MW, Astronergy (Chint) with 56,000 MW, and Risen Energy with a production level of 48,000 MW. Smaller but rapidly growing companies are also playing an increasingly important role, such as DAS Solar, producing 31,000 MW, and DMEGC, with a capacity of 21,000 MW.
Among non-Chinese manufacturers, the American First Solar stands out with 15,200 MW, as well as the Indian Waaree, which reaches 12,000 MW, although their production scale remains significantly smaller. The Tier 1 ranking for 2Q 2025 clearly illustrates the concentration of production potential in China and highlights the global competition in the photovoltaic panel segment.
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
120 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Jinko Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
120 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
JA Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
100 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
100 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
85 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Canadian Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
61 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
56 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Risen Energy
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
48 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
DAS Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
31 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
21 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
19 200
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
First Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
15 200
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
13 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
13 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
12 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
11 200
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Osda Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
6560
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
6400
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Sumec/Phono Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
BYD
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Vikram Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Fellow Energy
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
ET Solar Inc/Elite Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
YH Sunpro Power
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Boviet Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>1 022 860
Tier 1 Q1 2025
In Q1 2025, BloombergNEF released an updated Tier 1list of photovoltaic module manufacturers, offering a comprehensive snapshot of the leading global solar brands at that time. The list reflected companies recognized for their bankability, large-scale operations, and consistent product quality across international markets.
At the top of the Q1 2025 ranking stood Jinko Solar, which maintained its position as the industry’s largest manufacturer, with an annual production capacity of 120,000 MW. Following closely were Trina Solar and JA Solar, each reaching 100,000 MW per year, underscoring their technological leadership and market strength. These three companies played a pivotal role in the continued growth and stability of the global solar sector during that period.
The full Q1 2025 Tier 1 list included 48 manufacturers, with a combined production capacity of 942,700 MW per year. This figure highlighted the scale and resilience of the PV module industry as it responded to the increasing global demand for clean and sustainable energy solutions.
Manufacturer
Annual production capacity(MW/year)
Jinko Solar
120 000
JA Solar
100 000
Trina
100 000
Tongwei
85 000
Canadian Solar
61 000
Hanwha Qcells
61 000
Chint/Astronergy
56 000
Risen Energy
48 000
DAS Solar
31 000
GCL System
27 000
Huayao PV
20 000
Anhui Huasun
20 000
Aiko Solar
20 000
Yingli
19 200
First Solar
15 200
DMEGC (Hengdian Magnetics)
14 000
Seraphim
13 000
Talesun
13 000
Waaree
12 000
ZNShine
10 000
Jolywood
10 000
Eging
10 000
Sunova Solar/Thornova
6500
Renew Photovoltaics
6400
Solarspace
6000
Osda Solar
5650
HT-SAAE
5000
Renesola
5000
Hanersun
5000
Anhui Daheng (DAH Solar)
5000
VSUN
4000
Sumec/Phono Solar
4000
Adani/Mundra
4000
New East Solar
3600
ET Solar Inc/Elite Solar
3500
Vikram Solar
3500
AESolar
3200
Leapton Energy
3000
Luxen Solar
3000
Suzhou Sunlink
3000
SEG Solar
3000
Fellow Energy
3000
Sunpro Power/YH Solar
3000
Jetion
2500
Horay Solar
2500
Ulica
2000
Neo Solar Power/URECO
1800
Hyundai
1400
Hansol Technics
600
Total:
942 700
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Jinko Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
120 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
JA Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
100 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
100 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
85 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Canadian Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
61 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
61 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
56 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Risen Energy
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
48 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
DAS Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
31 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
GCL System
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
27 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
20 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
20 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Aiko Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
20 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
19 200
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
First Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
15 200
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
14 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
13 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
13 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
12 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
6500
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
6400
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
6000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Osda Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5650
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Sumec/Phono Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
New East Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3600
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
ET Solar Inc/Elite Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Vikram Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3500
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3200
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Leapton Energy
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Luxen Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
SEG Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Fellow Energy
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Sunpro Power/YH Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
2500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Horay Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
2500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Ulica
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
2000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Neo Solar Power/URECO
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
1800
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
1400
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
600
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>942 700
Tier 1 Q4 2024
The Tier 1 Solar Panels List below, based on the BNEF Tier 1 list for Q4 2024, showcases the leading photovoltaic (PV) panel manufacturers. It features globally recognized brands known for their scale, reliability, and innovation in solar technology. At the top of the industry is LONGi Green, with a remarkable annual module production capacity of 120,000 MWp, establishing itself as the global leader in PV manufacturing. Matching this capacity is Jinko Solar, which also produces 120,000 MWp annually, reflecting its cutting-edge technology and worldwide presence.
JA Solar and Trina Solar follow closely behind, each with 100,000 MWp, maintaining strong positions among utility-scale and commercial project developers. Tongwei and Canadian Solar are not far behind, with 85,000 MWp and 61,000 MWp respectively, showcasing their consistent growth and contribution to the solar market.
From high-capacity manufacturers to emerging players, this Tier 1 Solar Panels ranking provides a complete snapshot of the top manufacturers based on annual output. It reflects the industry’s direction toward greater efficiency, scale, and global deployment.
Here is the complete list of Tier 1 PV module manufacturers for Q4 2024:
Manufacturer
Annual production capacity(MW/year)
Longi Green
120 000
Jinko Solar
120 000
JA Solar
100 000
Trina
100 000
Tongwei
85 000
Canadian Solar
61 000
Chint/Astronergy
56 000
Risen Energy
48 000
DAS Solar
31 000
GCL System
27 000
Aiko Solar
25 500
Runergy/Hyperion
21 000
TCL TZE & Maxeon
20 400
Anhui Huasun
20 000
DMEGC (Hengdian Magnetics)
17 000
First Solar
15 200
Seraphim
13 000
Yingli
12 300
Waaree
12 000
ZNShine
10 000
Jolywood
10 000
Eging
10 000
Hanwha Qcells
9100
Renew Photovoltaics
6400
Solarspace
6000
Osda Solar
5650
Sunova Solar/Thornova
5500
HT-SAAE
5000
Renesola
5000
Hanersun
5000
Anhui Daheng (DAH Solar)
5000
Sumec/Phono Solar
4000
Sunova Solar/Eurener
4000
Vikram Solar
3500
ET Solar Inc/Elite Solar
3500
VSUN
3200
Boviet Solar
3000
Leapton Energy
3000
Luxen Solar
3000
Jetion
2500
Sunpro Power/YH Solar
2000
Neo Solar Power/URECO
1800
New East Solar
1600
Total:
1 343 450
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Longi Green
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
120 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Jinko Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
120 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
JA Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
100 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
100 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
85 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Canadian Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
61 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
56 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Risen Energy
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
48 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
DAS Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
31 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
GCL System
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
27 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Aiko Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
25 500
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
21 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
20 400
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
20 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
17 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
First Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
15 200
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
13 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
12 300
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
12 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
9100
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
6400
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
6000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Osda Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5650
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5500
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Sumec/Phono Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Vikram Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
ET Solar Inc/Elite Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3500
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3200
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Boviet Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Leapton Energy
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Luxen Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
2500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Sunpro Power/YH Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
2000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Neo Solar Power/URECO
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
1800
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
New East Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>
1600
<strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong>1 343 450
Ranking Tier 1 3Q 2024
BloombergNEF has released the Tier 1 3Q 2024 ranking, classifying photovoltaic (PV) panel manufacturers based on their credibility for financing by commercial banks. Companies included in this list supply projects with non-recourse financing, confirming their operational stability and high-quality products.
The latest Bloomberg Tier 1 3Q 2024 report highlights significant developments across the photovoltaic (PV) market, addressing both growth and challenges for producers. The report delves into global PV module production and installation forecasts, the polysilicon market, industry consolidation and regional differences in market expansion.
Tier 1 Q3 2024
The list features many well-known global brands, including three manufacturers with the highest annual production capacities. Longi Green stands out with an impressive annual production of 120,000 MW, making it the largest player in the PV market. Right behind Longi is Jinko Solar, with an annual production of 110,000 MW, highlighting its significant market share and advanced solar panel technology. Trina Solar ranks third, with a production capacity of 95,000 MW per year.
Here’s the complete list of PV panel manufacturers featured in the Tier 1 ranking for 3Q 2024:
Manufacturer
Annual production capacity(MW/year)
Longi Green
120 000
Jinko Solar
110 000
JA Solar
95 000
Trina
95 000
Tongwei
75 000
Chint/Astronergy
56 000
Canadian Solar
51 000
Risen Energy
48 000
DAS Solar
31 000
GCL System
27 000
Aiko Solar
25 500
Taoistic Solar
25 000
Runergy/Hyperion
21 000
Anhui Huasun
20 000
Yingli
19 200
First Solar
14 400
DMEGC (Hengdian Magnetics)
12 000
Waaree
12 000
Maxeon
10 100
ZNShine
10 000
Jolywood
10 000
Eging
10 000
Hanwha Qcells
9100
Renew Photovoltaics
6400
Solarspace
6000
Osda Solar
5650
Sunova Solar/Thornova
5500
HT-SAAE
5000
Renesola
5000
Hanersun
5000
Anhui Daheng (DAH Solar)
5000
Sumec/Phono Solar
4000
Adani/Mundra
4000
VSUN
4000
ET Solar Inc/Elite Solar
3500
Vikram Solar
3500
Boviet Solar
3000
Leapton Energy
3000
Luxen Solar
3000
Jetion
2500
AE Solar
2000
Sunpro Power/YH Solar
2000
Neo Solar Power/URECO
1800
New East Solar
1600
Total:
1 000 750
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Longi Green
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
120 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Jinko Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
110 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
JA Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
95 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
95 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
75 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
56 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Canadian Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
51 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Risen Energy
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
48 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
DAS Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
31 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
GCL System
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
27 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Aiko Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
25 500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Taoistic Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
25 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
21 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
20 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
19 200
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
First Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
14 400
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
12 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
12 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 100
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
10 000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
9100
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
6400
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
6000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Osda Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
5650
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
5500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
5000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Sumec/Phono Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
4000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
ET Solar Inc/Elite Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
3500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Vikram Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
3500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Boviet Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Leapton Energy
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Luxen Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
3000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
2500
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
AE Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
2000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Sunpro Power/YH Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
2000
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
Neo Solar Power/URECO
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
1800
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Manufacturer</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
New East Solar
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>
1600
<strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Annual production capacity(MW/year)</strong></strong></strong></strong></strong></strong></strong></strong></strong></strong>1 000 750
The Tier 1 3Q 2024 ranking includes producers offered by 7SUN: Jinko Solar, Jolywood, Longi Green, JA Solar, Q-cells, Trina Solar, ZNShine and Canadian Solar.
Tier 1 criteria
To qualify for the Tier 1 ranking, PV panel manufacturers undergo evaluation based on rigorous criteria, which include:
Financial Credibility
Financial reliability is a key component of the Tier 1 ranking, demonstrating the market’s trust in PV panel producers. This criterion examines various indicators, such as profitability, debt management capabilities, and the company’s credit history. A primary requirement is also non-recourse financing by six different banks, reflecting financial stability and institutional trust. The producer must also be publicly traded.
Production Scale
Manufacturers must supply their products to at least six different projects of over 10 MW (earlier 5 MW) capacity within the past two years, underscoring the companies’ experience and operational capabilities in executing large projects. Additionally, the ranking includes only those manufacturers that have been in the market for over five years.
New Bloomberg Tier 1 Manufacturers
Several new companies have appeared on the Tier 1 list, rapidly expanding their production capacities and technological advancements in the PV sector. Among these new entrants are Aiko Solar, DAS Solar, Renew Photovoltaics, Boviet Solar and New East Solar. Their presence in the prestigious Tier 1 ranking confirms their growing role in the global PV panel supply chain, offering financial stability and advanced technologies that support large-scale solar energy projects.
Companies Excluded from Tier 1
BYD was excluded from the Tier 1 ranking as it did not meet the six-bank financial solvency criterion. In addition, companies with significant financial obligations, such as Suntech and Akcome, were excluded despite meeting the six-bank criterion due to financial liabilities. In July 2024, Akcome entered bankruptcy restructuring by court order.
Tier 1 Ranking and PV Industry Innovations
It’s worth noting that many companies on the Tier 1list are those actively developing new technologies, such as higher-efficiency and more productive panels. These companies play a key role in driving the global energy transition towards renewable energy sources.
The Tier 1ranking is a critical indicator of market trust and quality among PV panel manufacturers. For investors and developers, selecting a manufacturer from this list ensures product quality and access to items recognized by financial institutions worldwide.
Rising PV module production and producer challenges
Global production of photovoltaic modules is expected to reach 12 TW in 2024, marking a substantial increase from previous years. However, global installations are forecasted at only 592 GW, reflecting a 33% increase compared to 2023. This excess supply is driving module prices to their lowest recorded level of $0.0096/W.
Source: BloombergNEF 3Q 2024 Global PV Market Outlook
Polysilicon under cost pressure
Polysilicon, a critical material for PV cell production, plays a key role in market dynamics. Prices dropped to $49/kg in 2024, below production costs for many manufacturers, leading some producers to reduce capacities or cease operations altogether. China, the largest producer, reported a 61% increase in polysilicon production during the first half of 2024, highlighting the industry’s ongoing supply surplus.
Regional market variations
The report details significant changes in the PV market across different regions:
China remains the largest global producer and installer, with installations projected to rise from 260,235 MW in 2023 to 308,580 MW in 2024, marking a 19% increase.
India is experiencing rapid growth, with installed capacity expected to nearly double from 13,537 MW in 2023 to 26,780 MW in 2024, representing a 98% increase.
Pakistan stands out with a remarkable 322% increase, moving from 2,960 MW in 2023 to 12,500 MW in 2024, illustrating South Asia’s growing role in the PV industry.
Uzbekistan is set to see the largest percentage growth of 765%, increasing from 410 MW in 2023 to 3,510 MW in 2024.
Saudi Arabia is also seeing significant growth, with capacity rising from 1,962 MW in 2023 to 3,315 MW in 2024, an increase of 69%.
Nigeria, like other emerging markets, is experiencing rapid growth of 104%, from 775 MW in 2023 to 1,583 MW in 2024. This shows that African markets are also starting to play a significant role in global renewable energy production.
Source: BloombergNEF 3Q 2024 Global PV Market Outlook
Not all countries are seeing growth. Japan and Poland are experiencing declines in installed capacity by 16% and 24%, respectively. In Japan, installed capacity dropped from 5,017 MW in 2023 to a projected 4,205 MW in 2024. In Poland, capacity decreased from 4,782 MW in 2023 to 3,650 MW in 2024, possibly indicating market saturation. Countries like Australia, Turkey, South Korea, Taiwan, Chile and South Africa are also seeing declines.
Industry consolidation as a response to financial pressures
In light of financial difficulties and price pressures, the Bloomberg Tier 1 Q3 2024 report predicts possible industry consolidation in the PV sector. Mergers and acquisitions may become necessary for survival in challenging market conditions, where product prices fall below production costs. A notable example is the proposed acquisition of Runergy by Tongwei, which could mark the beginning of a wave of mergers.
TOPCon – the future of PV technology
One of the main technological trends in the PV industry is the introduction of advanced solutions such as TOPCon technology, which improves the efficiency of photovoltaic cells by reducing energy losses and increasing module efficiency. Traditional PERC modules reached a price of $0.0096/W, while modern modules based on TOPCon technology cost around $0.0103/W. The Bloomberg Tier 1 Q3 2024 report indicates that TOPCon technology may significantly lower production costs and improve energy efficiency, which will be key in the context of global price competition.
Forecasts for 2024
Despite financial challenges, global PV module production and installations are set to grow in 2024. Forecasts estimate installations to range between 550 and 620 GW globally, marking another record year for the industry. However, overproduction and low profit margins may lead to further financial difficulties for many companies.
Outlook for the PV Industry
The Bloomberg Tier 1 Q3 2024 report clearly shows that the photovoltaic industry faces many challenges, but also opportunities. Key to success will be adapting to price pressures and the introduction of new technologies, such as TOPCon, which have the potential to revolutionize the market.