Introduction
Against the backdrop of an accelerating global energy transition, the total installed photovoltaic capacity worldwide is expected to exceed 1,200 GW by 2025. The commercial and industrial (C&I) market in Europe is expanding in parallel, with solar PV becoming a key tool for businesses to manage energy consumption and drive green transformation. Driven by both policy incentives and economic returns, models such as self-built plants, power purchase agreements (PPAs), and rooftop leasing are rapidly gaining traction—raising the bar for PV module performance and delivery reliability.
The competitive landscape of module manufacturing is undergoing a significant shift. Upgrades in N-type technology, increased supply chain integration, and expanded overseas production capacity are accelerating industry consolidation. It is projected that over 70% of new installations in 2025 will be supplied by the world’s top 10 manufacturers. For developers and investors, selecting a manufacturer with mature technology, stable service, and strong local support has become a key factor in ensuring project returns and mitigating risk.
This report, drawing on the latest developments in the 2025 market, analyzes the key characteristics of the top 10 global PV module manufacturers across four dimensions: technological capability, vertical integration, international presence, and performance in the European market. It aims to support C&I users in making more professional, controlled, and forward-looking procurement decisions.
2. Four Key Factors for Choosing the Right Module Brand
PV technology evolves rapidly—who offers truly stable production?
Emerging cell technologies like TOPCon, HJT, and IBC continue to push module efficiency to new heights. However, in real-world projects, the critical factor is not innovation alone, but whether the manufacturer can achieve large-scale, stable mass production. Only by translating high-efficiency cell technologies into standardized, low-variation products can long-term performance and returns be secured for C&I systems—making this far more valuable than technical marketing claims.
Who can deliver on time and at scale, without compromising quality?
Delivery capability is often tied to the level of vertical integration. As a core material in any solar project, the delivery schedule of modules directly affects construction timelines and grid-connection milestones. Manufacturers with fully integrated production lines—from silicon feedstock to cells and modules—are better equipped to manage raw material fluctuations and ensure on-time delivery. In contrast, brands reliant on outsourcing or loosely coordinated supply chains are more prone to delays or quality inconsistency during periods of market strain or large-scale parallel project execution.
Not every brand understands the European market
In Europe, modules must not only perform efficiently but also meet strict standards in fire safety, electrical compliance, smart meter integration, and certifications such as IEC and TÜV. Whether a manufacturer has local teams, can respond quickly to EPC feedback, and participates in major public tenders is a key measure of its capability. Lack of market-specific adaptation can significantly increase project execution complexity.
Which brands are favored by project financiers?
In financing models such as PPAs and asset sales, module brands often rank high in due diligence. Inclusion in Tier 1 lists, a stable financial structure, and a solid global delivery track record are essential metrics for financial risk assessment. Choosing a brand recognized by the financial community not only ensures product quality but also enhances the likelihood of successful project financing.
The shipment volumes, technical specifications, and financial data cited in the following sections are based on authoritative sources including corporate annual reports, PV InfoLink, and Solar Media.
3. Analysis of the Top 10 Global Photovoltaic Module Manufacturers in 2025
TOP 10 — Hanwha Q CELLS
Localized advantages in Europe and North America support market position
Hanwha Q CELLS, the core energy enterprise of South Korea’s Hanwha Group—one of the country’s top ten conglomerates—has a well-established presence in module manufacturing, R&D, and global market operations. Its Q.ANTUM technology is an enhanced version of traditional PERC, and the company is steadily transitioning to N-type TOPCon. Q CELLS demonstrates strong compatibility with medium-to-high-end projects in Europe, particularly in rooftop markets like Germany and the Netherlands.
Although its shipment volume slightly declined between 2024 and 2025, Hanwha maintains high recognition in financial institutions and government projects due to its “Made in Europe” label, contract performance capabilities, and PPA offerings. It remains one of the few non-Chinese brands with lasting competitiveness in high-standard Western markets.
TOP 9 — First Solar
Dominating the North American market, localization adds strategic value
First Solar is a market leader in the U.S. and the world’s only mainstream module manufacturer focused on cadmium telluride (CdTe) thin-film technology. With its unique production process and strong domestic manufacturing capacity, the company maintains a significant competitive edge in North America and is expected to continue its regional leadership in 2025.
Its thin-film modules perform reliably under high temperatures, intense radiation, and low-light conditions, making them suitable for commercial and utility-scale projects in hot, arid environments. With new factories coming online, First Solar reinforces its “non-China-made” identity, becoming a preferred brand for government and utility-scale projects in the West.
Despite stable shipments in 2025, its global ranking has fallen from the top five to ninth. Limited by its thin-film technology pathway, pricing structure, and lack of local service networks in Europe, First Solar holds only a modest share in the European market and will need to diversify its products and enhance service systems to maintain its competitiveness.
TOP 8 — TCL Zhonghuan
A breakout performer in 2025, entering the top ten with strong momentum
TCL Zhonghuan, a key subsidiary of TCL Technology, was originally known for semiconductor-grade silicon wafers and is one of the world’s leading monocrystalline wafer suppliers. In recent years, the company has rapidly expanded into downstream module manufacturing, and in 2025, it stands out as a rising “dark horse” in the PV industry.
Leveraging its upstream wafer advantage, Zhonghuan has quickly ramped up module capacity and technical maturity, with shipments in the first half of 2025 showing significant growth. InfoLink data indicates shipments reached about 18.5 GW in 2024—a 50% year-on-year increase—with full-year volumes likely to exceed 25 GW, placing it in the global top ten for the first time.
Technologically, Zhonghuan focuses on N-type TOPCon and HJT, with module efficiencies consistently above 23.3%. It continues to improve lightweight design, thermal stability, and system integration, adapting well to diverse C&I scenarios.
In 2024, its shipments to the European market grew over 80% year-on-year, with continued growth expected in 2025, particularly in Germany, Spain, and Central/Eastern Europe. The company is actively building local service and distribution networks while accumulating project execution experience.
Thanks to its manufacturing strengths and technical innovation, TCL Zhonghuan is transitioning from a material supplier to a system-level provider, emerging as a new force in Europe’s C&I solar market.
TOP 7 — Astronergy (CHINT SOLAR)
Steady growth in shipments, joining the ranks of mainstream manufacturers
Astronergy, a subsidiary of CHINT Group—one of China’s major electrical equipment conglomerates—is rapidly expanding its module business. Its global shipment volume continues to rise in 2025, cementing its place among mainstream manufacturers with steady growth.
On the technology front, Astronergy is scaling up production of N-type TOPCon modules, launching the ASTRO N series, which features high power output, low degradation, and strong response in both high and low light conditions. The company is known for fast production line switching, high consistency, and stable product performance.
Astronergy has completed multiple local certifications in Europe and is involved in both government and commercial PPA projects, focusing on Italy, Spain, and Portugal. With local technical support teams in place, the company ensures compliance and smooth project execution.
With stable production capacity and comprehensive after-sales support, Astronergy is becoming a trusted partner for many C&I projects and has earned increasing recognition from financial institutions.
TOP 6 — Canadian Solar
Global diversification and synergy with energy storage drive continued growth
Founded in 2001, Canadian Solar has long remained among the global top ten module manufacturers. It is expected to ship around 25 GW of modules in 2025—a slight decline from the previous year—but continues to maintain a strong presence in the North American market.
The company operates manufacturing facilities in multiple regions and offers a diversified product line, with strong positioning in the C&I markets of Europe and North America.
Technologically, Canadian Solar focuses on high-efficiency PERC and N-type modules, emphasizing high-power development. It also integrates energy storage solutions to meet the needs of flexibility and energy security for commercial customers. Its products are certified under strict European standards, adapting well to complex project environments.
In Europe, Canadian Solar has strengthened its sales and service networks in core markets like Germany, France, and Poland, deepening cooperation with local EPCs and maintaining a solid reputation for contract performance. Compared to emerging Asian players, the company shows steadier growth with a strategic focus on core markets.
Despite ranking changes amid fierce global competition, Canadian Solar remains firmly grounded in both the European and North American markets.
TOP 5 — Tongwei Solar
Strong vertical integration drives rapid ascent into the market’s top tier
Tongwei Solar, the world’s largest polysilicon supplier, has leveraged its deep upstream resources to rapidly expand into module manufacturing. In 2025, its module shipments are expected to exceed 30 GW, placing it among the global top five and making it one of the fastest-growing brands in the industry.
The company promotes both N-type TOPCon and HJT technologies, focusing on its Terra series of high-efficiency modules with verified conversion efficiencies reaching 23.2%. These modules perform well in high-temperature, high-humidity, and low-light conditions, making them suitable for a wide range of applications.
Tongwei has swiftly established its presence in markets like Italy, Spain, and Romania by obtaining local certifications, building service networks, and coordinating channels. In 2025, it is demonstrating strong execution capabilities and financing compatibility across various C&I projects, further enhancing its brand credibility.
As one of the most dynamic market entrants of 2025, Tongwei is accelerating its transformation into a global integrated energy solutions provider, building long-term competitiveness in the European C&I solar sector.
TOP 4 — JA Solar
Consistent branding with strong European market recognition
JA Solar is a well-established leader in China’s PV industry, operating a fully integrated value chain that spans ingots, wafers, cells, modules, and PV power plant development. The company continues to demonstrate strong market competitiveness, with projected module shipments of 38–40 GW in 2025. Its products are sold in over 130 countries and regions.
The DeepBlue 4.0X series uses N-type TOPCon cells alongside mature PERC lines, achieving module efficiencies above 23.3%. These modules deliver excellent performance in terms of temperature coefficient, low irradiance response, and PID/LeTID resistance—making them suitable for Europe’s complex climate and grid-connection standards.
JA Solar has established local warehousing and technical support centers in Italy, Germany, and Spain to ensure fast delivery and responsive O&M services. The company actively participates in government tenders and large PPA projects, with a growing market share and sound financials that support its financing advantage.
With stable product performance, comprehensive certification, and localized services, JA Solar has become a trusted partner for C&I solar investors in Europe, providing strong technical and service support for corporate energy transition.
TOP 3 — Trina Solar
Standardization of 700W modules and strong momentum in Europe
As a global PV leader, Trina Solar continues to rank among the top module shippers by combining stable capacity with ongoing technological advancement. In 2025, shipments are expected to exceed 41 GW. The company is promoting high-power modules of 700W and above—represented by the Vertex series—as a standard solution for C&I and utility-scale installations, enhancing system integration efficiency and LCOE competitiveness.
Technologically, Trina has built a diversified platform combining PERC with parallel N-type TOPCon and HJT development. The latest Vertex N modules reach conversion efficiencies of over 23.5% and excel in temperature coefficient, low irradiance response, and long-term degradation control—well-suited for Europe’s demanding C&I environments.
In Europe, Trina has a strong presence through complete certification systems, local service networks, and robust distribution channels. In 2024, over 25% of its shipments were directed to Europe, with Italy, Spain, and Germany as key growth markets. Participation in PPA projects continues to rise.
With mature financing compatibility and reliable contract execution, Trina enhances project efficiency and investor confidence. Its leadership in technology and global reach solidifies its strategic position in the European C&I solar sector.
TOP 2 — JinkoSolar
Global shipment leader, advancing N-type technology
JinkoSolar remains one of the world’s largest module manufacturers, with projected shipments surpassing 43 GW in 2025. The company is rapidly scaling production of N-type TOPCon cells, which accounted for over 40% of shipments by the end of 2024. Further expansion is planned for 2025 to reinforce its technological lead.
Jinko’s high-efficiency modules are widely deployed in C&I, utility-scale, and distributed solar projects, with strong market performance in Europe, North America, and Southeast Asia. Its products meet global compliance standards with certifications including IEC, TÜV, and UL.
In Europe, Jinko actively engages in PPA and public procurement projects, raising its market share to over 15% in 2024. Its well-established local delivery and supply chain systems improve project responsiveness and execution stability.
The company also continues to reduce power degradation, with some premium products limiting initial loss to under 2%, significantly extending system lifespan. Revenue grew nearly 20% year-on-year in 2024, demonstrating strong resilience and profitability.
TOP 1 — LONGi
Firmly ranked No. 1 in global module shipments with dual leadership in technology and scale
LONGi Green Energy remains the world’s leading PV module supplier, with estimated shipments exceeding 45 GW in 2025—accounting for nearly 20% of global market share. The company focuses on monocrystalline silicon technologies, especially PERC and N-type TOPCon, with advanced R&D and large-scale production driving leadership in efficiency, cost control, and manufacturing capacity.
In 2024, LONGi reported operating revenue of approximately RMB 400 billion (up 28%) and net profit of around RMB 33 billion (up 35%). In 2025, its latest monocrystalline modules reach a conversion efficiency of 23.6%, with continued improvements in temperature coefficient and power degradation under high heat and low-light conditions—boosting year-round energy yield and ROI.
LONGi has a vast global footprint, with products shipped to more than 150 countries. Its performance is strong across utility and distributed markets in Europe, North America, and the Middle East. In Europe, shipments rose 18% year-on-year in 2024, with growing participation in PPA and public sector projects. The company continues to enhance its local service and delivery capabilities to improve customer response and project support.
With strong R&D, solid operations, and global execution, LONGi maintains its leadership position in the global PV industry and remains a top choice for C&I investors seeking to advance the transition to clean energy.
2025 Overview Table of the Top 10 Global Photovoltaic Module Manufacturers (Comprehensive Strength Ranking)
| Rank | Brand Name | Estimated Shipment Volume 2025 (GW)¹ | Main Technology² | Latest Mass Production Efficiency (%)³ |
|---|---|---|---|---|
| 1 | LONGi | 45+ | PERC, N-type TOPCon | ≤23.6 |
| 2 | JinkoSolar | 43–45 | N-type TOPCon (Tiger Neo Series) | ≤23.5 |
| 3 | Trina Solar | 38–40 | N-type TOPCon (210 mm module platform) | ≤23.3 |
| 4 | JA Solar | 38–40 | N-type TOPCon, PERC | ≤23.3 |
| 5 | Tongwei Solar | 30–32 | N-type TOPCon, proprietary cell platform | ≤23.2 |
| 6 | Canadian Solar | 25–27 | N-type TOPCon, PERC | ≤23.0 |
| 7 | Astronergy | 23–25 | N-type TOPCon | ≤23.2 |
| 8 | TCL Zhonghuan | 20–25 | N-type TOPCon, HJT | ≤23.3 |
| 9 | First Solar | 12–13 | Cadmium Telluride (CdTe) Thin Film | — (not comparable, amorphous technology) |
| 10 | Hanwha Q CELLS (Hanwha, South Korea) | 11–12 | PERC, N-type TOPCon | ≤22.9 |
Note on Ranking Methodology
This ranking is based on a comprehensive evaluation of multiple dimensions, including estimated shipment volumes for the first half of 2025, core technology pathways, module efficiency performance, overseas expansion capabilities, and overall market recognition. It is not based solely on shipment volume, and aims to provide more meaningful selection guidance for European enterprise users and PV investors.
Data sources include:
Estimated shipment volumes: PV InfoLink Global PV Module Shipment Forecast 2025; TrendForce Q1 2025 PV Supply Chain Analysis; corporate financial reports and publicly disclosed strategic targets.
Main technology pathways: Summarized from mainstream product configurations in 2024–2025. For example, Trina Solar adopts a 210 mm large-format platform, while TCL Zhonghuan incorporates both TOPCon and HJT.
Latest mass production efficiency: Based on officially released N-type module efficiencies for the first half of 2025. Data may be subject to quarterly updates. First Solar uses CdTe thin-film technology, which is not directly comparable due to differing testing standards.
Conclusion
In 2025, the global photovoltaic module industry continues to evolve, with technological innovation and supply chain coordination emerging as the core drivers of brand competitiveness. N-type TOPCon has established itself as the mainstream technology, HJT is accelerating toward industrial-scale adoption, and PERC modules are gradually being phased out of the high-end market. Among the top 10 manufacturers, Chinese companies maintain a strong lead through deep technological expertise and capacity integration, while emerging challengers are rising rapidly by capitalizing on structural advantages. Regional leaders continue to hold their ground through localization strategies and supportive policies.
Non-Chinese brands retain strategic value in Western markets through regional adaptation and compliance capabilities. With diverse technology routes coexisting and module performance steadily improving, adaptability and system integration capabilities are becoming decisive factors in customer selection. Leading brands are advancing product upgrades centered on efficiency, weight reduction, and project-specific compatibility.
Looking ahead, competition will increasingly focus on integrated delivery capabilities, regional execution, and long-term value creation. The synergy among supply assurance, financing compatibility, and technology fit will determine a brand’s ability to maintain leadership in the global PV market.
Emerging Players in the European Market
In addition to the top 10 brands mentioned above, the European PV market has seen the rise of several high-quality manufacturers in recent years, with a strong focus on localized services and advanced technology pathways.
One such example is Maysun Solar, which continues to invest in IBC, TOPCon, and HJT modules. The company is steadily enhancing its product efficiency and adaptability while actively promoting localized commercial and industrial solar cooperation in countries such as Italy. This includes flexible models like zero-investment rooftop leasing, providing enterprise clients with more cost-effective and customized solutions tailored to their operational needs.
Since 2008, Maysun Solar has been both an investor and manufacturer in the photovoltaic industry, providing zero-investment commercial and industrial rooftop solar solutions. With 17 years in the European market and 1.1 GW of installed capacity, we offer fully financed solar projects, allowing businesses to monetize rooftops and reduce energy costs with no upfront investment. Our advanced IBC, HJT and TOPCon panels, and balcony solar stations, ensure high efficiency, durability, and long-term reliability. Maysun Solar handles all approvals, installation, and maintenance, ensuring a seamless, risk-free transition to solar energy while delivering stable returns.
Reference
- PV InfoLink. (2025). Global PV Market and Module Shipment Forecast 2025. Retrieved fromhttps://www.infolink-group.com/
- (2025). Quarterly Analysis Report on PV Supply Chain and Technology Trends Q1 2025. Retrieved fromhttps://www.trendforce.com
- International Energy Agency (IEA). (2024). Renewables 2024 Market Update. Retrieved from https://www.iea.org/reports/renewables-2024
- SolarPower Europe. (2025). Global Market Outlook for Solar Power 2025–2029. Retrieved from https://www.solarpowereurope.org
- LONGi Green Energy Technology Co., Ltd. (2024). Annual Report 2024. Retrieved from https://www.longi.com/cn/
- (2024). Renewable Capacity Statistics 2024. Retrieved from https://www.irena.org/publications/2024/Apr/Renewable-Capacity-Statistics-2024
- (2025). New Energy Outlook 2025. Retrieved from https://about.bnef.com/new-energy-outlook/
- European Commission. (2023). EU Solar Strategy 2023. Retrieved from https://ec.europa.eu/energy/topics/renewable-energy/solar-energy_en
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