Wood Mackenzie’s “Global Solar Module Manufacturers Ranking 2025” writes that JinkoSolar has taken first place on its list of solar panel manufacturers, with over 300 GW in cumulative shipments by the end of 2024. Also, JinkoSolar has once again achieved the highest AAA rating in the Q4 2024 Module Tech Bankability Ratings Report, released by PV Tech.
“Despite facing significant challenges, including unprecedented price declines across solar modules and the silicon supply chain, the top ten solar PV manufacturers achieved an average utilization rate of 66%, most surpassing 70%,” said Yana Hryshko, managing consultant and head of global solar supply chain research with Wood Mackenzie, according to PV Magazine. “Top ten manufacturers have sufficient capacity to meet global annual demand. Notably, the latest rankings show an increase in non-Chinese manufacturers entering the top 10, with companies from India, Singapore, and Japan making their mark”, the consultant added.
WoodMackenzie evaluated 38 solar manufacturers on nine criteria: manufacturing experience, manufacturing capacity, vertical integration, capacity utilization rates, technology maturity, R&D, financial conditions, adherence to environmental social governance (ESG) and corporate social responsibility (CSR), and availability of third-party certifications.
According to PV Magazine, the report reveals that the PV module manufacturing industry was able to significantly reduce production costs through effective cost control and efficiency optimization, with TOPCon modules still having the largest market shares, although heterojunction (HJT) and back contact (BC) products are gaining ground in some markets.
A different report focusing on bankability, also placed JinkoSolar on the first position, with highest AAA rating. This recognition highlights its outstanding technological innovation, robust financial performance, global market leadership, and contributions to sustainable development.
The PVTech Research study includes metrics like cash flow, debt, valuation and profitability, and it presents JinkoSolar as one of the leading PV module suppliers by shipped volume for the past decade. “Except for several years in the past decade (during LONGi’s module shipment uptick), Jinko’s model has been the benchmark for utility-scale module suppliers globally.”