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The worlds top five cell suppliers shipped a total of 162.8 GW in 2024, the year TopCon is consolidated. However, oversupply continues in 2025, according to InfoLink. According to renewable energy research consultancy InfoLink, the worlds top five cell suppliers shipped a total of 162.8 GW in 2024, down 10.7% from the previous year, ending the rapid growth of recent years. Tongwei, which has decided to abandon its plan to acquire a majority stake in China-based module producer Runergy, remained the undisputed leader. Despite the continued expansion of its module business and some fluctuations in the ranking in the first half of 2024, its strong domestic and international sales channels drove growth in the second half of 2024, securing its position as a top supplier for 2024. Solar Space moved up to second place. As an established cell manufacturer, it successfully adapted to the shift to n-type technology, while continuing to supply PERC to cover both mainstream and niche markets. Its factory in Laos proved to be an effective strategy for US exports. Solar Space led shipments in the first half of 2024, but ranked second in the annual ranking. Jietai secured the third spot, dominating the TOPCon market. By 2024, nearly 90% of its shipments were n-type cells. Its parent company Junda also planned a 5GW cell project in Oman, to meet domestic demand and expand its influence in the global market, given its excellent strategies. Yingfa Ruineng ranked fourth, strategically expanding its high-efficiency TOPCon production at its Yibin factory amid technological changes. Its n-type shipments ranked among the top three globally. In addition, its partnership with Longi in monocrystalline silicon cell technology positions it as a future leader in monocrystalline silicon cell exports, enabling it to continue expanding in the market. Aiko ranked fifth, although its business focus is gradually shifting to module expansion. Although crystalline silicon cell technology remains its core, most of its crystalline silicon cell production was used in its own modules, limiting external shipments. Unlike its competitors, Aiko did not fully transition to TOPCon in 2024. Instead, it prioritized PERC cells, making it one of the few manufacturers where p-type cell shipments accounted for more than 85% of the total, setting itself apart from the rest of the industry. TOPCon cells prevail, but square cells dominate The top five manufacturers shipped 162.8 GW of cells in 2024, with PERC reaching 53.5 GW and TOPCon catching up and surpassing with 109.3 GW, accounting for nearly 67% of the total. Despite the increasing trend of rectangular wafers in recent years, square cells are dominant among the top five cell manufacturers in 2024. According to InfoLink, square cell shipments reached 92.1GW (57% of total), while rectangular cells (182~182.2*182mm~210mm) accounted for 70.7GW (43%). However, weak demand and uncertain market acceptance slowed the growth of large-format G12R cells. 183.75mm microrectangular cells became the most widely used TOPCon option in 2024, accounting for 44% of the top five TOPCon shipments, while G12R cells accounted for 19%. Meanwhile, PERC cells continued to rely on 182~182.2mm and 210mm square cells, driven by cost effectiveness and demand in non-Chinese markets. Oversupply continues In 2024, the cell industry faced a severe oversupply. The rapid expansion of high-efficiency cell production worsened the imbalance between supply and demand, intensifying price wars. TOPCon cell prices fell by 40%, from 0.47 RMB/W to 0.28 RMB/W by the end of the year. Intense price wars and cost pressures pushed manufacturers to the brink, affecting even industry leaders. By the end of 2024, there were signs of price stabilization. However, recovery takes time and competition remains fierce. In the battle of technology and costs, only those who adapt and strengthen their advantage will be able to stay ahead. “After the recession, new growth opportunities will emerge for those who persevere. Despite the challenges, success will come,” InfoLink concludes. |
