Top photovoltaic (PV) module suppliers by shipment in Q3 2024

JinkoSolar, JA Solar and Trina Solar have achieved a total shipment of about 180GW in the first three quarters of 2024 amidst bleak industry situation, according to the latest data provided by Solarbe.

In the third quarter of 2024, the photovoltaic industry chain continues to experience a certain structural supply-demand imbalance, with severe competition leading to record-low prices in multiple segments.

According to the latest data, the top four manufacturers collectively shipped approximately 230GW in the first three quarters, maintaining a market share of over 52%. The top ten manufacturers accounted for 81%, further highlighting the dominance of leading companies. Following the Chinese Photovoltaic Industry Association’s price initiative, most bidding quotes from photovoltaic firms are now close to the price floor, resulting in minimal differences in pricing scores. Larger companies often hold advantages in technology, business operations, and performance, which increases their chances of winning bids and gradually squeezes the survival space of smaller enterprises, objectively accelerating industry consolidation.

Surveys reveal the painful adjustments the industry is undergoing–some companies have undergone significant changes in their marketing departments, with all original contacts leaving for other opportunities; some have entered a “rotating holiday” mode, operating at less than 20% capacity, leading to a sharp decline in shipments; others are providing extended payment terms to downstream partners to maintain market share, making cash collection challenging.

Opinions on the end of this adjustment cycle vary widely. Leaders of listed companies and brokerages tend to have optimistic expectations, while unlisted firms and distributed companies express concerns. Solarbe believes that if the entire industry reduces operating rates, postpones expansion plans, adheres to price commitments, and follows market development trends, this cyclical adjustment may conclude by the end of 2025. However, if local governments intervene to rescue struggling businesses, the current state of widespread profitability issues could persist into the second half of 2026, potentially causing further harm to the industry.

Sebrina Fichtner, solarbeglobal.com