Chinese Giants Dominate 2025 Module Shipment Rankings, But Painful Consolidation Looms

Taiwan-based Infolink Consulting has released its 2025 global module shipments report, and the report offers some interesting insights into a market that is changing fast. Chinese solar panel manufacturers swept the top rankings in 2025, with Jinko Solar and LONGi Green Energy sharing first place in global module shipments, even as the industry stared down a looming demand collapse and a second consecutive year of losses, research firm InfoLink said.

Total shipments among ranked global module suppliers reached approximately 536 GW last year, InfoLink said in its annual ranking, with 12 companies making the list — a reflection of how tightly clustered volumes had become among lower-tier players.

Jinko and LONGi lead, but margins remain elusive

Jinko Solar and LONGi ranked jointly in first place, each shipping between 80 and 90 GW — a figure that includes output from their respective U.S. manufacturing subsidiaries, Jinko Solar (U.S.) Industries and Illuminate USA. Trina Solar and JA Solar tied for third place, both in the 60–70 GW range, with their U.S.-based units also counted in the totals. Astroenergy was a surprise entrant at 6.

The four leaders collectively accounted for roughly 58% of all shipments tracked in the ranking, with a clear gap separating them from the rest of the field.

Despite the volume milestones, profitability remained out of reach. The module industry endured a second consecutive year of net losses in 2025, and InfoLink warned that a third would trigger “special treatment” risk designations under Chinese stock market rules for several listed manufacturers — a potential regulatory and reputational blow.

“High shipment volumes demonstrated brand strength and channel reach,” InfoLink said, but added that “long-term sustainability ultimately depended on consistent profitability.”

TOPCon tightens its grip

On the technology front, TOPCon solar modules consolidated their dominance, accounting for nearly 95% of shipments among ranked companies. Legacy PERC technology, once the industry standard, shrank to just 1–2% of the mix.

A handful of companies pursuing alternative pathways — thin-film specialist First Solar, BC-technology maker Aiko, and HJT-focused Risen . Each shipped more than 10 GW but fell outside the main ranking. InfoLink said these firms were positioning for potential breakthroughs in a future “post-TOPCon” era.

U.S. tariffs cloud overseas expansion

China remained the dominant market for most ranked suppliers, accounting for 55% of total shipments, with non-China markets at 45% — up three percentage points year-on-year. China’s overall PV module exports climbed roughly 13% to 267.6 GW, according to customs data.

Expansion into the U.S., however, hit significant turbulence. Reciprocal tariffs, anti-dumping and countervailing duties, restrictions under foreign entity of concern rules, and an earlier-than-expected phase-down of clean energy subsidies all complicated manufacturers’ capacity expansion plans in the world’s second-largest solar market.

Middle Eastern and African markets offered some offset, with both regions recording shipment growth in 2025.

A reckoning ahead in 2026

The outlook for 2026 is sobering. InfoLink forecast China’s newly installed solar capacity would fall sharply, to between 180 and 210 GW, down from 316.57 GW in 2025 — a year-on-year decline of 34-43%.

A recent uptick in module prices offered little comfort. InfoLink said the rebound was driven largely by rising silver costs rather than any genuine recovery in end demand, meaning gross margins did not improve in step with headline prices.

In several Chinese provinces, module prices have fallen to levels that compress the internal rate of return on solar projects to the point where investors are redirecting capital to wind power or conventional energy assets, InfoLink said.

Mid-tier players in the ranking — Tongwei and Astronergy at fifth and sixth place, and a tightly bunched group including GCL, DMEGC, Canadian Solar, TCL Solar, Yingli, and DAS Solar filling out the lower tiers — face particular pressure. InfoLink noted that shipment gaps within the lower tiers were so narrow, under 5 GW in some cases, that rankings could shift materially in 2026.

One potential wildcard: TCL Solar’s pending acquisition of DAS Solar. If completed, the combined entity could vault into a higher competitive tier, InfoLink said.

From volume to value

After years of racing to maximise shipment volumes and lock in market share, the industry faces a strategic inflection point, according to InfoLink.

“Competition centred on expanding shipments and securing early-mover advantages,” the firm said, noting that with most regional markets now broadly covered, manufacturers must increasingly differentiate on product quality and customer relationships rather than price.

“Companies that balance scale with profit — redirecting competition from price to value — will be best positioned to outperform in the next industry upcycle,” InfoLink said.

The pressure on solar sales has also seen the top firms focus more on energy storage, where demand is robust and margins much better, for now.