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Global Photovoltaic Manufacturers: Annual Review and Key Developments

2023-05-19

Global and China Industry Overview: Unprecedented Capacity Expansion

According to data released by China’s Ministry of Industry and Information Technology (MIIT), China’s PV manufacturing sector achieved remarkable growth in 2023, cementing its leading position in the global industry. Key production data is as follows:

Polysilicon: 1.43 million tons, a year-on-year (YoY) increase of 66.9%;

Silicon Wafers: 622 GW, YoY +67.5%, with 70.3 GW exported (YoY +93.6%);

Solar Cells: 545 GW, YoY +64.9%, with 39.3 GW exported (YoY +65.5%);

Modules: 499 GW, YoY +69.3%, with 211.7 GW exported (YoY +37.9%);

Total Industry Output Value: Exceeding RMB 1.7 trillion (approximately USD 236 billion).

Globally, the total module production reached 612.2 GW (YoY +76.2%), with Chinese manufacturers accounting for 84.6% (518.1 GW) of the total. The global module production capacity reached 1103 GW, of which China contributed 920 GW (83.4%), leading to a serious overcapacity situation where output across all links exceeded global installation demand.

Price volatility was a prominent feature of 2023: the average price of polysilicon plummeted from around RMB 300,000 per ton at the beginning of the year to less than RMB 80,000 per ton by the end, a drop of over 70%. Meanwhile, module prices fell by more than 50% throughout the year, resulting in "volume increase but price decrease" for export trade.

2023 Global Top 10 PV Module Shipments (GW)

JinkoSolar reclaimed the global No.1 position in module shipments in 2023, with the top 10 manufacturers accounting for approximately 68% of the global market share, reflecting the industry’s trend of concentration. The detailed ranking is as follows:

JinkoSolar: 78.52 GW (Global No.1, with N-type TOPCon modules accounting for over 60% of shipments);

LONGi Green Energy: 67.52 GW;

Trina Solar: 65.21 GW (YoY +51%, with revenues reaching USD 16.09 billion, YoY +27%);

JA Solar: 57.09 GW;

Tongwei Co., Ltd.: 31.11 GW;

Canadian Solar: 30.70 GW (listed on the Sci-Tech Innovation Board in June 2023);

Chint New Energy: Approximately 18 GW;

Risen Energy: Approximately 16 GW;

DAS Solar: Approximately 13 GW (achieved a world-record open-circuit voltage of 730 mV for N-type TOPCon cells);

First Solar (USA, Thin-Film): 12.1 GW.

The total shipments of the top 10 manufacturers reached 413.56 GW, accounting for about 68% of the global total. Notably, 8 out of the top 10 are Chinese enterprises, highlighting China’s dominant role in the global PV manufacturing sector.

Key Financial Performance of Leading Manufacturers (2023, RMB 100 million)

Despite the industry-wide profit squeeze due to price declines, leading manufacturers maintained steady growth driven by scale effects and technological advantages:

JinkoSolar: Revenue 1186.8, Net Profit 74.4 (YoY +153.20%), supported by strong N-type product shipments and expanded global capacity;

LONGi Green Energy: Revenue 1295.0, Net Profit 107.5 (Gross Margin 18.26%);

Trina Solar: Revenue 1133.9, Net Profit 52.7–58.3 (YoY +43%–58%), with its Vertex N 700W+ modules entering mass production and leading the industry into

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