Adani, Waaree, Reliance, Gautam Solar Feature in Wood Mackenzie's Global Module Ranking

Wood Mackenzie has recently released a global module ranking, which stresses the resilience of top manufacturers against ongoing pricing pressure and oversupply that have continued to define the market. Notably, according to the report, Adani Solar and DMEGC Solar were able to maintain a 100% utilisation rate.

Despite market fluctuations, the report noted that the top 10 manufacturers maintained an average utilisation rate of 70% in H1 2025. In contrast, all other manufacturers maintained a global average of just 43%. It also highlighted that the concentration of market share among the top 10 manufacturers collectively shipped 224 GW of modules, representing 75% of global shipments in the first half of the year.

Where Do Indian Companies Stand in Global Module Ranking 

Among Indian manufacturers, Adani Group topped the list across all segments. Other Indian companies featured in the Wood Mackenzie ranking include Reliance Industries, Jackson, Vikram Solar, Waaree Energies, Premier Energies, Rayzon, Gautam Solar, and Kosol Energy.

Based on Wood Mackenzie’s 10 evaluation parameters, Adani met all criteria. Waaree Energies and Reliance Industries met most benchmarks, with Waaree ranking among manufacturers with the longest experience in module production. 

Geographic diversification was another key challenge shaping the industry, driven by rising challengers from India, South Korea, Singapore, and the US. The report confirmed that this trend could lead to the competitive landscape diversifying beyond China, driven by tightening trade policies.

The research placed JA Solar and Trinasolar among the top-ranked companies in Wood Mackenzie’s Global Solar Module Manufacturer Ranking for the first half of 2025, with scores of 91.7 and 91.6, respectively. The evaluation assessed 38 crystalline silicon module manufacturers and highlighted a growing operational and financial divide within the industry.

The ranking included participation from 38 well-known module manufacturers across nine countries, representing about 62% of global production capacity and 75% of global shipments by H1 2025. Leading companies are focusing on technology, utilisation, and geographic diversification to navigate the ongoing oversupply challenge.

“Despite dominating 80% of global shipments, the world's leading solar manufacturers are feeling the squeeze of a difficult market. The top ten manufacturers reported a collective $2.2 billion net loss in H1 2025, a result of steep price declines that have impacted even the industry's largest players,” said Yana Hryshko, Head of Global Solar Supply Chain at Wood Mackenzie. “In sharp contrast, all non-Chinese players in our top 10 remained profitable by focusing on premium and protected markets. This year's results clearly show that financial discipline and operational excellence are the true separators in a difficult market.”

The updated ranking also debuts the ‘Grade A’ classification, setting a fresh standard for operational excellence and bankability. According to Hryshko, this designation is a critical signal for the downstream market: “It moves the focus beyond shipment volume to highlight suppliers meeting strict global procurement standards. By requiring adherence to five or more performance criteria, we are providing developers and asset owners with a clear tool to reduce risk.” A total of 30 manufacturers across nine countries earned a spot on the ‘Grade A’ list for H1 2025.

Going Forward

Looking ahead, Wood Mackenzie forecasts that 2026–2027 will be defined by industry consolidation, deeper vertical integration, and regionalisation of manufacturing. 

It also forecasts Vertical integration to emerge as the new frontier, with Wafer-to-module control becoming the new competitive frontier. It also noted a shift in the market with many of the top 20 manufacturers expanding into the MENA region for tariff-resilient production.

The research also predicts that the next efficiency leap to be driven by TOPCon 4.0 and back-contact technologies. These together will push mainstream module performance above 25%, according to Wood Mackenzie, thereby accelerating the retirement of lower-grade manufacturing lines.

Furthermore, the research also predicts a market shift with weaker suppliers facing shutdowns or mergers as leading manufacturers sustain utilisation rates of 60–75%. As global demand strengthens and pricing stabilises from 2026 onward, the industry, according to Wood Mackenzie, will shift from survival mode to strategic investment, with Grade A manufacturers best positioned to capture the next growth cycle.