Wood Mackenzie’s latest score-based assessment puts JA Solar and Trina Solar at the top, as it debuts a new “Grade A” benchmark.
Wood Mackenzie has published its Global Solar Module Manufacturer Ranking for H1 2025, placing JA Solar (91.7) and Trina Solar (91.6) in a near-dead heat for the top position under its weighted scoring model. The ranking evaluates 38 crystalline-silicon module manufacturers across 10 core dimensions, drawing on vendor surveys, public filings, proprietary databases and interviews, with market-based estimates used where needed.
The report also introduces a new “Grade A” classification, which Wood Mackenzie positions as an operational and bankability signal designed for procurement and project finance. The firm said Grade A is reserved for manufacturers that meet four or more benchmark criteria (best-practice thresholds) in the H1 2025 assessment period, aiming to highlight suppliers that can deliver “commercial discipline and bankability across the full project lifecycle,” not just shipment volume.
Wood Mackenzie’s scoring framework assigns equal weights to several pillars, including ESG/CSR performance, third-party reliability certification (e.g., Kiwa PVEL/RETC results), financial conditions, manufacturing experience, supply-chain resilience and vertical integration, with additional points tied to R&D intensity and patents. The methodology excludes thin-film producers such as First Solar because the ranking is restricted to crystalline silicon modules.
In the top 10 list, Canadian Solar ranked next with a score of 90.4, followed by JinkoSolar (88.8), LONGi (87.0), DMEGC (84.0), Astronergy (81.9), with Adani Solar and Qcells tied on 81.0. Singapore-based EliTe Solar (78.9) and US-based SEG Solar (76.6) also featured, while Tongwei scored 75.0. Wood Mackenzie assigns shared ranks when score gaps are within a narrow band.
Yana Hryshko, managing consultant and head of Wood Mackenzie’s global solar supply chain research told pv magazine that “the Grade A classification provides an independent benchmark for identifying PV module manufacturers that meet the industry’s highest performance and transparency expectations.”
The report shows the sector’s operating split has widened in past months: the top 10 maintained around 70% utilization, far above the rest of the industry at roughly 40%, even as steep price declines weighed on profitability. “The Grade A label therefore highlights suppliers that procurement teams can treat as low-risk, high-reliability partners, grounded in objective and repeatable methodology,” she added.
