2023 Solar Module Market Leaders: Jinko, LONGi, JA Solar, Waaree and Trina

The top five module suppliers accounted for 59.4% of the market share


Jinko Solar, LONGi Green Energy Technology, JA Solar, Waaree Energies, and Trina Solar were the top solar module suppliers in the calendar year (CY) 2023, according to Mercom’s India Solar Market Leaderboard 2024.

Jinko Solar was the leading supplier, accounting for 20.4% of the modules shipped to India. LONGi Green Energy Technology and JA Solar ranked second and third, accounting for 18.8% and 8.7% of the module shipments, respectively.

Waaree Energies and Trina Solar rounded off the top five, accounting for nearly 6% and 5.5% of the annual module shipments, respectively.

The top five suppliers contributed to 59.4% of module capacities shipped to domestic solar projects.

Indian manufacturers catered to 35.5% of the domestic solar industry’s module requirements, while 64.5% were imported.

The leading Indian module suppliers in CY 2023 were Waaree Energies, Adani Solar, Premier Energies, Saatvik Green Energy, and Rayzon Solar.

The solar modules imported to India were mainly from China. The top suppliers exporting to India included Jinko Solar, LONGi Green Energy Technology, JA Solar, Trina Solar, and Znshine Solar.

Monocrystalline modules comprised 82.6% of shipments. Over 44% of the monocrystalline modules shipped during the year were bifacial. TOPCon modules accounted for nearly 10% of the modules shipped to the country, and polycrystalline modules made up 5.8% of the supply.

Jinko Solar has nine production facilities globally. The company expects its annual solar wafer, cell, and module production capacities to reach 120 GW, 110 GW, and 130 GW by the end of CY 2024. It also estimates that its annual module shipments will surpass 100 GW in 2024 from 78.5 GW in CY 2023. The company expects N-type modules to account for around 90% of its shipments in 2024.

LONGi Green Energy Technolgy has solar cell and module manufacturing facilities in China, Vietnam, and Malaysia, as well as solar ingot and wafer production facilities in China and Malaysia. In October 2023, the company announced the commencement of its 2.8 GW solar module manufacturing facility in Serendah, Selangor, Malaysia.

JA Solar has 12 manufacturing bases worldwide. In June 2023, the company announced plans to establish a manufacturing unit in the Ordos High-Tech Zone in Ordos, Inner Mongolia autonomous region, China. JA Solar has an operating capacity of 56 GW of solar cells and 40 GW of modules. Its production capacities across silicon wafers, cells, and modules are set to surpass 100 GW each in 2024.

LONGi Green Energy Technology, Aiko Solar, Solar Space, TS Solar Energy, and Tongwei Solar were the top solar cell suppliers in 2023.

Mercom’s India Solar Market Leaderboard 2024 report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. For the complete report, click here.

Also, the Market Share Tracker, which gives data insights into your competitors and their growth rates quarterly, is now available.


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