Top PV module suppliers by shipment volume in Q1, 2024

In Q1 2024, Rongstar Energy proudly announced that the five PV modules distributed by Rongstar Energy ranked among the top ten in solar module shipments,they are Jinko Solar, JA Solar, LONGi Solar, TW Solar, and Risen Energy. The total shipment volume of these PV modules exceeded 61 GW in Q1 2024, surpassing industry expectations.

The top 10 brands collectively delivered around 98 GW, capturing nearly 86% of shipments, underscoring intensified concentration.

The market dominance of the top 4 brands, maintaining operating rates above 60% and exceeding 85% in March, has led to increased market concentration. Lower-ranked brands experience fluctuating operating rates, sometimes dropping below 20%.

Tenders from state-owned enterprises are driving prices down, with n-type modules reaching as low as CNY 0.79/W and p-type at CNY 0.74/W. Despite some prioritizing production over profit, lower-ranked brands face limited opportunities in this competitive landscape.

The thresholds for top brands have doubled since 2023, with the Top 10 now surpassing 4 GW and the Top 15 exceeding 1.6 GW.

This signals rapid growth in shipment volumes by leading manufacturers, squeezing out space for other brands to survive.

The combined shipment targets of the Top 4 and Top 9 brands exceed 370 GW and 570 GW, surpassing the total global demand for modules this year.

Brands ranked 14-23 are in a battle for survival, fighting over the last piece of the pie. With over 90% of the market share secured by leading manufacturers, the remaining space is minimal.