Solar energy has entered a golden age. As prices have plunged 90% over the past decade and new installations soar, solar PV is now the cheapest electricity source across most of the world. Our future clearly lies with harnessing the immense power of the sun.
Several titans have emerged in solar manufacturing to drive this renewable revolution. The 10 companies profiled in this guide represent over 60% of global solar panel production combined. Their expansion has fueled incredible economies of scale, bringing costs low enough for solar to beat oil, coal and natural gas on affordability.
Beyond making solar mainstream for homes and businesses, these industry leaders pioneer innovations for higher efficiencies and novel applications. Their solar cells consistently break records for energy conversion performance. Such intense technology competition promises a bright future as solar penetrates all corners of global energy.
Now let‘s explore the 10 largest solar powerhouses scaling up solar worldwide!
1. Trina Solar
- HQ: Changzhou, Jiangsu, China
- Founded: 1997
- Market Cap: $20 Billion
- 2021 Shipments: Over 30 GW
Our top solar manufacturer Trina Solar has relentlessly expanded since its 1997 founding by chairman Gao Jfishan. They vaulted to first place among suppliers in under 25 years through vertical integration, global partnerships and serious R&D commitment.
Trina Solar‘s state-of-the-art factories in China, Vietnam and Thailand manufacture every component of solar power systems, from ingots to wafers to cells to modules. Their recently updated Yiwu factory can produce 15 GW annually.
By controlling production across this whole value chain, Trina cuts costs and maximizes quality for solar projects worldwide. They also continually push efficiency boundaries, such as breaking the 21% barrier for mass-produced modules in 2017.
Recent exciting news includes deals with SolarEdge and Shoals to integrate Trina panels with optimizers at enormous scale in the U.S. Their latest Vertex solar cell design with 210mm wafers will lift efficiency further to over 22%. Paired with some 344 GW of overseas shipment agreements, Trina‘s soaring growth looks unstoppable.
2. JinkoSolar
- HQ: Shangrao, Jiangxi, China
- Founded: 2006
- Market Cap: $20 Billion
- 2021 Shipments: Over 30 GW
Founded in 2006 by chairman Xiande Li, JinkoSolar shares Trina‘s meteoric rise by leading in solar innovation and economies of scale. Their vertically integrated production ensures steady costs and quality from silicon ingots through wafers, cells and finally tier 1 solar modules.
JinkoSolar‘s automated factories in China and Malaysia provided over 30 GW of monocrystalline PERC products last year. R&D centers across the globe develop advances like REAM 2.0 cells hitting 25% efficiency.
Flagship offerings come from their Tiger Pro series featuring half-cut cell and multi-busbar technologies for better energy yield. JinkoSolar also produces solar glass and is growing in storage plus PV solutions.
Recent exciting developments include partnering with Maersk Shipping on multiple solar-powered container vessels showcasing their marine panels. Jinko also won a deal with NextEra to supply over a gigawatt of modules to Florida power projects.
3. JA Solar
- HQ: Beijing, China
- Founded: 2005
- Market Cap: $4.2 Billion
- Shipments: Over 17 GW
Since 2005 founding, JA Solar has aggressively expanded as a leading global PV producer. 2021 saw JA Solar ship over 17 GW, meaning their panels could generate enough clean electricity for over 3 million homes yearly!
Backed by 11 production sites worldwide, JA Solar leverages vertical integration for quality and cost efficiency. Their manufacturing capacity tops 40 GW per year spanning wafers, cells, modules and system solutions.
In technology, JA Solar continues breaking conversion efficiency records, topping 23% for their DeepBlue 3.0 module based on advanced PERCIUM+ cells. Such R&D gains make JA Solar among the best panel producers for yield per area.
Recent news includes JA Solar appointing Mr. Xinwei Niu as their new CEO to further growth abroad. The company also provided all modules for Oregon‘s first utility-scale integrated solar plus storage plant.
4. LONGi Solar
- HQ: Xi‘an, Shaanxi, China
- Founded: 2000
- Market Cap: $57.9 Billion
- Shipments: Over 30 GW
Focused on manufacturing the essential silicon wafers for solar cells, LONGi has become the world‘s largest solar tech firm. Since 2000 founding, LONGi has relentlessly automated production of ever more efficient monocrystalline wafers.
LONGi‘s facilities in China and Malaysia provide over 95% of global monocrystalline silicon wafer supply. Their manufacturing capacity soars over 105 GW per year, translating to over 30 GW of annual solar module shipments.
Driving this tremendous scale is relentless efficiency improvement, like developing hybrid passivated contact tech to push conversion over 26%. Such advances reinforce LONGi‘s near monopoly global silicon wafer status.
Exciting recent news includes LONGi launching the world’s first solar brand value of over $10 billion. EVEN MORE exciting is the world’s largest supply contract for LONGi to provide over 100 GW of wafers to leading manufacturer Zhonghuan Semiconductor.
5. First Solar
- HQ: Tempe, Arizona, USA
- Founded: 1999
- Market Cap: $13.5 Billion
- Shipments: Over 15 GW
Founded in Ohio and now headquartered in Arizona, First Solar helps lead American solar manufacturing. Their innovative thin-film CdTe PV technology excels in hot climates and delivers competitive solar electricity costs.
First Solar operates factories in the U.S., Vietnam and Malaysia providing over 15 GW per year of solar panels and supporting equipment. With utility-scale systems spanning the Americas, India and Australia, First Solar supports energy access worldwide.
Recent achievements include building California Valley Solar Ranch, the first integrated solar plus battery storage facility fully dispatchable when grid power is most valuable. Such advances make solar more flexible and economically attractive.
In exciting company news, First Solar began construction on a third production plant in the U.S. state of Ohio in 2021. Their technology roadmap aims for further gains in efficiency and reliability to maintain leadership.
6. Hanwha Q Cells
- HQ: Seoul, South Korea
- Founded: 2012
- Market Cap: $820 Million
- Shipments: Over 9 GW
Hanwha Q Cells is the solar manufacturing arm of South Korean conglomerate Hanwha Group. Formed in 2012, Hanwha SolarOne merged with Hanwha Q Cells to create a production powerhouse rivaling China‘s solar leaders.
Headquartered in Seoul, Hanwha operates factories in South Korea, Malaysia and China to provide over 9 GW per year of high-efficiency solar cells and modules. Their products hold a 10% U.S. home solar market share.
Hanwha focuses significant R&D into maximizing power output through advances like half-cut Q.Peak Duo modules, hitting efficiency over 21%. This solar innovation edge makes their products well-suited for residential installs.
Exciting developments from Hanwha include a January 2022 launch of an integrated home solar plus energy storage system called Q.Home+. Paired with their pending acquisition of energy storage company RESU, Hanwha extends their clean energy ecosystem.
7. Canadian Solar
- HQ: Guelph, Ontario, Canada
- Founded: 2001
- Market Cap: $2.9 Billion
- Shipments: Over 18 GW
Founded in Canada but serving global markets, Canadian Solar is a solar bankability leader with $2.2 billion in assets backing projects. Their renown Tier 1 module brand drives 18 GW+ in annual shipments.
Canadian Solar operates factories in eastern Asia and Brazil for vertical integration benefits and local content needs. Recent capacity expansions into Vietnam serve tariff-free access to key U.S. and European markets.
Renowned for quality and reliability since 2001 founding, Canadian Solar leverages R&D via joint ventures with trusted solar partners worldwide. Recent news includes signing for delivery of 665 MW of their advanced modules to solar projects in Spain and Australia.
8. Risen Energy
- HQ: Ningbo, Zhejiang, China
- Founded: 1986
- Market Cap: $2.2 Billion
- Shipments: Over 10 GW
While not yet a solar household name abroad, Risen Energy is an enormous force within China. Founded in 1986, Risen has aggressively invested in automation and vertical integration for solar excellence.
Risen provides a full range solar energy ecosystem spanning wafers, cells, modules, inverters and even storage solutions. They operate numerous Chinese factories producing over 10 GW per year of top-tier solar components.
Overseas markets will soon feel Risen‘s presence more, as the company invests heavily in globalizing sales and strengthening bankability. Recent news includes Risen starting up the world‘s largest heterojunction PV production line.
9. SMA Solar
- HQ: Niestetal, Germany
- Founded: 1981
- Market Cap: $1.7 Billion
- Inverters Sold: Over 4 GW
Germany‘s SMA Solar operates differently than other entries by specializing in solar inverters and intelligent energy management. Their advanced devices convert solar DC power into grid-ready AC electricity for homes and large plants.
With German engineering pedigree since 1981, SMA leads in optimizer and storage solutions to expand solar capabilities. True capture inverters maximize generation even under shade or faults.
Beyond its Germany HQ, SMA sells to global residential and commercial markets. Over 650 GW of solar power worldwide features SMA‘s efficiency innovations.
Recent news includes SMA announcing updated string inverter technology to boost performance for rooftop solar. Global trends towards more distributed generation and large-scale storage will drive SMA‘s growth.
10. JinkoSolar
- HQ: Shangrao, Jiangxi, China
- Founded: 2006
- Market Cap: $2.2 Billion
- Shipments: Over 30 GW
We round out our list with solar cell and panel giant JinkoSolar. They‘ve rapidly expanded since 2006 founding to over 25 GW factory capacity and 16,000 employees bringing solar to homes across 27 countries.
Flagship Tiger Pro panels achieve high efficiency conversion exceeding 21% via advanced cell fabrication. JinkoSolar‘s modern factories also recycle 99% of silicon waste to support sustainability.
Recent news highlights Jinko‘s partnership with shipping leader Maersk on trialing solar PV systems to help decarbonize marine fleets and the logistics industry overall. Jinko also supports prominent corporate renewables buyers like IKEA.
Top 10 Solar Companies Key Metrics
| Company | Sales Revenue | Market Cap | PV Shipments |
|---|---|---|---|
| Trina Solar | $4.4 Billion | $20 Billion | Over 30 GW |
| JinkoSolar | $5.8 Billion | $20 Billion | Over 30 GW |
| JA Solar | $4.0 Billion | $4.2 Billion | Over 17 GW |
We‘ve illuminated the 10 titans steering solar‘s tremendous growth worldwide. Their expanding factories provide economies of scale that make solar power cheaper than fossils fuels virtually everywhere. These leading producers also pioneer innovations in silicon processing, cell fabrication and system designs for better solar efficiency.
Knowing who leads the pack gives great insight on the solar industry overall. Watching their new partnerships, projects and products also keeps us educated on the pulse of energy innovation. One thing is certain – with these 10 superstar companies scaling faster every year, the future for solar electricity looks brighter than ever!
