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| Author | InfoLink |
| Updated | August 10, 2026 |
This ranking is based on external sales volume and does not include shipments for in-house module production or OEM orders. The data is measured from MW and processed with a 1% error margin, with manufacturers below 1% ranked equally. In case of any discrepancies, the company’s official figures shall prevail.
Ranking shifts again as top five suppliers ship approximately 91.9 GW in total
According to InfoLink’s market research, the combined global PV cell shipments of the top five manufacturers in 1H26 reached approximately 91.9 GW, up 5% YoY.
Among the top five, Tongwei continued to rank first, further consolidating its leadership as an integrated player with the world’s largest cell production capacity.
Yingfa Ruineng rose to second place by maintaining a higher utilization rate. Meanwhile, the company has achieved stable shipments of BC cells, further expanding its cell product portfolio.
SolarSpace ranked third. As a long-established cell manufacturer, the company maintained a relatively high shipment volume through its diversified product portfolio, and its production capacity in Laos supported shipments to markets outside China.
Jietai remained in fourth place. As one of the earlier cell manufacturers to advance TOPCon technology, it continued to rank highly in shipments, supported by growing demand for n-type cells in markets outside China.
Sunsync entered the ranking for the first time in fifth place. The cell manufacturer has rapidly expanded production capacity in recent years, with shipments steadily increasing in H1, securing its first appearance among the global top five.
After cell price volatility in H1, will the industry see a reshuffle in H2?
In 1H26, the cell market saw frequent price fluctuations. Early in the year, elevated silver prices increased cell production costs significantly, leading manufacturers to raise quotes broadly. TOPCon cell prices across formats peaked at approximately RMB 0.45/W in February. As silver prices declined, cost pressure eased, resulting in downward pressure on cell prices.
In Q2, market supply and demand remained in an adjustment phase, while price competition and the prisoner’s dilemma among manufacturers persisted. With end-market demand yet to see a meaningful pickup, module manufacturers’ demand for externally sourced cells remained constrained, driving a rapid decline in cell prices in July.
Looking ahead to H2, cell prices in July–August have already fallen to the industry cash cost level of RMB 0.26–0.27/W. China's domestic demand has yet to show a meaningful recovery. Following the implementation of the Approved List of Models and Manufacturers (ALMM) for cells in June, India's demand for imported cells has declined significantly, increasing pressure on exports from Chinese manufacturers. Against this backdrop, market focus is shifting to upcoming energy efficiency standards, consumption tax rebate policies, and discussions of supply-side adjustments at industry meetings in early August. Key questions for H2 are whether these factors will accelerate capacity rationalization, support supply-chain price recovery, and alleviate the long-term supply-demand imbalance.
Over the longer term, as TOPCon technology becomes more widely adopted in China and cell formats converge, products are increasingly commoditized, limiting price-based competition. The industry is undergoing a critical phase of supply-demand rebalancing, with manufacturers pursuing differentiated growth strategies. Going forward, sustained technological advancement, continued R&D investment, and the development of stable markets outside China and sales channels will be key to competitive positioning and essential for survival and growth through the next consolidation cycle.