InfoLink’s 2025 solar PV cell shipment ranking: Top five manufacturers’ shipments up 19.8% YoY

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.

According to InfoLink’s research, the combined global PV cell shipments of the top five manufacturers in 2025 reached approximately 1951 GW, marking a YoY increase of about 19.8%. Among the top five, Tongwei once again ranked first in shipments for full-year 2025, further consolidating its leadership in the cell segment. Backed by the world’s largest polysilicon and cell production capacities, Tongwei has strengthened its competitive edge in the PV market through comprehensive vertical supply chain integration.

As the shipment variance was within 1%, SolarSpace and Yingfa Ruineng tied for second place.

As a long-established cell manufacturer with years of industry experience, SolarSpace continued to rank among the leading players in 2025. Through a diversified sales strategy, the company effectively responded to market demand while accelerating format upgrades and product iteration, progressively strengthening its technological edge. In addition, amid significant shifts in the global trade environment, its Laos production base became a key channel for exports to India and the U.S., with shipments to non-China markets accounting for more than 30% of its total annual shipments.

In 2025, Yingfa Ruineng maintained elevated utilization rates throughout the year under an aggressive operating strategy, securing a strong market share position. Meanwhile, following its 2024 cooperation with LONGi, Yingfa Ruineng achieved stable shipments of BC cells in 2H25 and currently remains the only specialized manufacturer exporting BC cells globally.

Jietai Technology ranked fourth in 2025. As one of the earliest cell manufacturers to deploy TOPCon technology, Jietai has accumulated solid technical capabilities and established a strong customer base in non-China markets. Additionally, Jietai is advancing cell capacity construction in the Middle East and Africa in an orderly manner. The new capacity is expected not only to meet local market demand but also to facilitate access to the U.S. market.

Aiko ranked fifth in 2025. Unlike most other major cell manufacturers in China, the company’s shipments remain heavily weighted toward PERC products, which account for approximately 60% of annual volume. Beyond maintaining its existing advantages, Aiko has also actively expanded its BC module business in recent years, underscoring its value-driven and differentiated strategy.


 

TOPCon remains dominant; 210RN likely to become mainstream in 2026

Of the total 195 GW shipped by the top five manufacturers in 2025, TOPCon cells remained the most widely adopted technology route, accounting for 88.3% of shipments. PERC cells represented approximately 10.0%, while BC cells accounted for around 1.7%.

Cell shipments by format:

•    18X P (182–182.2 mm / 182–183.75 mm) accounted for 17.3 GW, or 8.9% of total shipments. 

•    Shipments of 210P cells in China declined quarter by quarter in 2025. By the end of 2025, the country’s five leading cell manufacturers had discontinued production of this format. Full-year shipments totaled approximately 2.1 GW, representing 1.1% of total output.

18X N (182–182.2 mm / 182–183.75 mm) cells remained the dominant shipment format in 2025, totaling 77.8 GW and accounting for 39.8% of the market. Shipments of 210RN and 210N large-format cells reached 56 GW and 42 GW, representing 28.7% and 21.5% of total shipments, respectively. 

210RN’s shipment share among the top five manufacturers increased notably from only 19% in 2024 to 28.7% in 2025.The shift toward large-format cells among Chinese manufacturers and downstream demand largely  became established in 2025. The 18X format is now primarily supplied to emerging markets such as India and Turkey, where size migration remains in progress. InfoLink expects 210RN to continue gaining share from 18X N in 2026and to become the industry’s mainstream shipment format.
 

Following policy and silver price disruptions, end-market demand recovery in 2026 remains to be seen

In 2025, the PV cell sector experienced rapid shifts and frequent volatility. In March, China’s “531” policy temporarily stimulated demand, lifting TOPCon cell prices across formats to above RMB 0.30/W. As the policy effect faded, demand weakened, and prices quickly fell to historical lows of RMB 0.23–0.24/W. At that point, most Chinese manufacturers were shipping at near cash-cost levels.

After anti-price war policies were introduced in July, coupled with continued speculation in August over the cancellation of export VAT rebates, cell prices gradually recovered to around full production cost levels.

In November and December, a sharp rise in silver prices increased raw material cost pressure, prompting cell manufacturers to raise quotes. Prices reached a relative peak of RMB 0.38/W by the end of December 2025, with the uptrend extending into early February 2026 before moderating as silver prices retreated.

End-market demand did not recover in tandem, limiting the sustainability of elevated cell prices. Since 2H25, Chinese integrated module manufacturers have been unable to absorb persistently higher outsourced cell prices, sharply reducing procurement volumes. The market has therefore remained in a pattern of quoted prices without matching transaction volumes.

Under pressure from both upstream and downstream, cell manufacturers continue to face significant operating strain. Most are awaiting clearer signals in March 2026 and 2H26, anticipating potential price recovery and demand improvement—such as short-term restocking in non-China markets driven by the expected cancellation of export VAT rebates in April.

Overall, competition in the PV industry remains intense. Following years of technology upgrades and cost competition, the sector is entering a new phase of structural transformation. Going forward, only companies that can effectively navigate market shifts, reinforce brand competitiveness, and adapt to evolving global policy and macroeconomic conditions will maintain resilience and capture the next phase of growth.