Top 10 Solar Panel Producers by Market Cap

Solar power has quietly become the backbone of the clean-energy transition. Utility-scale solar is now one of the cheapest sources of new electricity in most major markets, and rooftop PV has turned millions of homes into tiny power plants. Behind that story is another one: a brutal, hyper-competitive global manufacturing race.

The companies that dominate solar panel production are not just selling hardware. They’re shaping how fast the world can decarbonize, which countries capture clean-energy jobs, and where the profit pools of the net-zero economy end up.

This article takes a deep, data-driven look at the 10 most valuable publicly traded solar panel producers in the world, ranked by market capitalization as of December 10, 2025, and explores how they’re driving (and sometimes struggling through) the global shift to clean electricity.

Quick note on definitions:
We focus on companies for which solar modules / cells / wafers are a core business, and which do manufacture panels, not just develop solar power plants or make inverters. That’s why you won’t see huge “solar” names like NextEra Energy (a utility) or Enphase and Sungrow (primarily inverter makers) in the main ranking—even though Sungrow, for example, has a market cap of about $52 billion and is one of the world’s most valuable solar-focused firms.

Methodology: How this ranking was built

To keep things transparent:

• Market cap:

  • We use latest available market caps as of December 10, 2025 from reputable financial data providers such as StockAnalysis, Yahoo Finance, companiesmarketcap.com and others.

  • Where values are reported in local currency (CNY, INR, KRW), we approximate USD equivalents using 2025 exchange rates, e.g. around ¥7.07 per US$ and ₹90 per US$.

• Who counts as a “solar panel producer”?

  • Included: companies that manufacture modules and/or cells and derive a large part of revenue from that activity (even if they’re vertically integrated into polysilicon or project development).

  • Excluded:

    • Utilities and IPPs (e.g., NextEra, ACWA Power)

    • Pure inverter/BoS manufacturers (Enphase, SolarEdge, Sungrow)

    • Conglomerates where solar manufacturing is marginal.

• Time sensitivity:

  • Solar valuations in 2024–2025 have been extremely volatile due to overcapacity, price crashes, and trade wars. Several Chinese giants—LONGi, Jinko, JA Solar, Trina—have posted large losses even while shipping record volumes.

  • Treat the numbers below as snapshots, not eternal truth.

With that in mind, here’s the ranking.

The Top 10 (by estimated USD market cap)

Approximate market cap in USD billions, converted from local currencies where needed.

Honorable mentions (smaller market caps):
CECEP Solar, Risen Energy, Canadian Solar Inc. and several fast-growing Indian and Southeast Asian manufacturers that are climbing the ranks but currently sit below the top-10 by market value.

1. First Solar (United States) – The thin-film outlier

Stock market information for First Solar Inc (FSLR)

• First Solar Inc is a equity in the USA market.

• The price is 256.48 USD currently with a change of 3.06 USD (0.01%) from the previous close.

• The latest open price was 252.15 USD and the intraday volume is 465268.

• The intraday high is 258.35 USD and the intraday low is 251.19 USD.

• The latest trade time is Wednesday, December 10, 12:08:55 EST.

Why it matters

First Solar is the only large Western-headquartered, non-Chinese panel manufacturer at the top of the valuation rankings, and one of the few that has consistently stayed profitable through the 2023–2025 price war. It specializes in cadmium telluride (CdTe) thin-film modules, which compete mainly in utility-scale projects.

Market cap & footprint

• Market cap around US$27 billion as of early December 2025.

• Manufacturing footprint in the U.S., India, and Southeast Asia, with aggressive U.S. expansions bolstered by Inflation Reduction Act (IRA) incentives.

Business model & strengths

• Focused almost entirely on utility-scale modules and turnkey solutions, not rooftop kits.

• Thin-film CdTe modules offer:

  • Better performance at high temperatures and in low-light conditions.

  • Lower degradation vs conventional crystalline silicon.

• The company has benefitted from U.S. tariffs on crystalline-silicon panels from China and Southeast Asia, plus generous domestic manufacturing tax credits.

First Solar’s main strategic edge is policy-aligned localization: it’s the go-to brand for U.S. developers who want import-risk-free, domestically produced panels that qualify for IRA bonuses.

Challenges

• Tech path risk: if crystalline silicon (TOPCon/HJT/back-contact) keeps gaining efficiency and matching CdTe’s real-world performance, First Solar’s differentiation could narrow.

• Legal offensives: in early 2025 the company sued JinkoSolar in U.S. court over alleged TOPCon patent infringement—signalling how central IP protection has become in the solar tech arms race.

2. LONGi Green Energy (China) – From wafers to global giant

Profile

LONGi is arguably the most influential company in crystalline-silicon PV over the past decade. It pioneered large-scale monocrystalline wafer manufacturing and then climbed downstream into cells and modules, becoming a top-tier module brand globally.

Market cap & role

• Market cap about ¥137.6 billion (~US$19.5 billion).

• Still one of the largest panel producers by capacity and shipments, even after a vicious downcycle in 2023–2025.

Technological & strategic positioning

• Historically dominated PERC mono modules; now aggressively pivoting to TOPCon and back-contact (BC) module families to regain efficiency leadership.

• Deeply integrated in the value chain:

  • Silicon wafers

  • High-efficiency cells

  • Modules

  • System solutions and increasingly storage-linked offerings.

Current headwinds

LONGi’s story in 2024–2025 is a textbook case of overcapacity pain:

• It warned of up to ¥8.8 billion in net losses for 2024, blaming fierce price competition and write-downs linked to silicon investments.

• Its share price is down roughly 80% from its 2021 peak—even while shipments remain huge.

The company is now trying to shift from pure volume growth toward technology-led, higher-margin products and diversified markets outside its traditional export base, including more projects and services.

3. Tongwei Co., Ltd. (TW Solar, China) – The cell & poly powerhouse

What makes Tongwei different

Tongwei started as an aquaculture and animal feed business, but over the last decade it has morphed into a core pillar of China’s solar manufacturing complex.

Today, through its TW Solar subsidiary, it is:

• A leading polysilicon producer

• The world’s largest solar cell manufacturer for seven consecutive years, shipping over 200 GW of cells cumulatively by the end of 2023.

• Rapidly expanding into modules, with a broad product portfolio covering residential, C&I and utility-scale markets.

Market cap & focus

• Approx. ¥96.8 billion (~US$13.7 billion) market cap.

• Solar now contributes the majority of group revenue and profit, eclipsing its legacy agriculture business.

Strategic moves

• Expanding polysilicon, cell and module capacity with ambitions to reach 130–150 GW cell capacity by 2026, aiming to remain a key supplier to many peers on this list.

• Actively involved in industry-level responses to overcapacity; in December 2025 Tongwei joined other polysilicon producers in setting up Beijing Guanghe Qiancheng Technology, a joint firm to explore acquisitions and capacity consolidation.

Risks

• Deep exposure to the polysilicon price cycle: when prices crash, margins evaporate.

• Heavy reliance on Chinese industrial policy and export markets, both vulnerable to tariffs and trade disputes.

4. Waaree Energies (India) – India’s breakout solar champion

Why Waaree is suddenly huge

Waaree Energies is India’s largest solar module manufacturer, with around 22.3 GW of module capacity (19.7 GW in India and 2.6 GW in the U.S.) and 5.4 GW of cell capacity as of late 2025.

In November 2025, it became the first Indian company to produce over 1 GW of solar modules in a single month, underscoring how fast India’s manufacturing base is scaling.

Market cap & momentum

• Market cap around ₹836.9 billion (~US$9.3 billion).

• Its valuation passed the ₹1 trillion mark in September 2025, buoyed by bullish coverage from major brokerages like Motilal Oswal and Nomura.

Strategic levers

• Vertical integration across modules and cells, with plans to expand upstream into ingots and wafers by 2027.

• Beneficiary of India’s Production Linked Incentive (PLI) scheme and broader push to localize PV supply chains.

• Aggressively expanding in the U.S., including acquiring manufacturing lines in Arizona and expanding a Houston facility to 3.2 GW.

Challenges & controversies

• In 2025 Waaree came under U.S. Customs investigation for alleged tariff evasion via mis-labelling Chinese cells and panels as Indian-made; the company denies wrongdoing and is cooperating.

Despite these headwinds, Waaree sits at the nexus of India’s energy security goals and Western diversification away from Chinese supply chains, giving it a powerful structural tailwind.

5. CSI Solar (China / Canada) – The Canadian Solar manufacturing vehicle

Who they are

CSI Solar is the manufacturing arm of Canadian Solar, one of the world’s largest solar technology companies, which now operates under two main business segments: CSI Solar (modules, storage, components) and Recurrent Energy (project development).

Market cap & structure

• CSI Solar’s Shanghai-listed shares give it a standalone market cap of roughly ¥58.2 billion (~US$8.2 billion).

• It is deeply integrated with Canadian Solar’s global network of factories across China, the U.S., Canada, Indonesia, Vietnam and Brazil, producing ingots, wafers, cells and modules.

Strategic positioning

• Major supplier of TOPCon modules and energy-storage integrated systems, with a growing presence in the U.S. thanks to new Texas manufacturing and re-organization of North American assets to meet “foreign-entity” rules.

• Acts as a bridge between Chinese cost structures and Western market access, which has become a delicate balancing act under evolving U.S. and EU trade rules.

Risks

• Exposed to the same global oversupply and tariff uncertainty hitting other Chinese manufacturers.

• Faces extra scrutiny as a Chinese-founded but Western-listed structure, leading to ongoing supply-chain reshuffles to keep qualifying for subsidies and avoid sanctions.

6. JinkoSolar (China) – The volume king

Scale and shipments

JinkoSolar is, by several metrics, the world’s largest solar module manufacturer by shipment volume:

• A 2025 Wood Mackenzie report ranked JinkoSolar #1 globally for module shipments.

• An April 2025 equity research note estimated 2023 module shipments around 78.5 GW, ahead of LONGi (~67.5 GW), JA Solar and Trina (~50 GW each), and far above First Solar (~11 GW).

Market cap

• Shanghai-listed Jinko Solar Co. has a market cap around ¥54.9 billion (~US$7.8 billion).

What it does well

• Huge, diversified manufacturing footprint across China, Malaysia, Vietnam and the U.S., enabling it to serve markets even as tariffs shift.

• Technology focus on high-efficiency TOPCon cells and modules, with recent record efficiency claims of nearly 27.8% at cell level.

• Strong bankability: frequently ranked as one of the most “bankable” module brands in BloombergNEF surveys.

Current pressures

Despite its scale, Jinko is battling:

• Sharp price declines in modules, which have compressed margins.

• Trade barriers, particularly in the U.S. and Europe, which limit exports from certain Southeast Asian factories.

• Patent litigation from First Solar over TOPCon IP, adding legal uncertainty to its technology roadmap.

Still, Jinko’s combination of scale, efficiency and global reach makes it a central actor in the world’s solar rollout.

7. Trina Solar (China) – Bankable workhorse, tech front-runner

Company overview

Trina Solar is a globally recognized Tier-1 module brand and one of the early Chinese pioneers in PV manufacturing (founded 1997).

Market cap

• Around ¥39.4 billion (~US$5.6 billion) on the Shanghai STAR Market.

Business mix

• Trina offers:

  • PV modules for utility, C&I and residential sectors.

  • Utility-scale solar plants and system solutions.

  • Energy storage and “smart energy” digital platforms.

Technology leadership

• Known for pushing module efficiency records; in early 2025, Trina announced an HJT module with 25.44% conversion efficiency, certified by Germany’s Fraunhofer CalLab.

• Strong advocate for vertex and N-type technologies, focusing on larger-format N-type modules for large power plants.

Challenges

• Like other Chinese peers, Trina has been hit by:

  • Oversupply and price crashes, leading to losses in 2024–2025.

  • Trade scrutiny, including past U.S. findings that it circumvented tariffs via Southeast Asian manufacturing.

But Trina remains one of the most “bankable” and widely deployed brands in utility-scale solar globally.

8. JA Solar Technology (China) – Quiet giant in cells and modules

Profile

JA Solar is sometimes less flashy than Jinko or Trina, but it’s a massive global PV player:

• Manufactures wafers, cells, modules and supports utility-scale project development.

• Listed on NASDAQ in 2007, then went private and later relisted on China’s A-share market.

Market cap

• Around ¥36.9 billion (~US$5.2 billion).

Strengths

• Strong in high-efficiency PERC and TOPCon modules, with substantial global market share.

• Deep integration into upstream materials (frames, EVA, junction boxes, etc.), giving some cost control advantages.

Context

JA Solar is part of the same oversupply cycle hitting its peers but often positions itself as a “solutions” provider rather than just a commodity module vendor, supporting IPP projects and tailored systems in emerging markets.

9. Aiko Solar (China) – High-efficiency specialist

Who is Aiko?

Aiko (Shanghai Aiko Solar Energy Co., Ltd.) started as a solar cell specialist and has evolved into a global PV manufacturer known for high-efficiency cells and ABC (all-back-contact) modules.

Market cap

• Around ¥27.4 billion (~US$3.9 billion).

What sets it apart

• Focus on premium, high-efficiency modules, which can command better prices even in a low-price environment.

• Heavy investment in R&D in back-contact and high-density interconnection to push module efficiency beyond mainstream TOPCon competitors.

Strategic role

• Aiko sits in a sweet spot where technology leadership can offset some of the commodity pricing pressure, though it lacks the raw scale of Jinko or LONGi.

• Often seen as a technology partner to larger system integrators and developers looking for top-tier module performance.

10. Hanwha Solutions / Qcells (South Korea) – Integrated energy player

Company overview

Hanwha Solutions is a diversified energy and chemicals company, but it owns Qcells, a major global solar module brand with strong footprints in Europe, the U.S., and South Korea.

Market cap

• About ₩4.66 trillion (~US$3.3 billion) as of December 10, 2025.

Solar role

• Through Qcells, Hanwha:

  • Produces solar modules and cells.

  • Offers residential and commercial rooftop systems.

  • Develops solar farms and energy-storage projects, especially in advanced markets.

Why it matters

• Qcells is one of the few non-Chinese brands with serious scale and bankability, particularly in Europe and the U.S..

• It’s investing heavily in localized manufacturing in the U.S. and EU, aligning with Western industrial policy efforts to reduce dependence on Chinese supply chains.

Trade-off

• Because Hanwha Solutions is not a pure-play solar manufacturer (chemicals and other energy divisions matter too), the market cap here reflects a mixed portfolio. Still, the Qcells segment is central to its growth story and its positioning in the clean-energy transition.

How these firms are reshaping the global energy system

Beyond individual company stories, the top 10 solar panel producers reveal several big themes about the future of clean electricity.

1. The center of gravity is in China – but the map is shifting

Most of the top players by market cap are Chinese; China dominates wafers, cells, modules and increasingly inverters and storage hardware.

• Chinese module makers—LONGi, Jinko, JA Solar, Trina, Tongwei, CSI Solar, Aiko—have built scale that would have been unthinkable a decade ago, shipping tens of gigawatts per year each.

• However, they’re now in a deep profitability crisis, with massive oversupply and collapsing prices driving net losses across the sector.

At the same time:

• India is emerging as a serious manufacturing hub, with Waaree’s rapid rise and other domestic players scaling under supportive policies and high domestic demand.

• Western markets (U.S., EU) are leaning on policy tools—tariffs, local-content rules, subsidies—to re-shore or “friend-shore” part of the value chain, boosting companies like First Solar, Qcells and North American facilities of CSI Solar and Waaree.

2. Overcapacity is both a crisis and a climate boon

From a manufacturer’s perspective, the last two years have been brutal:

• Prices for standard modules fell so far that even efficient Chinese leaders are selling at or below cost, racking up losses.

• The Chinese government and industry are now exploring mechanisms—like Tongwei-backed acquisition firms—to handle excess polysilicon and cell capacity more systematically.

From a climate perspective, though:

• Cheaper panels mean faster deployment. Oversupply is effectively a huge implicit subsidy from manufacturers to the world’s electricity consumers.

• The risk is that financial distress leads to sudden capacity destruction, slowing deployment if too many producers go under before new players ramp up in other regions.

3. A fierce technology race: PERC → TOPCon → HJT → back-contact

Within crystalline silicon, the tech stack is evolving quickly:

• TOPCon (tunnel-oxide passivated contact) has become the mainstream upgrade over PERC, with Jinko, LONGi, JA, Trina and CSI aggressively ramping it.

• HJT (heterojunction) modules like Trina’s record-setting 25.44% lab module show potential for even higher efficiency but are currently costlier.

• Back-contact designs (e.g., Aiko’s ABC modules) aim to remove shading from the front surface and boost efficiency further.

• Thin-film CdTe (First Solar) remains competitive in large-scale U.S. projects and is sheltered by distinct IP and policy support.

For project developers and utilities, this tech race manifests as:

• Higher-efficiency modules.

• Smaller land footprints per MW.

• Potentially lower BOS (balance-of-system) costs—but also bankability and supply-chain questions when choosing newer technologies.

4. Vertical integration and diversification

Most of the top 10 are not just “panel companies”:

• Tongwei, LONGi, CSI Solar, Trina, JA and Aiko span multiple steps from polysilicon to wafers, cells, modules and sometimes project development.

• Waaree, Qcells and First Solar are expanding into energy storage, grid-scale systems and O&M, creating recurring revenue and stickier customer relationships.

Vertical integration is a hedge: when module prices crash, some profit can still be captured upstream (polysilicon) or downstream (project development, storage, services). But it also increases capital intensity and complexity.

What this means for investors, policymakers and the energy transition

For investors

• Market cap today is not just about current profitability, but about how markets price:

  • Technological edge (First Solar, Aiko, Jinko).

  • Policy alignment (First Solar, Qcells, Waaree, CSI’s U.S. strategy).

  • Survivability in a brutal down-cycle (LONGi, Tongwei, Trina, JA, CSI).

• The sector remains high-beta and cyclical—but long-term demand for solar electricity is structurally strong as countries push toward net-zero.

For policymakers

• The concentration of manufacturing in a few countries—especially China—creates supply-chain and geopolitical risk. That’s why U.S., EU and Indian policies are pushing localisation, even at higher short-term cost.

• At the same time, aggressive tariffs can raise system prices and slow deployments if alternative local capacity doesn’t come online fast enough.

For the energy transition

• The top 10 solar panel producers are already shipping enough capacity each year to add hundreds of gigawatts of solar globally, displacing fossil fuels at unprecedented speed.

• The real question is not whether solar will be one of the main pillars of the power system—that’s already happening—but which companies, countries and technologies will capture the value as the sector matures.

In short: the firms in this ranking are at the sharp end of the world’s decarbonization project. Their balance sheets, efficiency records, and factory build-outs will quietly shape what your electricity looks like five to ten years from now.