Global shipments of solar photovoltaic (PV) cells continued to grow strongly in 2025, with the top five manufacturers increasing their combined volumes by 19.8% year-on-year, according to research by InfoLink Consulting. The ranking is based only on external sales and excludes in-house module production and OEM orders. Data is measured in megawatts with a 1% error margin.
The combined shipments of the top five producers reached around 195 GW in 2025. Tongwei retained its position as the largest cell supplier globally. Supported by the world’s largest polysilicon and cell production capacities, Tongwei strengthened its leadership through strong vertical integration across the solar value chain.
The second position was shared by SolarSpace and Yingfa Ruineng, as their shipment difference remained within 1%. SolarSpace maintained its strong market presence by adopting a diversified sales strategy and accelerating product upgrades. Its production base in Laos played a key role in serving export markets such as India and the United States, with overseas shipments accounting for more than 30% of its total volume.
Yingfa Ruineng maintained high utilization rates throughout the year under an aggressive operating strategy. After its cooperation with LONGi in 2024, the company achieved steady shipments of BC cells in the second half of 2025. It remains the only specialized manufacturer exporting BC cells globally.
Jietai Technology ranked fourth. The company was among the earliest adopters of TOPCon technology and has built a strong presence in overseas markets. It is also expanding cell capacity in the Middle East and Africa to meet local demand and potentially access the U.S. market. Aiko Solar secured the fifth position. Unlike many competitors, Aiko’s shipments are still largely based on PERC products, which account for about 60% of its annual volume. At the same time, it has expanded its BC module business as part of a differentiated strategy.
TOPCon remained the dominant technology in 2025, accounting for 88.3% of total shipments among the top five manufacturers. PERC represented around 10%, while BC cells held a small 1.7% share. In terms of format, 18X N cells led shipments, followed by 210RN and 210N formats. The share of 210RN rose significantly during the year, and it is expected to become the mainstream format in 2026 as large-size cells gain broader acceptance.
The market environment in 2025 was volatile. Policy changes in China temporarily lifted cell prices in March, but demand later weakened, pushing prices to near cash-cost levels. Anti-price war measures and rising silver prices later drove prices upward again. However, weak end-market demand and reduced procurement by module manufacturers limited price sustainability.
With continued cost pressure and policy uncertainty, cell manufacturers are waiting for clearer demand signals in 2026. The industry is entering a more competitive and transformative phase, where adaptability and cost efficiency will determine long-term success.
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