In 2024, Chinese solar PV module manufacturers recorded impressive shipment volumes, with nearly 40 companies shipping over 3 GW each. Combined, these shipments exceeded 680 GW for the year. Among these, the top 10 companies alone managed to ship between 515 GW and 555 GW. These numbers highlight China’s continued dominance in the global solar PV module market, both domestically and internationally.
According to recent data from the China Photovoltaic Industry Association (CPIA), the country’s total module production output for 2024 reached 588 GW. However, this figure falls about 100 GW short of the combined shipment numbers mentioned earlier. While shipments and production output are not the same, they are often compared for simplicity. The difference could be because not all PV panel manufacturers are CPIA members, and those who are not members are under no obligation to disclose their production figures.
CPIA data also shows that China exported 238 GW of solar modules in 2024. Meanwhile, China installed about 277 GW (AC) of solar capacity within its borders. This means approximately 70 GW to 75 GW of modules may be sitting in Chinese warehouses, a figure that is 20% more than the total solar deployment across Europe last year.
If we look at the 680 GW shipment figure, it suggests that nearly 165 GW of modules might still be stored in warehouses in China. This level of stockpiling raises questions about potential oversupply and inventory management within the industry.
Based on CPIA’s production figure of 588 GW, the top 10 manufacturers accounted for an estimated 87% to 94% of total production. However, if the shipment figure of 680 GW is used as a reference, these companies would represent about 75% to 82% of the total, which may reflect a more realistic picture of the market.
Finally, if all top 10 companies had their full-year shipment targets, an additional 85 GW to 115 GW of modules would likely have ended up in Chinese warehouses, further increasing the surplus.
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