JinkoSolar Holding was the leading company in terms of global solar photovoltaic (PV) module shipments in 2018, according to GlobalData, a data and analytics company. JinkoSolar topped the table with 11.6 gigawatts (GW) of PV modules compared to the second ranked JA Solar’s 8.8 GW. Majority of the companies featured in the table are from Asia-Pacific (APAC).
GlobalData’s latest report, “Solar PV Module, Update 2018“, states that due to market saturation, reduction in subsidies and a drop in module prices, the global solar PV module market is estimated to register a negative compound annual growth rate of 11.2% from $32bn in 2018 to $20bn in 2022.
However, JinkoSolar managed this decline and remained committed to the initial shipment guidance by expanding and supplying in overseas markets and now stands to benefit from the Chinese recovery and improved market demand.
Ankit Mathur, Practice Head of Power at GlobalData, comments, “JinkoSolar has shown a great character in holding its leading position by managing the supply at a time when Chinese government slashed the incentives. The core reason for its recovery is the diversification of business in overseas markets, rather than limiting itself to the local market.”
JA Solar, which overtook Trina Solar to occupy the second spot, is in a strong position in the areas of product quality and reliability, performance, innovation, as well as robust financial management. JA Solar is eyeing the emerging Middle East market with its bifacial module technology, which improves yield and resilience.
Trina Solar Limited and Lerri Solar Technology Co. Ltd occupied third and fourth place, with shipments of 8.1 GW and 7.2 GW, respectively. Canadian Solar came fifth with 6.4 GW, Hanwha Q CELLS Co., Ltd. was sixth with 5.6 GW, Risen Energy Co., Ltd. stood in seventh place with 4.8 GW, and GCL System Integration Technology Co., Ltd. settled in eighth spot with 4.1 GW shipments.
Mathur adds, “Lerri Solar Technology Co. Ltd., a subsidiary of LONGi Green Energy Technology, plans to expand operations in the growing market through rapid expansion in domestic and overseas manufacturing facilities. Risen Energy jumped three spots with a twofold rise in the module shipments due to substantial competitive edge in technology, automation and cost control in the photovoltaic sector. Over the past few years, the company has been expanding its presence in markets such as Italy, Germany, Romania and India.”