Top 10 Solar Panel Manufacturers in the World (2023)

Solar energy is the demand in the current generation. People today are becoming more and more aware of renewable sources of energy.

According to a survey, there were 22 million homes powered by solar energy in 2022 alone in the USA. (source) As we move towards the future, the world can endanger the energy crisis, there is more and more need for renewable sources of energy.

Solar energy is one of the renewable energy sources that not is a true investment in the money as well as a boon to our nature.

According to Statista, the value of the solar power market worldwide will be 422 billion dollars in 2022, which was just 86 billion dollars in 2015.

Statistic: Value of the solar power market worldwide in 2015 and 2022 (in billion U.S. dollars) | Statista

Find more statistics at Statista

With that being said, more and more solar panel manufacturers are coming into the market to fulfill the current market needs. We have incorporated a list of the top 10 solar panel manufacturers in the world.

Table of Contents

List of top 10 solar panel manufacturers in the world

Canadian Solar Inc.(CSIQ)

Canadian Solar Inc. is a leading global solar manufacturer in the world. They have a very strong focus on their research and development. Providing high-quality products at a competitive price range, their strength lies in the engineering of their products. The company’s headquarters are in Guelph, Canada. They have a user base from all around the globe.

Revenue (TTM): $7.03 billion
Net Income (TTM): $188.10 million
Market Cap: $2.16 billion

SunPower

SunPower is a US-based solar panel manufacturing company. It was founded in late 1985 and has been tremendously growing since then. It not only facilitates the United States but also powers Europe and Asia. The company is expected to grow in 2023, they recently partnered with General Motors to deliver exclusive electrical vehicle charger installers for the company.

The company has recorded 23,000 customers in 3rd quarter of 2022, with a YoY growth of 63% in the third quarter when compared to 2021 stats.

Revenue (TTM): $1.78 billion
Net Income (TTM): $68.62 million
Market Cap: $3.5 billion

Jinkosolar Holding Co. Ltd.

JinkoSolar is a Chinese company, that manufactures solar cells, modules, and related materials to solar energy. It is one of the top producers of solar panels. They have factories in China & Europe. This company delivers its products in around 160 countries of the world.

Revenue (TTM): $10.58 billion
Net Income (TTM): $27.95 million
Market Cap: $2.46 billion

SharpSolar

SharpSolar started as a small company and has been growing year on year since its inception. It is now a global leader in solar panel manufacturing with workplaces spread all over the globe. It has more than 8,000 employees and is headquartered in Japan. For more than 40 years, they have been serving this industry.

Revenue: $ 2.53 trillion
Net Income: $659
Market Cap: $4.56B

First Solar

First Solar is one of the innovative companies in solar energy. They are headquartered in Tempe, Arizona. Their products are affordable and available for both commercial and residential purposes. The company produces a thin film semiconductor technology to achieve greater efficiency and sustainability.

Revenue (TTM): $2.52 billion
Net Income (TTM): $94.75 million
Market Cap: $17.28 billion

LONGi Solar

LONGi Solar manufactures PV modules and silicon wafers. They are known for their high-quality solar panels. LONGi has been an established player and runs most of its operations in China, Malaysia, Yunnan, and Kuching.

Revenue: $4.24 bn
Net Income: $2.16 billion
Market Cap: $199.54 billion

Trina Solar

Trina Solar is a leading solar panel manufacturer with an industry experience of over 25 years. Based out of China, they have offices all over the globe. They have an annual capacity of over 100 GW.

Recently, they are building a $200 million module manufacturing facility in Texas, USA. (source). The factory is expected to be in operation in 2024 and will produce 1,500 local jobs.

Revenue: $12.645 billion
Net income: $1,599.40 million
Market Cap: $66.97 billion

Vikram Solar

Vikram Solar is one of the leading solar manufacturers in the world. It is also considered one of India’s best solar manufacturers in India.

Know more: Top 10 solar panel manufacturers in India.

It was founded back in 2006 and currently is operating in more than 30 countries. They are also setting up a factory in the USA in which they will be investing $1.5 million dollars. (source)

Revenue: $401.6 million
Net Profit: $4.4 million

Hanwha Q CELLS

It is a South Korean company that produces cells and modules. They currently have the highest market share in the US for both residential and commercial products.

They have their headquarters in Seoul, South Korea, Germany, and Thalheim. The technology aspect of the company is very good and they produce some great notch solar products. Back in January 2023, Hanwha Q CELLS announced that they were going to invest $2.5 billion in the USA for an efficient supply chain. (source). Accordingly, this will produce around 2,500 jobs in Georgia.

Revenue: $2.18 billion
Market Cap: $817.76 million

Array Technologies Inc. (ARRY)

Array is US US-based solar panel manufacturer and cater to audience in North America, Latin America, Europe, Australia & South Africa.

They have patented energy tracking technology and that becomes their unique selling point too. They recently signed a domestic steel supply agreement with Steel Dynamics. (source)

According to the agreement made, Stell Dynamics will provide a supply of coil for its US projects.

Revenue: $2.77 billion
Net Income (TTM): $113.9 million
Market Cap: $18.06 billion

Conclusion

In conclusion, the top 10 solar panel manufacturers in the world are paving the way for a cleaner, greener future. These companies are at the forefront, constantly innovating and improving the efficiency and affordability of solar panels.

Choosing solar energy is more than just a smart choice; it’s a step towards a sustainable future. These manufacturers have proven to be leaders in the industry, bringing solar power to more people than ever before.

As we move forward, it’s exciting to imagine how these companies will continue to shape our world. For anyone considering solar energy, these manufacturers are the ones to watch. They not only promise high-quality solar products but also work towards an environment that relies less on fossil fuels.

By supporting these companies, we can all play a part in building a brighter, sustainable future for everyone.

Top 10 Solar Panel Manufacturers in The World (2024)