Adani Solar, Waaree and Premier Energies make Wood Mackenzie’s Grade A solar module list for 2026
Indian solar manufacturers strengthened their position in the Global Solar PV Module Manufacturer Ranking 2026 published by Wood Mackenzie, reflecting growing momentum for non-Chinese manufacturers amid shifts in global supply chains and localization policies.
Chinese companies continued to dominate the top positions, occupying nine of the twelve places within the global top ten rankings. LONGi Green Energy, Jinko Solar, JA Solar, and Trinasolar led the list.
Among Indian manufacturers, Adani Solar emerged as the highest-ranked company and the only Indian manufacturer in the top-tier group. Waaree and Premier Energies were also included among Wood Mackenzie’s Grade A solar module suppliers for 2026.
The Grade A designation is awarded to manufacturers based on operational strength, financial stability, transparency, reliability, and manufacturing capabilities.
Global ranking assessment
The ranking assessed 48 solar module manufacturers across ten countries, representing around 65% of global production capacity and 83% of worldwide module shipments.
The evaluation covered parameters including manufacturing scale, technology maturity, supply chain resilience, environmental, social, and governance (ESG) performance, research and development capabilities, and financial health.
Wood Mackenzie stated that non-Chinese manufacturers benefited from domestic market protections, localization requirements, and trade barriers, allowing several companies to maintain profitability despite global market pressures.
Profitability trends
According to the report, leading Chinese solar manufacturers collectively recorded losses of around USD 5.5 billion in 2025 due to continued global oversupply.
In contrast, most non-Chinese manufacturers, including Indian companies, remained profitable because of stronger pricing conditions in protected and higher-barrier markets.
Yana Hryshko, Head of Solar Supply Chain Research at Wood Mackenzie, stated that while Chinese manufacturers continue to lead in manufacturing scale, technology, and operational efficiency, sustained oversupply is driving structural changes across the sector.
Technology transition
The report noted that the transition toward N-type solar module technology has largely been completed among leading suppliers.
Tunnel Oxide Passivated Contact (TOPCon) modules accounted for more than 80% of shipments among the top ten manufacturers in 2025, while mainstream module efficiencies reached 24.8%.
Average capacity utilisation among the top ten manufacturers increased to 70% in 2025 compared to 67% in 2024, indicating improving market demand conditions.
Wood Mackenzie also stated that nine of the top ten manufacturers now operate production facilities in at least two countries as companies diversify manufacturing footprints in response to trade restrictions and localization mandates.
Premier Energies expansion
Premier Energies currently operates 11.1 GW of annual solar photovoltaic (PV) module manufacturing capacity and plans to increase solar cell manufacturing capacity to 10.6 GW later in 2026.
The company is implementing a Rs 12,500 crore capital expenditure programme focused on upstream manufacturing expansion and diversification into inverters, batteries, and transformers.
Chiranjeev Saluja, Managing Director of Premier Energies Limited, stated that the Grade A recognition validates the company’s manufacturing capabilities, technology development, and reliability in the solar sector.
Methodology
Wood Mackenzie publishes the Global Solar PV Module Manufacturer Ranking twice each year and evaluates crystalline silicon solar module manufacturers. Thin-film manufacturers, including First Solar, are excluded from the assessment.
According to Wood Mackenzie, the Grade A classification is intended to serve as an independent benchmark for developers, procurement teams, and asset owners evaluating module suppliers.
The featured photograph is for representation only.
