Shipment term

Jinko takes over N°1-Industry-InfoLink Consulting

The global ranking of module shipments in the first half of 2022 saw similar manufacturers, but slightly revamped. The competition between the top 4 manufacturers has intensified, leaving the rest of the manufacturers behind with a significantly diversified shipment volume. The big one grows.

Based on the financial statements published by the first four, all shipped more than 15 GW. Jinko, having shipped 18.21 GW, saw the biggest increase, up 113% from the same period last year, and thus regained the top spot. Trina, using its advantages in the distributed generation sector in China and abroad, shipped 18.05 GW, up 72% year-on-year. Longi slipped to third place this time. While its shipment performance was just decent in Q1, its shipments topped all others in Q2, at 11.58 GW, making its shipment volume in the second half worth anticipating. JA Solar, with stable development, cost control and overseas channels, saw its shipments steadily increase to 15.67GW, which lifted it to fourth place.

The top five manufacturers are Canadian Solar, Risen, Astronergy, Risen, First Solar, Hanwha Q Cells and Suntech. Statistics show that the volume of shipments between these manufacturers has started to diversify, averaging 3.5 GW to 8.7 GW. Manufacturers outside the top 10 list shipped around 2 GW to 3 GW.

The module segment has seen the gap between large and small companies widen, with large companies maintaining their dominant positions. Due to high costs this year, competition among Tier 2 manufacturers will intensify.

The rationale for this growing division of enterprises between the top four enterprises and Tier 1 enterprises is enterprise size, cost advantage, and overseas channels. InfoLink estimates show that the top 10 manufacturers shipped about 101.7 GW of modules, up 45% year-on-year. The top ten dominated about 80% to more than 90% of demand in the first half, of which the top four accounted for 60% to 70%.

Each automaker’s quarterly performance led to the biggest change in the first half. Overall, their shipment volume was split in the first quarter, with some of the manufacturers seeing lower-than-expected shipments due to high prices and high costs, while other manufacturers significantly reduced shipments. With demand boosted by the acceleration of the energy transition abroad, the volume of shipments increased by 36% in the second quarter. Regarding the distribution of shipments, Chinese manufacturers heavily dependent on foreign markets have seen their domestic share decline by 20-30%; some of which have seen an increase in their overseas market share.

In terms of product size, M10 (182mm) and G12 (210mm) together accounted for 80% of shipments from the top 10 manufacturers (excluding First Solar), with the M10 size taking the highest share. The M6 ​​(166mm) and other formats accounted for approximately 21%.

The top four shipment targets this year averaged at least 40 GW. However, they shipped an average volume of 17.5 GW in the first half, which means they would need to ship 8.5 GW to 12 GW each quarter in the second half to meet the minimum performance level. As prices in the supply chain hit a year high in the third quarter, vertically integrated companies are caught between maintaining profits and hitting the shipment target.