Top 10 Solar Panel Manufacturers in the World, 2023

Solar technology is gradually maturing and becoming more promising each day. Everyone wants to get a piece of the pie as the RE sector is set to grow by almost 5-6x over the next 10 years making India the largest RE market in the world after China. India currently has around 16 GW of annual solar module manufacturing capacity. India’s ambitious target of reaching 100GW of solar generation capacity by 2022 has been attracting a lot of foreign investors who are pouring money into the sector. Petronas, the Malaysian oil giant plans to invest in Tatas while UK investor-based platform Ayana is buying Azure Power’s 300 MW plus solar farms. The solar industry in India has also received stimulus in the form of Make in India support from the Indian Government and the MNRE.

The government is undertaking various schemes to support solar installations all over the country. Various incentive schemes, aggressive bidding trajectory, implementation of Solar Park, Solar Rooftop Scheme, Solar Defence Scheme, etc., and many other schemes have been laid down to support the government’s aggressive solar numbers.

Top Facts about India Solar Industry

Future (2021) - Global

High Efficiency Solar Panels (450Watt to 500Watt) - Monocrystalline technology has already become mainstream due to higher efficiency and now there is talk of heterojunction cell technology becoming more popular with its ability to capture more wavelengths. Jinko Solar in China has already launched a 580 MW solar module. Panasonic HIT solar panels are already selling in India with panel efficiency of up to 19.7% and cell efficiency of up to 22.09%. RenewSys Solar recently launched DESERV Galactic Ultra series of mono-facial modules with 505W peak output and 20.17% efficiency, making it India’s first to reach 505Wp. Vikram Solar’s monocrystalline panels have touched efficiency of 20.56%.

Lithium Battery - The storage costs are also expected to go down in the coming years, making rooftop solar more affordable in different countries. India will be prioritizing lithium battery manufacturing. The finance minister of India promised incentives to build large factories making solar cells, lithium battery storage, and electric vehicles. The government is offering financial incentives in the form of subsidies and duty cuts for indigenize lithium cell manufacturing, including a reduction of 50% in minimum alternate tax (MAT) and exemption from import and export duties.

Subsidy on Solar Panel Manufacturer & Lithium Battery - India’s MNRE recently announced production-linked incentives for solar panel and lithium battery manufacturing companies. The subsidy will be available to Indian as well as foreign companies manufacturing on the Indian soil. The Indian government plans to offer Rs 4,500 crore for solar modules and Rs 18,100 crore for batteries. It is also looking to impose a custom duty on solar cells as well as solar modules imported from China.

Production Capacity - In order to support domestic manufacturing, India has approved a PLI (production linked incentive) scheme for battery manufacturing and solar photovoltaic cells in India. The government will be working to triple the manufacturing capacity setting up   manufacturing capacity in India.

Past (2016 - 2020)

Costs Reduction - Solar technology is marked by falling prices and improving efficiencies throughout the world. Solar prices declined by nearly 8%-10% annually in the last decade. India solar prices have currently fallen to Rs.2 per unit from an earlier low of Rs.2.36 per unit in July this year. During 2015-16 prices for solar PV were around INR 6/kWh, with a total equipment cost of INR 6 crores/ MW. However, one year later, prices were seen in the range of INR 4.5-5.5 /kWh. Financing costs have also reduced in India.

Efficiency Improvement - The last decade witnessed economies to scale and grid parity being achieved in many places around the globe. Around H1 2016, Trina Solar, the large Chinese solar company with shipments globally, marked solar panel efficiency of 21.1% while the US solar giant SunPower was at ~24% and First Solar reached 22%.

New Technologies - In the past decade, silicon along with CIGs, Cd-Te were prevalent in the solar industry. The early part of the decade was marked by numerous technologies competing to take over the solar energy space of which silicon technology emerged as the winner. However, silicon technology is facing its limits with cell efficiency reaching 25% and market pressures are increasing to further lower the costs with higher efficiency.

Total Installations (in GW) - India currently has around 35GW solar installations. With the country aiming to install 100 GW by 2022, it has 65 GW to go. Out of the 35 GW, 31 GW are large-scale solar installations, while 4GW is rooftop solar. Total installed capacity was 5+ GW in India in 2015-16 and 12+GW in 2016-17.

Large Scale Solar Panel Manufacturers (in India), 2023

1. Vikram Solar

Vikram Solar is a leading manufacturer of PV solar modules in India. The company is headquartered in Kolkata. Vikram Solar has a rated annual PV Module manufacturing capacity of 1 GW. It manufactures both mono and bifacial modules and are available under the names Somera, Eldora and Soliva. It is also a fully forward-integrated Solar EPC solutions provider, with a track record of installing over 1355 MW of solar projects across India. The company also has a large international presence.

Official Website – www.vikramsolar.com

2. Waaree Solar

The company has a 2 GW module manufacturing facility in Surat and has a large presence across the solar power value chain. It manufactures both monocrystalline and multicrystalline solar panels. The company has experience with solar thermal and EPC utility grid projects as well. It provides EPC services, project development, rooftop solutions, and solar water pumps and also operates as an Independent Power Producer. The company also has a large international presence.

Official Website – www.waaree.com

3. Adani Solar

Adani Solar is a wholly owned subsidiary of Adani Enterprises Ltd., a leading industrial conglomerate in India. The company is developing the world’s largest greenfield solar manufacturing plant with a capacity of 1.2 GW at a single location. Adani Solar is also one of the 15 largest utility solar power developers in the world. The company is India’s largest solar cell and module manufacturer with 1.5 GW+ of cell and module capacity. 

Official Website – www.adanisolar.com

4. Goldi Solar

Goldi Solar is one of the leading solar panel manufacturers in India with an annual capacity of 500MW. The company strives to increase its capacity further to 1 GW. It is also a leading OEM supplier having a large national and international presence.

Official Website – www.goldi.one

5. RenewSys Solar

RenewSys is an integrated manufacturer of solar modules and key components like encapsulants, back sheets and solar PV cells. The company has two manufacturing facilities in India and supplies to over 40 countries worldwide. RenewSys plans to expand its annual encapsulant manufacturing capacity by 1.35 GW and back sheet production by 1 GW. The company recently launched DESERV Galactic Ultra series of mono-facial modules with 505W peak output and 20.17% efficiency, making it India’s first to reach 505Wp.

Official Website – www.renesys.in

Rooftop Solar Panel Manufacturers in India, 2023

1. Luminous Power

Luminous Power is a leading solar technology company in India.  The company has a large presence in the power backup, home electrical and residential solar space. Luminous provides both mono and multicrystalline solar panels in the below 100W to above 300 W range. The company’s panels are characterized by PID resistance, weather resilience, low-light performance, and advanced  EVA encapsulation.

Official Website – www.luminousindia.com

2. Microtek

Microtek is another leading power technology company in India. It is a leading power backup supplier and manufactures solar panels in the 50W-320W range. 

Official Website – www.microtekdirect.com

3. Loom Solar

Loom Solar is a fully integrated solar module manufacturing company with an annual manufacturing capacity of 100 MW. The company manufactures both polycrystalline (10-40 W) and monocrystalline (50-375 W) modules. These panels come with a 25-year limited warranty on 80% power output and 10-year limited warranty on materials or workmanship. Some features of the solar panels manufactured by Loom Solar include positive power tolerance, usage of 5 busbar technology, low-light performance and are PID resistant.

Official Website – www.loomsolar.com

4. Livguard

Livguard is another leading manufacturer of automotive batteries, inverters and inverter batteries, stabilizers, and residential solar solutions. The company manufactures solar panels ranging from 12V to 24V in both mono and polycrystalline makes.

Official Website – www.livguard.com

Large Scale Manufacturers in USA

1. SunPower

SunPower is the largest residential installer in the U.S. The company is known for its high efficiency panels (proprietary N-type monocrystalline silicon process)  featuring SunPower Maxeon cell technology. Its X-Series panels are 22.7% efficient. SunPower ranks #1 in commercial solar since 2017. Its commercial and residential solutions are also gaining traction. The company will keep investing in its Fab 4 facility which will make higher efficiency Maxeon 4 cells.

Official Website – us.sunpower.com

2. Tesla

Tesla is a leading clean energy company in the U.S. The company’s product portfolio includes electric cars, battery energy storage, solar products and related products and services. Tesla claims its solar roof to have “infinite warranty” and unbeatable strength as it is made up of quartz. Elon Musk’s concept of a complete solar roof makes its product unique in the market. Tesla Solar Roof is a building integrated PV (BIPV) product that seamlessly integrates into the roof shingles of your home. This solar roof will act both as a protective layer as well as solar panels that generate energy. It also ranks amongst the five largest battery companies in the world. 

Official Website – www.tesla.com

Rooftop Solar Panel Manufacturers in Germany

1. Panasonic

Panasonic is a pioneer in solar photovoltaic panel technology. Its high efficiency HIT technology delivers sleek design, power conversion, all-weather resistance and larger energy savings. It uses advanced bifacial cells that multiply energy output.

Official Website – na.panasonic.com

2. Large Scale Manufacturers in China

1. Trina Solar

Trina Solar is one of the largest Chinese vertically integrated solar panel manufacturers in the world founded. Trina Solar is estimated to reach a total module assembly nameplate capacity of 50GW by the end of 2021. The company manufactures for domestic distribution, captive consumption and also ships to more than 100 international key markets including the U.S, Europe, India etc. Trina Solar is a leading global PV module manufacturer and has delivered more than 56 GW of solar modules worldwide. The company also has a presence in the downstream project business. Trina Solar panels are known for both high quality and efficiency.

Official Website – www.trinasolar.com/us

2. Canadian Solar

Canadian Solar is a manufacturer of solar PV modules and provider of solar energy solutions. Though headquartered in Canada, the company has most of its manufacturing in China. It also has a geographically diversified pipeline of utility-scale power projects. Connecting over 1 GW of projects, Canadian Solar stands out as one of the leading solar developers globally. The company’s annual manufacturing capacity is 8,880MW for solar panels.

3. Jinko Solar

JinkoSolar is another huge Chinese solar company having a presence in the entire solar supply chain. The company has a good geographical reach and distributes its solar products to the US, Japan, Germany, UK, South Africa, India and other regions. The company’s annual capacity comprises Mono wafers – 11.5 GW, Solar cells – 10.6 GW and Solar modules – 16 GW. 

Official Website – www.jinkosolar.com

4. JA Solar

JA Solar is a vertically integrated solar company founded in May 2005 in China. It has eight production facilities worldwide. Its silicon wafer, cell and module production capacity is expected to reach 104GW in 2020. The company has achieved global shipments to the tune of 50 GW to date. The company sells its products in 135 key markets including China, Japan, the USA, Europe and others. JA Solar is known for its highly efficient products and is highly bankable.

Official Website – www.jasolar.com.cn/html/en/

5. Longi Solar

Longi Solar is the largest producer of mono solar wafers for the industry and now plans for a large downstream play in solar modules and cells through Lerri Solar. Solar Chinese solar company Longi has transformed the global solar industry by managing to produce monocrystalline solar ingots and wafers at a much lower cost than the overall industry and has almost single-handedly transformed the industry’s dominant technology. The company has been rapidly expanding capacity to take advantage of its low-cost production process and currently has more than 20 GW of solar wafer capacity. The company is all set to expand capacity to more than 50 GW over the next few years.

Official Website – en.longi-solar.com

REC Solar - Solar Panel Manufacture in Norway

REC Solar is headquartered in Norway and has manufactured 38 million solar panels to date.  It was founded in 1996 and has gained the reputation of a bankable solar panel manufacturer in the last two decades. Its REC Alpha panels deliver 20% more power than conventional solar panels.

Official Website – www.recgroup.com/en

LG - Solar Panel Manufacture in Korea

LG, the Korean Electronics Giant has also firmed up its plan in the Solar Energy Space. It is already selling solar modules in the South Korean and European markets and plans to have a 240 MW capacity by 2010 end. This will be rapidly expanded to a Gigawatt capacity by 2012.

Official Website – www.lg.com/in

Conclusion 

As solar energy has become mainstream,  many organizations have ventured into the solar business. With many solar companies now making to the list,  it becomes almost impossible for consumers to choose from a growing list. Solar involves a huge investment and it becomes important for consumers to pick companies that are capable of honouring their commitment. Solar panels come with a warranty of 25 years, hence customers should be aware of reputable brands before buying.  In this list we have tried to list down companies both in utility and rooftop area to help customers make the right choice.