China’s JinkoSolar shipped the most photovoltaic modules in 2018, according to analysis by GlobalData.
JinkoSolar came first with 11.6GW of PV modules, while JA Solar ranked second with 8.8GW.
The majority of the companies featured in the table are based in the Asia-Pacific.
GlobalData’s latest report, ‘Solar PV Module, Update 2018′, estimates that 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.
Factors cited include market saturation, reduction in subsidies and a drop in module prices.
However, JinkoSolar has managed this decline and remained committed to the initial shipment guidance by expanding and supplying in overseas markets and stands to benefit from the Chinese recovery and improved market demand, the report observes.
GlobalData power practice head Ankit Mathur said: “JinkoSolar has shown a great character in holding its leading position by managing the supply at a time when the Chinese government slashed incentives.
“The core reason for its recovery is the diversification of business in overseas markets, rather than limiting itself to the local market.”