2025年高效光伏组件报告（英文版）-

Overview&AnalysisofHighestEfficiencyCommercialSolarPanelsTOPSOLAR

MODULES2025Authors:Shravan

K.Chunduri,

MichaelSchmelaTaiyangNews

MODULES2025BCDistributedGenerationi

oiency

24.8%tcUpEffUtilityr

670WoeUp

tPowNogridlineonthefront

0BBonthebackAvoidinghotspots

Anti-shadingBifacial75%-80%+

On-Demand30yearsoflower

degradation3This7th

editionoftheTOPSOLAR

MODULES

Analysis

marksthecompletionof4yearssincewestartedpublishingthe

monthlyfeature–TaiyangNewsTOPSOLAR

MODULES.Thisfeatureaimstolistthecommerciallyavailablehigh-efficiencymodulesfromleading

integratedsuppliersacrossallmainstreamcelltechnologies.Since

it

is

impracticalto

maptheentire

pastdata,which,

ifrequired,can

beaccessedfromourpreviousreports,

this

report

considers

thedatafromthelast24

editionsoftheTOP

SOLARMODULESeditions.What

hasalso

notchanged

isthat

theefficiencyremainedthe

key

basisfortheanalysis.

Several

parameters,suchastoprankings,

progress

of

products

indifferentefficiencypockets,and

efficiency

developmentswithinacelltechnologystream.Over

the

evaluation

period

from

January

2024

toDecember2025,while

the

number

of

productsdecreased

considerably

from55to45,the

numberofsuppliersforthesemodulesincreased

marginally

to33.Thedip

is

mainly

because

morecompanies

arefocusingonthelatesttechnologies

and

ceasing

developmentandcommercialactivitiesfor

PERC.These

productsare

being

phasedoutandare,therefore,excludedfromourlisting

(seeChapter4.1).Speakingofthetop3ranks,traditionally,

this

has

been

exclusiveto

BC.

Even

inthis

report,thetop2

ranksarestill

held

by

BC,while,forthefirsttime,TOPCon

is

partofthisclubat3rd

rank.

It

is

important

to

note

that

module

makersarecontinuingtopush

the

limits

and

inchingtowardthepracticallimit

ofcrystalline

silicon

modules,with

progressremainingconsistent.

Bytheend

of2025,the

TOP

SOLAR

MODULES

list

featured2commercialmoduleproductswith

efficiencies

above

24.5%(see

chapter4.2).The

top

efficiencies

of

eachtechnologyarealsoequally

interesting:

BC

naturallyleads

with24.8%,TOPCon

with23.7%,

HJT

with23.5%,and

PERC

with21.7%(see

chapter4.3).Toeasetheanalysis,the

listed

productsare

groupedinto4efficiency

bands:

>22.5%,

>22.0%-22.5%,>21.7%-22.0%,and21.5%-21.7%.Chapter5

details

thecollective

progressofeachband

andthe

progress

ofthe

productslisted

ineachband.

An

importanttrendis

that

the

highest-efficiency

band

(>22.5%)was

theleast

represented

intermsofthe

numberofproducts

2yearsagoand

has

now

becomethe

most

populous

band.

Itsshare

inoverall

products

listed

intheTOPSOLAR

MODULES

increasedfrom

16%

inJanuary2024to47%

in

December2025.The

lowest-efficiencyrange(21.5%-21.7%),on

the

other

hand,

is

goingthrough

an

inverse

cycle

of

this

trend.The

21.7%-22.0%band

remained

the

least

represented,while

the>22.0%-22.5%band

serves

as

a

quick

stopover

beforethe

productsareupgradedtothe

next

band.Analyzingefficiencyprogress

bycelltechnologyadds

another

layer

of

insight.

By

the

end

of2025,TOPConemergedastheleading

technology,witha44%share,followed

by

PERC

at29%and

HJT

at20%.

BCremainedtheleast

representedtechnology

at7%,underscoringits

exclusivity

and

the

challenges

ofcommercializingit(seechapter6).The

chapter

also

detailsthe

individual

productdevelopmentlistedunder

eachcelltechnology.This

reportalsofeaturesahigh-level

review

of

module

powerratings.Weevaluatepower

development

in

2

ways:

bytrackingthetop3power

ratings

overall

and

bytracking

powerprogressforeachcelltechnology.

Historically,

HJThas

ledtheTOPSOLAR

MODULES

listing

inabsolute

power.

However,thisleadershipbecame

non-exclusive

in

H22025,when

TOPConmatched

HJT

at

the730W

level

(see

chapter7).Finally,Chapter8

compilesacompany-wisesummary

ofalllistedmodules,

presentingtheir

respectiveefficiencyandpowerstandings

at

a

glance.ExecutiveSummaryShravan

K.ChunduriHeadofTechnology,TaiyangNewsshravan.chunduri@t+91996

327

0005Hyderabad,

IndiaMichaelSchmelaManaging

Director,TaiyangNewsmichael.schmela@+49

173

1570

999Duesseldorf,Germanyt

EnjoyreadingourreportonTOP

SOLAR

MODULES

2025.TOPSOLAR

MODULES2025

|TaiyangNews34TaiyangNews

|TOPSOLAR

MODULES2025ABC

490w

TOPCon455WAtthesameunitCAPEXpriceAIKO

delivers

+7.7%higher

profit.ABC490W

For

the

Same

Roof

1762x1134mm

＜2㎡

DualGlassBlackframeContents©TaiyangNews2025Allrights

reserved.TOPSOLAR

MODULES2025ISBN978-3-949046-35-3Thetext,

photosandgraphsinthisreport

are

copyrighted

(cover

photo

credit:LONGi).TaiyangNewsdoesnotguaranteereliability,accuracy

or

completeness

ofthisreport'scontent.TaiyangNewsdoesnotaccept

responsibility

or

liability

for

anyerrorsin

thiswork.Publisher:TaiyangNews

UG(haftungsbeschraenkt)DeikerStr.

2440468

Duesseldorf,Germany•

LONGi

p.02•

AIKOp.04•

Huasunp.06•

JASolarp.

13•

JinkoSolar

p.

16•

DMEGCp.20•

Trinasolar

p.25•

GCLSIp.

31•

TongweiSolarp.38•

Risen

p.45•HANGZHOU

FIRSTp.

50•

DKEMp.

54•

Solametp.

60•

Cybridp.68•

SNEC

p.

81

04

TOP

SOLAR

15MODULE

Leaders•

CountofCompanies

&

Products•

Top3

Efficiencies•Top

Efficiency

of

Each

Cell

TechnologyModule

Efficiency22Developments•

Efficiencies>22.5%•

Efficiencies>22–22.5%•

Efficiencies>21.7–22%•

Efficiencies21.5–21.7%

08

Company-wise59

ProgressEfficiency

Progress

of

36CellTechnologies•

BC

•

TOPCon•

HJT

•

PERC

01

Introduction

07

02

Badge

of

09ExcellencePower

53•

Top3

Power

Ratings•Top

Power

of

Each

Cell

Technology

03

Methodology

14MonthlyTOPSOLAR

69MODULES

ListingsTOPSOLAR

MODULES2025

|TaiyangNews5070506AnnexAdvertisers:6TaiyangNews

|TOPSOLAR

MODULES2025Afewyearsago,discussionsaroundsolarperformancelargelycenteredoncell

efficiency.Today,thefocus

hasshifted.

Moduleefficiencyandmodulepowerhave

increasinglyemerged

asthemorereliablemetricsforcomparingtechnologiesandproducts.Thisshiftislogical.The

module

is

the

finalcommercialproductdeliveredtothe

market,whilecell-level

performance

is

nowlargelyaninternalbenchmark,especiallyasmanufacturerscontinuetomovetowardgreaterverticalintegration.

Efficiencyisauniquemetricthatspeaks

to

cost,

quality,

technicaladvancements,andperformanceofthesolarproduct.

Itnowrepresentsanother

differentiator.Atthesametime,rising

price

pressure

andtheprevailingovercapacityhaveledtoa

growing

numberofannouncementsaroundhigh-efficiencyproducts.Thisraisesanimportant

question:

how

many

oftheseannouncementstranslateintomodules

thataregenuinelyavailableinthe

market?

Separatingcommerciallyrelevantproductsfromaspirationalclaimshasthereforebecome

increasingly

important.ThisiswhereTaiyangNews

TOPSOLAR

MODULESfeatureplaysarole.

Instead

offollowing

a

bottom-upapproachthattracksindividual

product

launchesandtheircommercializationtimelines,thelistingadoptsatop-downperspective.

Itfocusesonthehighestefficienciesachieved

by

modulesalreadycommerciallyavailable,categorizedbycelltechnologyandsupplier.

Launchedin

2022andupdatedona

monthly

basis,TOP

SOLARMODULEStracksreal-worldprogress

in

high-efficiencymodules.

Eacheditionincludes

a

curateddatatable,performancegraphs,asummary

article,andananimationvideo,all

publishedon

theTaiyangNewswebsite.The

December2025updateisthe48th

consecutivemonthlyeditionofthisfeature,representing4yearsofcoverage.Asavalueadd,TaiyangNewsstartedanotherEfficiency

Benchmark

Update:

In

December2025,the

highestrecordedcommercialmoduleefficiencyreached24.8%,exceedingtheprevious

benchmark.The

7th

TOPSOLAR

MODULESanalysisshowsan

increase

inthe

numberofTOPConbasedsolarmodules.1.

IntroductionTOPSOLAR

MODULES2025

|TaiyangNews7Source:

TaiyangNews©2025initiative,calledtheTOPSOLAR

MODULES

BadgeofExcellence,in2023.The

badge

is

awardedtomanufacturersthat

rank

inthetop

10foratleast

6monthswithinacalendaryear,recognizingsustainedperformanceratherthanisolated

results.Whileeachmonthlyedition

providesa

snapshotofefficiencyprogressacrosscompanies

andtechnologies,reviewingthemcollectivelyovertimerevealsinterestinginsightsand

broadertrends.Thisreportconsolidatesthoseinsights.TaiyangNewsbeganpublishingsuchin-depth

analyseswith

anannualsummaryfor2022,followedby

biannualreportsfrom2023onward.Thepresent

publicationrepresentsthe7th

editionofthis

reportseries.Consistentwiththepreviousannualsummary,thedatascopeofthisreport

is

limited

to

the

mostrecent24editions,coveringtheperiod

from

January2024to

December2025.Theanalyticalframeworkalsoremainsunchanged.The

reportevaluatesefficiencyprogressacrossdefinedefficiency

bandsandcelltechnologies.

Inaddition,it

includes

a

high-levelreviewofmodule

powertrendsand

examinesperformancedevelopmentsatthecompany

level.8TaiyangNews

|TOPSOLAR

MODULES2025TaiyangNewsTOPSOLAR

MODULES2025TOP

10MaxeonT-ina

solarAsanextensionandvalueaddition

to

theTOPSOLAR

MODULESinitiative,TaiyangNewsstartedthe

BadgeofExcellencescheme

in2023.

It

isaimedtodistinguishmodule

manufacturersthatdemonstratesustainedleadershipin

theTOPSOLAR

MODULESranking,atestimonialforcommercialmoduleefficiencies.This

badge

isawardedtocompaniesthatfeatureinthe

top

10foratleast6

months

ina

calendaryear

and

reflectsconsistencyincommercialexecution,

productavailability,andefficiencyprogression.Thefollowingarethewinnersofthe

BadgeofExcellencefortheyear2025:AIKO,

Astronergy,

DMEGCSolar,

Huasun

Energy,JASolar,JinkoSolar,

LONGi,

Maxeon,TongweiSolar,andTrinasolar.Anawardeelastyear,SPIC

loses

out

this

timearoundas

itonlyfeaturedinthe

top

10

for4

months,fallingshortofthe6-monthqualificationthreshold.Trinasolarearnsinclusioninstead,

having

mettheminimum

requirement

by

being

inthetop

10for8monthsduringtheyear.AIKO

ranked

No.

1

inthetop

10every

monthoftheyear,withnochangein

rank

from

January

throughDecember.

AIKOdidnotsharethetop

positionwithanyothercompanyatany

point.The

highest

andlowestrankrecordedfor

AIKOduring

the

yearwas

No.

1.Astronergyalsofeatured

inthetop

10all

12

months

oftheyear.

It

ranked7th

inJanuaryand

February,

risingto5th

from

Marchto

May.

Its

rankingfell

inJuneto6th,7th

inJuly

and

August,

back

upto

6thinSeptember,anddownto

8th

in

October

andNovember.

Bytheendoftheyear,

itwentup

againto5th.Overtheyear,

Astronergyshighest

rankwas

No.5,and

its

lowest

rankwas

8.DMEGCSolarappeared

inthetop

10forall

12months.

Ranked9th

inJanuaryand

February,

itmoved

upto5th

between

Marchand

May.Thecompanysrankingslippedto6th

inJune

andto10th

inSeptember,before

bouncing

back

upto

5th

inOctober.

Itslippedagain

byone

position

to

6th

inDecember.Thehighestrank

recordedfor

DMEGC

was

No.5,while

its

lowest

rankwas

No.

10.Huasun

Energy,aleaderin

heterojunction

(HJT)technology,figuredinthetop

10throughout2025.2.

Badgeof

ExcellenceTOPSOLAR

MODULES2025

|TaiyangNews9Source:

TaiyangNews©2025Itoccupied4th

rankcontinuouslyfrom

JanuarythroughSeptember,resultingin

an

uninterruptedpresenceatthispositionfor9

months.

From

October

to

December,

Huasun

movedtothe5th

rank,withJinkoSolarreplacingitat4th.

Across

the

year,Huasunshighestrankwas4,whilethe

lowestwas

5th.Althoughnotalwaysatthe

same

rank,JASolar

also

appeared

inthetop

10forall

12

months.

Itranked

5th

throughthefirsthalfoftheyear,then6th

fromJuly

toSeptember.JASolarrosebackto

5th

overthe

next

2months,beforeslippingagainto

6th

in

December.JASolarsrankinghasbeen

changing

between

the

5th

and6th

place

intheyear.LONGiappeared

inthetop

10forall

12

months.Ranking3rd

inJanuaryand

February,

it

movedto

No.2

in

March,aspot

itsharedwith

Maxeon

until

May.FromJunethrough

December,

LONGioccupiedtheNo.2rankexclusively,with

nofurther

rank

changes.Maxeonfeatured

inthetop

10for

10

monthsbeforebeingdelisted.

Itoccupiedthe2nd

rankexclusively

inJanuaryand

February,whilesharingitwith

LONGi

from

Marchto

May.

InJune,thecompany

movedtorank3.

MaxeonwasdelistedfromtheTOPSOLARMODULES

Novemberlisting,duetounavailability

of

datasheet.TongweiSolars

HJTmodulessustainedthecompanys

presence

inthetop

10for9

months.Consistentlyranking5th

forthefirst

5

monthsoftheyearand6th

inJune,itslippedto

8th

in

July

andAugust.Thecompanyfellto

10th

inSeptember,andwasoutofthetop

10fromOctoberonwards,

butitstillqualifiesforthe

BadgeofExcellence.ThecompanysTOPConmodulewasalsopartofthetop10fromJanuaryto

April,ranking

between9th

and10th,

butoutofthetop

10inthe

subsequent

months.

Tongweis

HJTmodulewasrankedbetween

5th

and

10th.Trinasolarfeatured

inthetop

10for8months,withappearancesconcentratedinthe

middle

andlatterpartoftheyear.

Itenteredthe

top

10

in

Mayat5th.Therankingfellconsistently

inthe

followingmonths:6th

inJune,8th

in

July

and

August,

and

10th

inSeptember.

Following

Maxeonsexit,Trinasolarmoved

into

No.3,a

position

it

held

in

NovemberandDecember.Thehighestrankachieved

byTrinasolarduringtheyearwas

No.3,whileits

lowestwas

No.

10.JinkoSolarappearedinthetop

10for6

months,justqualifyingforthe

BadgeofExcellence.Thecompanywasranked5th

fromJulythrough

September,thenmovedupto4th

fromOctoberto

December,

replacing

Huasun.TopSolarModules2025

BadgeofExcellence

WinnersTOPSolar

Modules2025MaxeonHighestEfficiencyCommercial

SolarModuleswww.taiyangnTOPSolar

Modules2025DMEGC

SolarHighestEfficiencyCommercial

SolarModuleswww.taiyangnTOPSolar

Modules2025Tongwei

SolarHighestEfficiencyCommercial

SolarModuleswww.taiyanTOPSolar

Modules2025HuasunHighestEfficiencyCommercial

SolarModuleswww.taiyanTOPSolar

Modules2025JinkoSolarHighestEfficiencyCommercial

SolarModuleswww.taiyanTOPSolar

Modules2025AstronergyHighestEfficiencyCommercial

SolarModuleswww.taiyanTOPSolar

Modules2025AIKOHighestEfficiencyCommercial

SolarModuleswww.taiyanTOPSolar

Modules2025JASolarHighestEfficiencyCommercial

SolarModuleswww.taiyanTOPSolar

Modules2025TrinasolarHighestEfficiencyCommercial

SolarModuleswww.taiyanTOPSolar

Modules2025LONGiHighestEfficiencyCommercial

SolarModuleswww.taiyan10TaiyangNews

|TOPSOLAR

MODULES2025TOPSOLAR

MODULES2025

MonthlyTOP10CompaniesRankJanuaryFebruaryMarchAprilMayJune12MaxeonMaxeonMaxeonMaxeonMaxeon3Maxeon45A

SOLARA

SOLAR678S9⃞Grands

une

rgy⃞Grands

une

rgy10⃞Grands

une

rgyJetionSolarTOPSOLAR

MODULES2025

|TaiyangNews

11ource:

TaiyangNews©2025Continued

From

Page

11JulyAugustSeptemberOctoberNovemberDecemberMaxeonMaxeonMaxeonMaxeonJA

SOLARA

SOLARA

SOLARSOLARDAH

SolarT-na

solarD

SOLARDAH

Solar12TaiyangNews

|TOPSOLAR

MODULES2025Source:

TaiyangNews©2025Redefine

SolarExcellenceMax.Output

Max.Eff.85%Temp.

Coef.

Ultra-LowDeg.HighResilienceExcellentLowbifaciality-0.26%/°C

1%

Yr1

,0.35%p.a.to

ShadingIrradianceResponse

maT

OtLiA

O@DUS

0o25la|T

iy.

n

Nmews

13www.jasolBeforedelvingintothespecifics,the

followingprovidesbackgroundinformationonthe

methodologyandselectioncriteria:moduleefficiencies

have

beenimprovingconsiderablyinrecent

years.

In

ordertomakethelistrewardingfortechnically

advancedproducts,wesettheminimumefficiency

of21.5%asthecriteriontofeatureamongtheTOPSOLARMODULES.Wehavelistedonlythe

top

commercially

availablemodulesfromeachcelltechnologystreamofamodulemaker.

Forexample,supposea

companyoffers2productsbased

on

PERCtechnology

withefficienciesexceeding21.5%.

Inthatcase,onlythehigher-efficiencyoptionisconsideredforthis

list.But

ifit

has2different

products

basedon

PERCandTOPConwithefficienciesof21.5%orabove,thenbothproductsare

listed.

Efficiency

is

the

onlycriterionforrankinginthe

list

(wheneveravailable

inthespecs,wehaveused

2

digits

afterthe

decimalpointforefficiencies,otherwiseone).

However,asweseeproductswiththesameefficiency

moreoften,powerdeterminestheorderinthiscase.

Andwhenbothefficiencyandpowerare

the

same,we

list

themanufacturersalphabetically.Thelistdoesnot

distinguish

between

differentmoduleformats.

Alltypicalmodulesizes

usedinrooftopandground-mountedsolar

systemapplicationsareincludedandtreated

equally,

ascompaniesincreasinglyuse

largermodules

evenforrooftopapplications.Weonlylist

modulesthat

are

based

onthemanufacturerscellsproducedin-house,whichmeansmodulesusingexternally

sourced

cellsarenotfeaturedintheTOP

SOLAR

MODULESlist.

Havingthecompletedatasheet

listedon

itsmanufacturer’swebsiteisthefirststepfora

moduletobeconsideredacommercially

available

product.Assuch,theefficiencyand

powerdata

listed

herearetakenfromthedatasheetsavailableontherespectivecompanyswebsite.Thisalsomeansthatanynewproduct

announcementswithoutfinaltechnicaldatapublishedare

not

included

inthe

list,astheirmodulespecsoftendifferconsiderably

fromtheproductsthatarefinallyavailablefor

purchase,andsomeproductspresented

at

tradefairs

do

notevenseecommercial

lightat

all.However,justtheexistenceofanonlinedatasheetgenerallydoesnotsuffice,

especiallyfortopefficienciesintherespectivetechnology

stream.

Ifmodulespecslistedonthewebsites

seemto

have‘conspicuously’highefficienciesornew

record-efficiencyproductsareannounced,we

askforadditionalproofofcommercializationbeforewe

includea

product

inthe

list.3.

Methodology14TaiyangNews

|TOPSOLAR

MODULES2025Withyesterdaysadvancedtechnologies,suchasTOPCon,becomingmainstream,several

leadingmanufacturershaveceaseddevelopmentactivitiesandafewhaveevenstopped

commercial

activitiesaltogether

with

PERC.Thus,thedelistingofPERCproductsisoneofthe

most

prominentchanges.Startingfromwhereweleftoffinthe

previous

report,H22025beganwith50

products

listed

under

33manufacturers.Overthese6months,

7

modulesweredelisted,and

1new

companywas

addedtothe

list.

InJuly2025,a

PERC

modulefrom

EGINGPVwasremoved.Thisdid

not

impactthe

numberoflistedcompanies,asitwas

the

manufacturerssecondproductonthelist.The

first

addition

to

occur

in

H22025was

DAHSolarsTOPConproduct

inSeptember.Thefollowingmonthmarked

a

morepronouncedcontraction,with2productsdelisted,includingaTOPConmodulefromQn-SOLAR

anda

PERCmodulefromJASolar.

Afurtherreductionfollowedin

November,whenalongstanding

BCmodulefrom

MaxeonSolarwasremovedfromthe

listing.

Inthesame

month,a

PERCmodule

fromEfficiency

isatthecoreofTaiyangNewsTOPSOLAR

MODULESlisting,withcompaniesbeingrankedaccordingtotheirtopproductefficiencies.Trackingtheserankingsovertime

reveals

notonlyhowtheindustry’sefficiency

benchmarks

haveadvancedduringthisperiod,but

also

the

companiesthathavebeenat

the

forefront

of

pushing

thoselimits.To

reflectthis,ouranalysisexamines

howtheoveralltop3efficiencieshave

progressed

overthescopeofthisreport,i.e.,the

last

24

months.

Whileheadlineefficiencynumberstell

partofthestory,theunderlyingcellarchitecture

isthe

most

critical

inenablingthesehighlevels.Thus,we

also

analyzedhowthetop3ofeachoftodaysmainstream

celltechnologyBC,TOPCon,

HJT,and

PERC

basedmodules

have

progressed

inthelast2years.4.1CountofCompanies&

ProductsTosetthecontextfortheanalysisthat

follows,here

isaquicksnapshotof

howtheTOP

SOLARMODULESlandscapehasevolved

overthe

last2years,especiallywithrespecttothe

count

ofcompaniesaswellas

listed

products.33

322024ListingsinFlux:Monthlycountof

products

and

companies

listed

in

the

TOP

SOLAR

MODULES

rankingfor2024/2025showsagradualcontraction

intotal

productstoward

H22025,while

the

numberofparticipatingcompaniesremainedat

33.55

56

57

56

55

54

5350

51

50

51

4947454.TOPSOLARMODULESLeadersTOPSOLARMODULESProducts&Companies

Count一2024/

2025Source:

TaiyangNews©2025Products

Companies332025TOPSOLAR

MODULES2025

|TaiyangNews156555453525155-5NumberMayMayAugAugSepSepAprAprMa

rMa

rNovNovDecDecFebFebJunJunOctOctJanJanJu

lJu

l32343316TaiyangNews

|TOPSOLAR

MODULES2025Overall,thereisanapparent

disconnect

betweenchangesinthenumberof

products

and

suppliers.Thisindicatesthatmore

manufacturersexpandedtheirportfoliosacrossmultipletechnologies

toachievemoduleefficienciesabove21.5%.

On

theotherhand,thislist

isshrinking

as

more

and

morecompanieswithdrawtheirPERCproducts.Thenumberofcompanieslistedunder2

celltechnologystreamsduringthesecondhalfof2025totaled

10and

1representedin3-technology

streams.

DuringH12025,

17companiesofferedmodule

productsbasedon2differenttechnologies,while

1companywasrepresentedacross3

technologies.Throughout2024,atotalof

19companieswererepresentedin2technologystreams.The

numberdippedto

17during

H12025withtheomission

ofAkcomeandthedelistingofPERC

productsfromRisen.Thenumberofcompaniesfeaturingproductsacross3differentcelltechnologiesdecreasedfrom3to

1during2024.Tongwei

Solar,

previouslypartofthiscategory,exitedthe

PERCsegment

inAugust2024,whileCanadianSolarexitedthe

HJTcategory

in

March2024,leaving

URECOastheonlycompanywithlistingsacross3technologiesfortheremainderof2024,aswellasforH1

2025.

In

2023,11companiesofferedmodules

using2technologies,

typically

PERCandTOPConor

HJT.

Nocompanyhadproductsacross3technologies

that

year.4.2Top3

EfficienciesInadditiontoreflectingthe

highest

commercialmoduleefficienciesachievedby

leadingsuppliers,theTOPSOLAR

MODULESrankingsandthisanalysisalsocapturehowefficiency

benchmarkshaveadvancedovertime.Viewedthroughthislens,theprogressofthetop3

efficiencies

offersparticular