2025年高效光伏组件报告 TOP SOLAR MODULES 2025-TaiyangNews

TOPSOLARMODULES2025

Overview&AnalysisofHighest

EfficiencyCommercialSolarPanels

Authors:ShravanK.Chunduri,MichaelSchmela

B

C

Utility

r670W

DistributedGeneration

ioiency24.8%

30yearsoflower

degradation

Nogridlineonthefront

0BBontheback

Avoidinghotspots

Anti-shading

Bifacial75%-80%+

On-Demand

3

TaiyangNewsMODULES2025

ExecutiveSummary

This7theditionoftheTOPSOLARMODULESAnalysismarksthecompletionof4yearssincewestarted

publishingthemonthlyfeature–TaiyangNewsTOP

SOLARMODULES.Thisfeatureaimstolistthe

commerciallyavailablehigh-efficiencymodulesfrom

leadingintegratedsuppliersacrossallmainstream

celltechnologies.Sinceitisimpracticaltomapthe

entirepastdata,which,ifrequired,canbeaccessed

fromourpreviousreports,thisreportconsidersthe

datafromthelast24editionsoftheTOPSOLAR

MODULESeditions.Whathasalsonotchangedisthattheefficiencyremainedthekeybasisfortheanalysis.Severalparameters,suchastoprankings,progressofproductsindifferentefficiencypockets,andefficiencydevelopmentswithinacelltechnologystream.

OvertheevaluationperiodfromJanuary2024to

December2025,whilethenumberofproducts

decreasedconsiderablyfrom55to45,thenumberofsuppliersforthesemodulesincreasedmarginallyto33.ThedipismainlybecausemorecompaniesarefocusingonthelatesttechnologiesandceasingdevelopmentandcommercialactivitiesforPERC.

Theseproductsarebeingphasedoutandare,

therefore,excludedfromourlisting(see

Chapter4.1

).

Speakingofthetop3ranks,traditionally,thishasbeenexclusivetoBC.Eveninthisreport,thetop2ranks

arestillheldbyBC,while,forthefirsttime,TOPConispartofthisclubat3rdrank.Itisimportanttonotethatmodulemakersarecontinuingtopushthelimitsandinchingtowardthepracticallimitofcrystallinesiliconmodules,withprogressremainingconsistent.Bytheendof2025,theTOPSOLARMODULESlistfeatured2commercialmoduleproductswithefficienciesabove24.5%(see

chapter4.2

).Thetopefficienciesofeachtechnologyarealsoequallyinteresting:BCnaturallyleadswith24.8%,TOPConwith23.7%,HJTwith

23.5%,andPERCwith21.7%(see

chapter4.3

).

Toeasetheanalysis,thelistedproductsaregroupedinto4efficiencybands:>22.5%,>22.0%-22.5%,

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

Chapter5

detailsthecollectiveprogressofeachbandandtheprogressoftheproductslistedineachband.Animportanttrendisthatthehighest-efficiencyband(>22.5%)wasthe

leastrepresentedintermsofthenumberofproducts2yearsagoandhasnowbecomethemostpopulousband.ItsshareinoverallproductslistedintheTOP

SOLARMODULESincreasedfrom16%inJanuary

2024to47%inDecember2025.Thelowest-efficiencyrange(21.5%-21.7%),ontheotherhand,isgoing

throughaninversecycleofthistrend.The21.7%-

22.0%bandremainedtheleastrepresented,whilethe>22.0%-22.5%bandservesasaquickstopoverbeforetheproductsareupgradedtothenextband.

Analyzingefficiencyprogressbycelltechnology

addsanotherlayerofinsight.Bytheendof2025,

TOPConemergedastheleadingtechnology,with

a44%share,followedbyPERCat29%andHJTat

20%.BCremainedtheleastrepresentedtechnologyat7%,underscoringitsexclusivityandthechallengesofcommercializingit(see

chapter6

).Thechapteralsodetailstheindividualproductdevelopmentlistedundereachcelltechnology.

Thisreportalsofeaturesahigh-levelreviewofmodulepowerratings.Weevaluatepowerdevelopmentin2ways:bytrackingthetop3powerratingsoverallandbytrackingpowerprogressforeachcelltechnology.Historically,HJThasledtheTOPSOLARMODULESlistinginabsolutepower.However,thisleadership

becamenon-exclusiveinH22025,whenTOPConmatchedHJTatthe730Wlevel(see

chapter7

).

Finally,

Chapter8

compilesacompany-wisesummaryofalllistedmodules,presentingtheirrespective

efficiencyandpowerstandingsataglance.

tEnjoyreadingourreportonTOPSOLARMODULES2025.

MichaelSchmela

ManagingDirector,TaiyangNews

michael.schmela@

+491731570999

Duesseldorf,Germany

ShravanK.Chunduri

HeadofTechnology,TaiyangNews

shravan.chunduri@

+919963270005Hyderabad,India

TOPSOLARMODULES2025|TaiyangNews3

ABC490wTOPCon455W

AtthesameunitCAPEXprice

AIKOdelivers+7.7%higherprofit.

ABC490W

FortheSameRoof1762x1134mm＜2㎡

DualGlassBlackframe

4TaiyangNews|TOPSOLARMODULES2025

TOPSOLARMODULES2025|TaiyangNews5

Contents

03

Methodology14

02

Badgeof09

01

Introduction07

Excellence

06

05

04

EfficiencyProgressof36

CellTechnologies

•BC•TOPCon

•HJT•PERC

ModuleEfficiency22

Developments

•Efficiencies>22.5%

•Efficiencies>22–22.5%

•Efficiencies>21.7–22%

•Efficiencies21.5–21.7%

TOPSOLAR15

MODULELeaders

•CountofCompanies&

Products

•Top3Efficiencies

•TopEfficiencyofEachCell

Technology

07

Annex

08

MonthlyTOPSOLAR69

MODULESListings

Power53

•Top3PowerRatings

•TopPowerofEachCell

Technology

Company-wise59

Progress

Advertisers:

•

LONGip.02

•

AIKOp.04

•

Huasunp.06

•

JASolarp.13

•

JinkoSolarp.16

•

DMEGCp.20

•

Trinasolarp.25

•

GCLSIp.31

•

TongweiSolarp.38

•

Risenp.45

•

HANGZHOUFIRSTp.50

•

DKEMp.54

•

Solametp.60

•

Cybridp.68

•SNECp.81

©TaiyangNews2025

Allrightsreserved.

TOPSOLARMODULES2025

ISBN978-3-949046-35-3

Thetext,photosandgraphsinthisreportarecopyrighted(coverphotocredit:

LONGi).TaiyangNewsdoesnotguaranteereliability,accuracyorcompletenessofthisreport'scontent.TaiyangNewsdoesnotacceptresponsibilityorliabilityforanyerrorsinthiswork.

Publisher:

TaiyangNewsUG(haftungsbeschraenkt)DeikerStr.24

40468Duesseldorf,Germany

6TaiyangNews|TOPSOLARMODULES2025

TOPSOLARMODULES2025|TaiyangNews7

1.Introduction

Afewyearsago,discussionsaroundsolar

performancelargelycenteredoncellefficiency.

Today,thefocushasshifted.Moduleefficiencyandmodulepowerhaveincreasinglyemergedasthe

morereliablemetricsforcomparingtechnologiesandproducts.Thisshiftislogical.Themoduleisthefinalcommercialproductdeliveredtothemarket,while

cell-levelperformanceisnowlargelyaninternal

benchmark,especiallyasmanufacturerscontinuetomovetowardgreaterverticalintegration.Efficiencyisauniquemetricthatspeakstocost,quality,technicaladvancements,andperformanceofthesolar

product.Itnowrepresentsanotherdifferentiator.

Atthesametime,risingpricepressureandthe

prevailingovercapacityhaveledtoagrowingnumberofannouncementsaroundhigh-efficiencyproducts.Thisraisesanimportantquestion:howmanyof

theseannouncementstranslateintomodulesthataregenuinelyavailableinthemarket?Separating

commerciallyrelevantproductsfromaspirational

claimshasthereforebecomeincreasinglyimportant.

ThisiswhereTaiyangNews’TOPSOLARMODULESfeatureplaysarole.Insteadoffollowingabottom-

upapproachthattracksindividualproductlaunchesandtheircommercializationtimelines,thelisting

adoptsatop-downperspective.Itfocuseson

thehighestefficienciesachievedbymodules

alreadycommerciallyavailable,categorizedby

celltechnologyandsupplier.Launchedin2022

andupdatedonamonthlybasis,TOPSOLAR

MODULEStracksreal-worldprogressinhigh-

efficiencymodules.Eacheditionincludesacurateddatatable,performancegraphs,asummaryarticle,andananimationvideo,allpublishedonthe

TaiyangNewswebsite.TheDecember2025updateisthe48thconsecutivemonthlyeditionofthisfeature,representing4yearsofcoverage.

Asavalueadd,TaiyangNewsstartedanother

Source:TaiyangNews©2025

EfficiencyBenchmarkUpdate:InDecember2025,thehighestrecordedcommercialmoduleefficiencyreached24.8%,exceedingthepreviousbenchmark.The7thTOPSOLARMODULESanalysisshowsanincreaseinthenumberofTOPConbasedsolarmodules.

initiative,calledtheTOPSOLARMODULESBadgeofExcellence,in2023.Thebadgeisawardedto

manufacturersthatrankinthetop10foratleast6

monthswithinacalendaryear,recognizingsustainedperformanceratherthanisolatedresults.

Whileeachmonthlyeditionprovidesasnapshot

ofefficiencyprogressacrosscompaniesand

technologies,reviewingthemcollectivelyovertimerevealsinterestinginsightsandbroadertrends.Thisreportconsolidatesthoseinsights.TaiyangNews

beganpublishingsuchin-depthanalyseswithanannualsummaryfor2022,followedbybiannual

reportsfrom2023onward.Thepresentpublicationrepresentsthe7theditionofthisreportseries.

Consistentwiththepreviousannualsummary,

thedatascopeofthisreportislimitedtothemost

recent24editions,coveringtheperiodfromJanuary2024toDecember2025.Theanalyticalframeworkalsoremainsunchanged.Thereportevaluates

efficiencyprogressacrossdefinedefficiencybandsandcelltechnologies.Inaddition,itincludesahigh-levelreviewofmodulepowertrendsandexaminesperformancedevelopmentsatthecompanylevel.

8TaiyangNews|TOPSOLARMODULES2025

TOPSOLARMODULES2025|TaiyangNews9

2.BadgeofExcellence

AsanextensionandvalueadditiontotheTOP

SOLARMODULESinitiative,TaiyangNewsstartedtheBadgeofExcellenceschemein2023.Itis

aimedtodistinguishmodulemanufacturersthat

demonstratesustainedleadershipintheTOP

SOLARMODULESranking,atestimonialfor

commercialmoduleefficiencies.Thisbadgeis

awardedtocompaniesthatfeatureinthetop10foratleast6monthsinacalendaryearandrelects

consistencyincommercialexecution,product

availability,andefficiencyprogression.ThefollowingarethewinnersoftheBadgeofExcellenceforthe

year2025:AIKO,Astronergy,DMEGCSolar,HuasunEnergy,JASolar,JinkoSolar,LONGi,Maxeon,

TongweiSolar,andTrinasolar.

Anawardeelastyear,SPIClosesoutthistime

aroundasitonlyfeaturedinthetop10for4months,fallingshortofthe6-monthqualificationthreshold.Trinasolarearnsinclusioninstead,havingmetthe

minimumrequirementbybeinginthetop10for8monthsduringtheyear.

AIKOrankedNo.1inthetop10everymonthoftheyear,withnochangeinrankfromJanuarythrough

December.AIKOdidnotsharethetoppositionwithanyothercompanyatanypoint.ThehighestandlowestrankrecordedforAIKOduringtheyearwasNo.1.

Astronergyalsofeaturedinthetop10all12monthsoftheyear.Itranked7thinJanuaryandFebruary,risingto5thfromMarchtoMay.Itsrankingfellin

Juneto6th,7thinJulyandAugust,backupto6th

inSeptember,anddownto8thinOctoberand

November.Bytheendoftheyear,itwentupagainto5th.Overtheyear,Astronergy’shighestrankwasNo.5,anditslowestrankwas8.

DMEGCSolarappearedinthetop10forall12

months.Ranked9thinJanuaryandFebruary,it

movedupto5thbetweenMarchandMay.The

company’srankingslippedto6thinJuneandto

10thinSeptember,beforebouncingbackupto5thinOctober.Itslippedagainbyonepositionto6thinDecember.ThehighestrankrecordedforDMEGCwasNo.5,whileitslowestrankwasNo.10.

HuasunEnergy,aleaderinheterojunction(HJT)technology,figuredinthetop10throughout2025.

TaiyangNewsTOPSOLARMODULES2025TOP10

Maxeon

T-inasolar

Source:TaiyangNews©2025

10TaiyangNews|TOPSOLARMODULES2025

Itoccupied4thrankcontinuouslyfromJanuary

throughSeptember,resultinginanuninterrupted

presenceatthispositionfor9months.FromOctobertoDecember,Huasunmovedtothe5thrank,with

JinkoSolarreplacingitat4th.Acrosstheyear,

Huasun’shighestrankwas4,whilethelowestwas5th.

Althoughnotalwaysatthesamerank,JASolaralsoappearedinthetop10forall12months.Itranked5ththroughthefirsthalfoftheyear,then6thfromJulytoSeptember.JASolarrosebackto5thoverthenext2months,beforeslippingagainto6thinDecember.JASolar’srankinghasbeenchangingbetweenthe5thand6thplaceintheyear.

LONGiappearedinthetop10forall12months.

Ranking3rdinJanuaryandFebruary,itmovedtoNo.

2inMarch,aspotitsharedwithMaxeonuntilMay.FromJunethroughDecember,LONGioccupiedtheNo.2rankexclusively,withnofurtherrankchanges.

Maxeonfeaturedinthetop10for10monthsbeforebeingdelisted.Itoccupiedthe2ndrankexclusivelyinJanuaryandFebruary,whilesharingitwithLONGifromMarchtoMay.InJune,thecompanymovedtorank3.MaxeonwasdelistedfromtheTOPSOLARMODULESNovemberlisting,duetounavailabilityofdatasheet.

TongweiSolar’sHJTmodulessustainedthe

company’spresenceinthetop10for9months.

Consistentlyranking5thforthefirst5monthsof

theyearand6thinJune,itslippedto8thinJulyandAugust.Thecompanyfellto10thinSeptember,andwasoutofthetop10fromOctoberonwards,but

itstillqualifiesfortheBadgeofExcellence.The

company’sTOPConmodulewasalsopartofthetop10fromJanuarytoApril,rankingbetween9thand

10th,butoutofthetop10inthesubsequentmonths.Tongwei’sHJTmodulewasrankedbetween5thand10th.

Trinasolarfeaturedinthetop10for8months,

withappearancesconcentratedinthemiddleand

latterpartoftheyear.Itenteredthetop10inMay

at5th.Therankingfellconsistentlyinthefollowing

months:6thinJune,8thinJulyandAugust,and10thinSeptember.FollowingMaxeon’sexit,Trinasolar

movedintoNo.3,apositionitheldinNovemberandDecember.ThehighestrankachievedbyTrinasolarduringtheyearwasNo.3,whileitslowestwasNo.10.

JinkoSolarappearedinthetop10for6months,justqualifyingfortheBadgeofExcellence.Thecompanywasranked5thfromJulythroughSeptember,then

movedupto4thfromOctobertoDecember,replacingHuasun.

TopSolarModules2025BadgeofExcellenceWinners

TOPSolarModules

2025JASolar

HighestEfficiency

CommercialSolarModules

TOPSolarModules

2025AIKO

HighestEfficiency

CommercialSolarModules

TOPSolarModules

2025

Astronergy

HighestEfficiency

CommercialSolarModules

TOPSolarModules

2025Huasun

HighestEfficiency

CommercialSolarModules

TOPSolarModules

2025

DMEGCSolar

HighestEfficiency

CommercialSolarModules

TOPSolarModules

2025LONGi

HighestEfficiency

CommercialSolarModules

TOPSolarModules

2025

Trinasolar

HighestEfficiency

CommercialSolarModules

TOPSolarModules

2025

TongweiSolar

HighestEfficiency

CommercialSolarModules

TOPSolarModules

2025

JinkoSolar

HighestEfficiency

CommercialSolarModules

TOPSolarModules

2025

Maxeon

HighestEfficiency

CommercialSolarModules

TOPSOLARMODULES2025|TaiyangNews11

TOPSOLARMODULES2025MonthlyTOP10Companies

Rank

January

February

March

April

May

June

1

2

Maxeon

Maxeon

Maxeon

Maxeon

Maxeon

3

Maxeon

4

5

ASOLAR

ASOLAR

6

7

8

S

ource:TaiyangNews©2025

9

⃞Grandsunergy

⃞Grandsunergy

10

⃞Grandsunergy

JetionSolar

12TaiyangNews|TOPSOLARMODULES2025

ContinuedFromPage11

July

August

September

October

November

December

Maxeon

Maxeon

Maxeon

Maxeon

JASOLAR

ASOLAR

ASOLAR

SOLAR

DAHSolar

T-nasolar

DSOLAR

Source:TaiyangNews©2025

DAHSolar

RedefineSolarExcellence

Max.OutputMax.Eff.

85%Temp.Coef.Ultra-LowDeg.HighResilienceExcellentLow

bifaciality-0.26%/°C1%Yr1﹐0.35%p.a.toShadingIrradianceResponse

maTOtLiAO@DUS0o25la|Tiy.nNmews13

14TaiyangNews|TOPSOLARMODULES2025

3.Methodology

Beforedelvingintothespecifics,thefollowing

providesbackgroundinformationonthemethodologyandselectioncriteria:moduleefficiencieshavebeenimprovingconsiderablyinrecentyears.Inordertomakethelistrewardingfortechnicallyadvanced

products,wesettheminimumefficiencyof21.5%asthecriteriontofeatureamongtheTOPSOLARMODULES.

Wehavelistedonlythetopcommerciallyavailablemodulesfromeachcelltechnologystreamofa

modulemaker.Forexample,supposeacompanyoffers2productsbasedonPERCtechnologywithefficienciesexceeding21.5%.Inthatcase,onlythehigher-efficiencyoptionisconsideredforthislist.

Butifithas2differentproductsbasedonPERC

andTOPConwithefficienciesof21.5%orabove,

thenbothproductsarelisted.Efficiencyistheonlycriterionforrankinginthelist(wheneveravailableinthespecs,wehaveused2digitsafterthedecimal

pointforefficiencies,otherwiseone).However,as

weseeproductswiththesameefficiencymoreoften,powerdeterminestheorderinthiscase.Andwhenbothefficiencyandpowerarethesame,welistthemanufacturersalphabetically.

Thelistdoesnotdistinguishbetweendifferentmoduleformats.Alltypicalmodulesizesusedinrooftopandground-mountedsolarsystem

applicationsareincludedandtreatedequally,as

companiesincreasinglyuselargermodulesevenforrooftopapplications.

Weonlylistmodulesthatarebasedonthe

manufacturer’scellsproducedin-house,which

meansmodulesusingexternallysourcedcells

arenotfeaturedintheTOPSOLARMODULES

list.Havingthecompletedatasheetlistedonits

manufacturer’swebsiteisthefirststepforamoduletobeconsideredacommerciallyavailableproduct.Assuch,theefficiencyandpowerdatalistedherearetakenfromthedatasheetsavailableonthe

respectivecompany’swebsite.Thisalsomeans

thatanynewproductannouncementswithoutfinaltechnicaldatapublishedarenotincludedinthelist,astheirmodulespecsoftendifferconsiderablyfromtheproductsthatarefinallyavailableforpurchase,andsomeproductspresentedattradefairsdonotevenseecommerciallightatall.

However,justtheexistenceofanonlinedatasheetgenerallydoesnotsuffice,especiallyfortop

efficienciesintherespectivetechnologystream.Ifmodulespecslistedonthewebsitesseemtohave‘conspicuously’highefficienciesornewrecord-

efficiencyproductsareannounced,weaskforadditionalproofofcommercializationbeforeweincludeaproductinthelist.

TOPSOLARMODULES2025|TaiyangNews15

4.TOPSOLARMODULESLeaders

EfficiencyisatthecoreofTaiyangNewsTOP

SOLARMODULESlisting,withcompaniesbeingrankedaccordingtotheirtopproductefficiencies.

Trackingtheserankingsovertimerevealsnotonlyhowtheindustry’sefficiencybenchmarkshave

advancedduringthisperiod,butalsothecompaniesthathavebeenattheforefrontofpushingthose

limits.Torelectthis,ouranalysisexamineshowtheoveralltop3efficiencieshaveprogressedoverthescopeofthisreport,i.e.,thelast24months.Whileheadlineefficiencynumberstellpartofthestory,

theunderlyingcellarchitectureisthemostcriticalinenablingthesehighlevels.Thus,wealsoanalyzedhowthetop3ofeachoftoday’smainstreamcell

technology–BC,TOPCon,HJT,andPERC–basedmoduleshaveprogressedinthelast2years.

4.1CountofCompanies&Products

Tosetthecontextfortheanalysisthatfollows,

hereisaquicksnapshotofhowtheTOPSOLARMODULESlandscapehasevolvedoverthelast2years,especiallywithrespecttothecountofcompaniesaswellaslistedproducts.

Withyesterday’sadvancedtechnologies,suchas

TOPCon,becomingmainstream,severalleading

manufacturershaveceaseddevelopmentactivities–andafewhaveevenstoppedcommercialactivitiesaltogether–withPERC.Thus,thedelistingofPERCproductsisoneofthemostprominentchanges.

Startingfromwhereweleftoffinthepreviousreport,H22025beganwith50productslistedunder33

manufacturers.Overthese6months,7modules

weredelisted,and1newcompanywasaddedto

thelist.InJuly2025,aPERCmodulefromEGINGPVwasremoved.Thisdidnotimpactthenumber

oflistedcompanies,asitwasthemanufacturer’s

secondproductonthelist.ThefirstadditiontooccurinH22025wasDAHSolar’sTOPConproductin

September.Thefollowingmonthmarkedamorepronouncedcontraction,with2productsdelisted,includingaTOPConmodulefromQn-SOLARandaPERCmodulefromJASolar.AfurtherreductionfollowedinNovember,whenalongstandingBC

modulefromMaxeonSolarwasremovedfromthelisting.Inthesamemonth,aPERCmodulefrom

TOPSOLARMODULESProducts&CompaniesCount–2024/2025

65

55

55565756555453

5051505149

47

45

45

Number

34

33

33

32

35

3332

25

15

5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-5

2025

2024

Source:TaiyangNews©2025

ProductsCompanies

ListingsinFlux:MonthlycountofproductsandcompanieslistedintheTOPSOLARMODULESrankingfor2024/2025showsagradualcontractionintotalproductstowardH22025,whilethenumberofparticipatingcompaniesremainedat33.

16TaiyangNews|TOPSOLARMODULES2025

TOPSOLARMODULES2025|TaiyangNews17

DASSolarwasalsodelisted.TheyearconcludedwithadditionalremovalsinDecember,when2morePERCmodules,oneeachfromCanadianSolarandGCLSI,weretakenoffthelist,bringingthetotal

numberoflistedproductsto45bytheendoftheyear.

DevelopmentsduringH22025didnotmaterially

altertheoverallnumberofcompaniesrepresentedintheTOPSOLARMODULESlist,despitemultiplechangesattheproductlevel.Followingthe

additionofJetionSolarinJune,thetotalnumber

ofcompaniesstoodat33asthesecondhalfoftheyearbegan.InSeptember2025,DAHSolarbecametheonlynewcompanytoenterthelist,temporarilyincreasingthecompanycountto34.NocompaniesexitedthelistduringH22025.Asaresult,the

numberoflistedcompaniesremainedwithinanarrowrangeof33to34throughoutthesecondhalfoftheyear,closingDecember2025at33.

Productdelistingduringthisperioddidnottranslateintocompany-levelexits,asthesemanufacturers

continuedtoberepresentedbyotherlistedproducts.

Asforthefirsthalfoftheyear,theadditionofJetionSolarinJunewastheonlynotabledevelopment.

ThiswasthefirstnewcompanytojointhelistsinceGrandSunergy’sentryinOctober2024,which

followedKalyonPV’sadditioninMarch2024.FromJanuarythroughMay2025,thenumberoflisted

productsremainedunchangedat50,afteranotabledropinJanuaryduetothedelistingof3products.

TheJuneupdatetookthetotalto51.TheadditionofJetionSolarbroughtthetotalnumberofcompaniesbackto33,whichhaddroppedto32withAkcome’sdelistinginJanuary2025.

Lookingfurtherback,thenumberoflistedproductsbegantodeclineinH22024,fallingto56inJuly

fromapeakof57andultimatelyto53byDecember.ThisreductionwasmainlyduetocompaniesexitingcommercialactivityinthePERCtechnologystream,resultinginthedelistingof5productsinH22024.

Startingtheyearat55products,thetrajectorywaslargelyupward,hittingapeakof57inMarch2024,whichremainedconstantthroughtheendofH1

2024.Amongtheadditionsin2024wereKalyonPVinMarchandGrandSunergyinOctober,whilethedelistingofTalesunthatsamemonthmeantanetadditionof1,bringingthetotalto33.

Overall,thereisanapparentdisconnectbetweenchangesinthenumberofproductsandsuppliers.

Thisindicatesthatmoremanufacturersexpandedtheirportfoliosacrossmultipletechnologiesto

achievemoduleefficienciesabove21.5%.Ontheotherhand,thislistisshrinkingasmoreandmorecompanieswithdrawtheirPERCproducts.The

numberofcompanieslistedunder2celltechnologystreamsduringthesecondhalfof2025totaled10and1representedin3-technologystreams.DuringH12025,17companiesofferedmoduleproductsbasedon2differenttechnologies,while1companywasrepresentedacross3technologies.

Throughout2024,atotalof19companieswere

representedin2technologystreams.Thenumberdippedto17duringH12025withtheomissionof

AkcomeandthedelistingofPERCproductsfrom

Risen.Thenumberofcompaniesfeaturingproductsacross3differentcelltechnologiesdecreased

from3to1during2024.TongweiSolar,previouslypartofthiscategory,exitedthePERCsegmentin

August2024,whileCanadianSolarexitedtheHJTcategoryinMarch2024,leavingURECOastheonlycompanywithlistingsacross3technologiesfortheremainderof2024,aswellasforH12025.In2023,11companiesofferedmodulesusing2technologies,typicallyPERCandTOPConorHJT.Nocompany

hadproductsacross3technologiesthatyear.

4.2Top3Efficiencies

Inadditiontorelectingthehighestcommercial

moduleefficienciesachievedbyleadingsuppliers,theTOPSOLARMODULESrankingsandthis

analysisalsocapturehowefficiencybenchmarkshaveadvancedovertime.Viewedthroughthis

lens,theprogressofthetop3efficienciesoffers

particularlyvaluableinsightsintotheupperlimitsofperformance.

DevelopmentsduringH22025areparticularly

remarkable.Overall,thedominanceofback-

contact(BC)architectureshasnotchanged.AIK