14 Largest Solar Companies In The World [As of 2024]

As countries strive to meet ambitious carbon reduction targets and transition away from fossil fuels, the renewable energy sector, especially solar, has shown hope for a better future. 

From rooftop installations to large solar farms, solar energy systems are growing rapidly worldwide, revolutionizing the way we produce, distribute, and consume electricity. 

In this article, we’ve focused on the titans of the industry — the largest solar companies in the world — and explored their crucial role in shaping the future of energy. We’ve also highlighted key metrics like installed capacities, market shares, and annual revenues. 

Did you know? 

The global solar energy market will exceed $300 billion by 2032, growing at a CAGR of 12.3%. This growth is primarily propelled by technological advancements, government subsidies, and increasing environmental awareness. [1]

11. SMA Solar Technology AG

Founded in 1981
 Headquarters: Niestetal, Germany
 Annual Revenue: $2.02 billion (2023)

Popular Products: Sunny Boy series, Sunny Tripower, Sunny Island

SMA Solar Technology develops and distributes solar inverters and energy management systems. It works in areas like grid integration of solar power, integration of batteries, and intelligent optimization of self-consumption for more effective use of renewable energies. 

Their machines and solar systems have won several awards and are protected by nearly 1,600 patents and utility models. [2] 

In 2024, Statista and Capital Magazine featured SMA as one of the most innovative firms in Germany. Plus, Corporate Knights ranked it 10th in the Global 100 list of the most sustainable companies.

10. Renewable Energy Corporation (REC)

Founded in 1996
 Headquarters: Singapore 

Popular Products: REC N-Peak, REC Alpha, and REC TwinPeak series

REC manufactures high-quality solar panels and related products for residential, commercial, and utility-scale applications. It has manufacturing facilities in Singapore and employs over 4,200 people globally. 

The company has manufactured more than 38 million panels, which together have generated an impressive 10 gigawatts of energy. This substantial output translates into tangible impact, with over 16 million people benefiting from clean, sustainable power in their homes. [3]

9. Hanwha Qcells

Founded in 1999
 Headquarters: Seoul, South Korea
 Annual Revenue: $4.38 billion (2022)

Popular Products: Q.PEAK DUO-G5, Q.HOME

Hanwha Qcells has captured a significant market share in South Korea, the UK, Germany, and Japan. They have a diversified product portfolio that includes hydrogen, wind, and solar power with advanced solutions like virtual power plants and AI-based energy management systems. 

In 2022, their renewables segment generated $4.38 billion in sales, the highest revenue since the launch of the solar business in 2011. They made an operating profit of about $250 million against a loss from the previous year. [4]

In 2023, Qcells invested $2.5 billion to build a fully functional solar supply chain in the US. It was the biggest investment in US solar history. The aim was to build a large-scale solar panel system with an 8.4-gigawatt production capacity and hire 2,500 individuals in the clean-energy sector. [5]

8. SunPower

Largest Solar Companies - SunPowerImage Credit: SunPower

Founded in 1985
 Headquarters: California, USA
 Annual Revenue: $1.68 billion (2023)

Popular Products: Maxeon, Equinox, Helix

SunPower is known for its industry-leading solar panel technology, which includes its Maxeon solar cells. These are built on a solid copper foundation, offering higher reliability, durability, and efficiency compared to traditional solar panels. 

SunPower has nearly four decades of dedicated solar experience — they are a top-rated US solar firm with 15,000+ five-star reviews. [6]

In 2023, it generated $1.68 billion in annual revenue and $239 million in operating profit. However, the company hasn’t been able to scale up — its earnings and stock price have stagnated over the past decade. [7]

7. Trina Solar Co., Ltd.

Founded in 1997
 Headquarters: Jiangsu, China
 Annual Revenue: $15.29 billion (2023)

Popular Products: Vertex series, TrinaTracker 

Trina Solar offers a comprehensive range of solar energy products and solutions for residential, commercial, and utility-scale applications.

In 2020, the company was listed on the Shanghai Stock Exchange, solidifying its position as a key player in the industry. Today, it employs more than 40,000 people and has a cumulative shipment of over 170 GW. 

In 2023, its annual revenue was $15.29 billion, up from $12.5 billion in the previous year. Before that (in 2021), it was $6.88 billion. Trina Solar’s main businesses, including PV products and smart energy, all registered strong growth. [8]

By the end of 2023, the company had applied for nearly 4,000 patents and software copyrights and secured more than 2,000 granted patents. [9]

6. Enphase Energy

Enphase Energy

Founded in 2006
 Headquarters: California, USA
 Annual Revenue: $2.29 billion (2023)

Popular Products: Enphase Microinverters, Enphase Envoy Communication Gateway

Enphase Energy is known for its microinverter technology, which converts the DC output from solar panels into AC electricity at the individual panel level. This simplifies the installation process and allows for higher energy production compared to conventional string inverter systems. 

So far, the company has shipped over 68 million microinverters and deployed 3.5 million Enphase-based systems across 145 countries. Plus, it has offset 45 million metric tons of carbon dioxide, which is equivalent to powering 3.5 million homes for a year. [10]

In 2023, the company’s annual revenue reached $2.29 billion, with an EBITDA of $500 million. This represents a slight decrease of 1.7% compared to the previous year for revenue, while EBITDA saw a marginal increase of 0.1%. [11]

5. SolarEdge

SolarEdge

Founded in 2006
 Headquarters: Herzliya, Israel
 Annual Revenue: $2.97 billion (2023)

Popular Products: Solar home inverters, power optimizers, and batteries 

SolarEdge manufactures solar inverters, power optimizers, EV chargers, and monitoring systems or photovoltaic installations. Their products have been installed in over 140 countries totaling an impressive 52.6 GW worldwide. [12]

With a workforce of over 5,600 employees and a vast network of 47,000+ installers spanning 34 countries, SolarEdge ensures widespread access to its innovative technology. 

The company’s commitment to expansion and diversification is evident through its strategic acquisitions, such as SMRE (which targets light commercial vehicles) and Hark (a European-based energy analytics and IoT company). 

In 2023, SolarEdge generated a revenue of $2.97 billion with a gross profit of $704 million. [13]

4. First Solar

Founded in 1999 as First Solar Holdings
 Headquarters: Arizona, USA
 Annual Revenue: $3.31 billion (2023)

Popular Products: Series 6 and Series 7 Modules

First Solar is known for its cadmium telluride (CdTe) thin-film solar modules, which offer multiple benefits over conventional crystalline silicon solar panels, such as higher efficiency in hot weather, better performance in low-light conditions, and lower manufacturing costs. 

The company targets a global annual nameplate capacity of 25 GW by 2026. As the largest US-headquartered solar PV manufacturer, it has demonstrated its commitment to innovation by investing $1.5 billion in R&D. 

In May 2023, First Solar purchased the Swedish perovskite technology company Evolar for $38 million. [14]

In the same year, its annual revenue reached $3.31 billion, with a gross profit of $1.3 billion, marking an impressive 1761% increase (in gross profit) from the previous year. [15]

3. Canadian Solar

Canadian Solar

Founded in 2001
 Headquarters: Ontario, Canada
 Annual Revenue: $7.6 billion (2023)

Popular Products: Bifacial N-type TOPCon Module, Inverters, and Mounting systems

Canadian Solar has an impressive track record. It has shipped more than 118 GW of solar modules and 4.5 GWh of battery storage.  

The company prioritizes ethical sourcing and innovation, developing modules with advanced technology, such as N-type TOPCon, that can reach up to 715 W.

In 2023, they reached an annual revenue of $7.6 billion and a net income of $274 million. Plus, they secured a $500 million investment in Recurrent Energy from BlackRock. [16]

As of 2024, Canadian Solar has obtained authorization for over 2,130 patents worldwide and employs 595 experienced researchers in the R&D department. They have also won the 2024 EUPD Research Top Brand PV Award in the United States. [17]

2. JinkoSolar

JinkoSolar

Founded in 2006
 Headquarters: Shanghai, China
 Annual Revenue: $16.42 billion (2023)

Popular Products: Tiger Neo, Suntera liquid cooling energy storage system

JinkoSolar, one of the largest solar energy firms worldwide, serves 190+ countries. Its annual module production surpassed 210 GW in 2023, maintaining its industry-leading position. 

To put this into perspective, the 210 GW can generate 430.5 billion kWh of clean energy, which is equivalent to meeting the annual needs of 221 million households. This energy output saves 131.31 million tons of standard coal and conserves 5.52 million tons of water while decreasing emissions of 13,781 tons of particulate matter. [18]

With 14 manufacturing bases across the world, JinkoSolar boasts a vertically integrated production capacity covering silicon wafer, cell, and module production. In 2023, its monocrystalline silicon production capacity reached 85 GW for wafters, 90 GW for cells, and 110 GW for modules. 

In the same year, the company generated $16.42 billion in annual revenue, compared to $12.22 billion in 2022 and $6.33 billion in 2021. [19]

Moreover, JinkoSolar’s workforce of 2,000+ experienced researchers in the R&D department has earned the company prestigious tiles like “Manufacturing Single Champion Enterprise” and “National Enterprise Technology Center”. 

1. LONGi Green Energy Technology

Founded in 2000
 Headquarters: Shaanxi, China
 Annual Revenue: $19.32 billion (2023)

Popular Products: Hi-MO 7 PV modules, LONGi Roof

LONGi is a leading player in the global solar industry, particularly in the production of monocrystalline silicon products. It has 15 manufacturing bases and 30+ branches worldwide. 

With a team of over 1,000 researchers and a substantial R&D investment of 80 million, LONGi has secured 1,387 patents. Its N-HJT efficiency of 26.81% showcases the company’s commitment to high-performance solar solutions. [20]

At the 2023 Intersolar Europe exhibition, LONGi unveiled a new conversion efficiency milestone of 33.5% for silicon-perovskite tandem solar cells. In the same year, they achieved $19.32 billion in annual revenue and $2.45 billion in profit. [21]

Popular Solar Energy Startups 

12. EcoFlow

Founded in 2017
 Headquarters: California, United States

 Total Funding: $114.4 million

EcoFlow designs and manufactures portable power stations, solar generators, and other related products that provide reliable and sustainable energy sources for both indoor and outdoor use. 

So far, the company has raised a total of $114.4 million in funding over 4 rounds. It is funded by 13 investors, including Sequoia Capital China and Delian Capital. [22]

13. Enpal

enpal

Founded in 2017
 Headquarters: Berlin, Germany

 Total Funding: $3.5 billion

Enpal is Germany’s first Greentech unicorn and is one of the fastest-growing energy firms in Europe. It has been recognized in the FT1000 Ranking by Financial Times and Statista. 

Their unique business model, known as ‘solar as a service’ or ‘solar subscription,’ allows customers to install solar panels on roofs without any upfront costs. Instead, customers enter into a long-term contract with Enpal, agreeing to pay a monthly fee for the electricity generated by the solar panels installed on their property. 

Enpal already has over 65,000 active customers in Germany. [23]

The company has raised over $3.5 billion in funding over 15 rounds. BlackRock, Bank of America, CPP Investments, and HV Capital are its major investors. [24]

14. Raycatch

raycatch

Founded in 2015
 Headquarters: Tel-Aviv, Israel

 Total Funding: $2.8 million

Raycatch uses AI and data analytics to optimize solar energy production and performance. It provides advanced monitoring and diagnostic solutions for solar power plants, with the aim of enhancing efficiency, decreasing downtime, and maximizing return on investment for solar energy stakeholders. 

Raycatch’s proprietary platform can process massive amounts of data in real time and identify issues like equipment malfunctions, shading, soiling, or other parameters impacting solar panel performance. 

So far, their platform has analyzed over 15 million PV modules and virtually inspected over 95,000 inverters. [25]

Read More 

16 Largest Chemical Companies In The World 

19 Largest Banks In The World By Total Assets  

Sources Cited and Additional References

  1. Marpu Vinod, Solar Energy Market Size, Share, Competitive Landscape and Trend Analysis Report: Global Opportunity Analysis and Industry Forecast, AlliedMarketResearch  
  2. About SMA, Energy that Changes, SMA Solar Technology AG
  3. USA REC Group, REC’s total global numbers as of end-2019, REC
  4. Staff Writer, Qcells-led renewables arm brings record 2022 sales to Hanwha, Renewables Now
  5. Annual report, Hanwha business profile, Hanwha 
  6. US Official website home page, Get solar and EV charging solutions, SunPower Corporation
  7. Revenue & Profit, SunPower annual gross profit in millions, Macrotrends
  8. TTM Revenue, Revenue history for Trina Solar 688599.SS, CompaniesMarketCap
  9. Innovation Page, Cutting-edge research and development, Trina Solar
  10. About Us, Purpose and Values, Enphase Energy
  11. Revenue & EBITDA, Enphase Energy EBITDA history, Macrotrends
  12. This is SolarEdge, Vision and Mission, SolarEdge
  13. Investors Relations, Fourth quarter 2023 and full year 2023 results, SolarEdge
  14. Marija Maisch, First Solar acquires Swedish perovskite specialist Evolar, PV Magazine
  15. Quarterly Results, Fourth quarter and full year 2023 financial results, First Solar
  16. Investor Relations, Fourth quarter and full year 2023 highlights, Canadian Solar
  17. About Us, Research and Development, Canadian Solar
  18. Company Profile, Corporate Branding Manual, JinkoSolar
  19. Press Releases, Fourth quarter and full year 2023 financial results, JinkoSolar
  20. Innovation Labs, Research partners, and green energy in progress, LONGi
  21. Staff Writer, LONGi announces new conversion efficiency of 33.5% for its silicon-perovskite tandem solar cells at Intersolar Europe 2023, LONGi
  22. EcoFlow Tech, Financials and funding rounds, Crunchbase
  23. Homepage, Buy or rent a solar system, Enpal
  24. Enpal, Financials and funding rounds, Crunchbase
  25. Homepage, Platform validated on 4GW of solar assets, Raycatch
Written by
Varun Kumar

I am a professional technology and business research analyst with more than a decade of experience in the field. My main areas of expertise include software technologies, business strategies, competitive analysis, and staying up-to-date with market trends.

I hold a Master's degree in computer science from GGSIPU University. If you'd like to learn more about my latest projects and insights, please don't hesitate to reach out to me via email at [email protected].

View all articles
Leave a reply