SMM Publishes H1 2026 PV Cell Shipment Rankings: N-type Expansion & Growing Concentration Reshape Market Landscape

SMM has released its PV cell shipment rankings for the first half of 2026. The rankings cover only finished PV cells produced in-house and commercially delivered to customers outside each company’s consolidated corporate group. Cells used internally for module production, toll-processing and other contract-manufacturing volumes, and externally sourced cells purchased for resale are excluded.

Leading positions hold firm as mid-tier competition diverges

The five largest suppliers maintained their positions during the first half of the year. Leading manufacturers continued to consolidate their advantages through greater scale and lower production costs, while performance among mid-tier suppliers became increasingly fragmented. The rapid expansion of N-type products and the growing concentration of market share among specialized PV cell manufacturers were the defining features of the shipment landscape.

Ex-China markets emerge as the main growth engine

Ex-China market demand provided the strongest growth momentum in the first half, supported by concentrated deliveries to emerging markets such as the Middle East and India. Demand from Europe’s distributed-generation market also remained resilient. In China, utility-scale projects and distributed solar installations advanced in parallel, while N-type cells continued to gain market share.

Capacity consolidation accelerates in China

China’s domestic market entered a phase of capacity consolidation and product-mix upgrading. PERC capacity was retired at a faster pace, while TOPCon capacity was brought online in greater concentration. Against this backdrop, the industry entered a window for potential margin recovery during the first half of the year.

Policy changes may bring production and shipments forward

Several policy variables will influence the market in the second half. China’s mandatory national energy-efficiency standard for crystalline-silicon PV modules and inverters, GB 47834-2026, will take effect on January 1, 2027. The minimum module conversion-efficiency thresholds are 23.2% for TOPCon and HJT products and 23.5% for BC products. This is likely to increase destocking pressure on lower-efficiency products and accelerate the retirement of remaining PERC capacity. China will also impose a 2% consumption tax on PV cells from April 1, 2027. Expectations surrounding the new tax may prompt manufacturers to bring forward production and shipments.

Outlook

China-based manufacturers will continue ramping up their Ex-China capacity in the second half. However, trade barriers and policy uncertainty could limit shipment growth. Overall, the PV cell market is expected to remain caught between adjustment to new policies and the continuing rebalancing of supply and demand.

SMM 2026H1 PV Cell Shipment Ranking