Sunshine Power, TBEA, LONGi, Deye... March's latest ranking of photovoltaic companies by market value

(Source: Digital New Energy DNE)

Time flies, and 2026 has unknowingly passed a quarter of the year.

In the past March, the photovoltaic sector remained hot: the ongoing escalation of conflicts between the U.S., Israel, and Iran triggered a global traditional energy crisis, and new energy industries including photovoltaics once again attracted high market attention; the annual “Two Sessions” were held as scheduled in Beijing, “Aerospace” was included for the first time in the category of new pillar industries, and “AI computing power” was also listed as a key policy support focus. Capital markets’ interest in the “space photovoltaic” track continued to rise; in late March, foreign media reported that Tesla planned to purchase related equipment from Chinese photovoltaic companies worth 20 billion RMB, once again causing market fluctuations…

DataBM.com, a digital new energy platform, compiled the market value changes of 111 listed photovoltaic companies in March 2026, covering silicon materials, wafers, cells, modules, as well as equipment, inverters, auxiliary materials, and other segments.

Overall, in March, the market values of the listed photovoltaic companies within the scope of the statistics fluctuated significantly, showing a “bump” shape. Based on the monthly trend, the market value in the second half of March declined overall, ending the month with a 3.47% decrease from the beginning of the month, with a total market value of 7.29T yuan at the end of March.

From the production segment perspective, the market values of each segment in March decreased compared to the beginning of the month. Among them, equipment, silicon materials, and auxiliary materials saw the largest declines, all over 10%; inverter segment market value declined relatively less, only 1.72%.

Compared to the start of the year, except for the polysilicon and wafer segments, the total market value of all other segments increased by the end of March. Notably, the cell & module segment grew significantly, with an increase of 31.1%, partly because Electric Blue Sky had not yet completed its listing procedures at the beginning of the year; closely following were equipment companies with a 15.95% increase; inverter and cell & module segments saw growth within 4%-5%, at 4.96% and 4.39%, respectively.

However, the silicon materials segment’s total market value in March decreased by 23.33% compared to the start of the year, and the wafer segment decreased by 1.36%.

As of the close on March 31, 2026, the top 10 companies by market value were: Sungrow Power Supply, TBEA, Longi Green Energy, Deye Co., Electric Blue Sky, Lead Intelligent, Tongwei Co., JinkoSolar, Maiwei Co., and Robotech.

Among the 110 listed photovoltaic companies (excluding Electric Blue Sky), 63 companies saw their market value increase by the end of March compared to the beginning of the year, while the remaining 47 companies experienced a decline.

Within the 63 companies with increased market value, companies in the cell & module segment accounted for a large proportion, about 29%. Among the top 10 companies with the highest growth, half are in the cell & module segment, with LianSheng Technology’s market value increasing by over 80%, GCL Integration and Tori New Energy exceeding 60%.

Among the 47 companies with declining market value, New Energy and Aerospace Electromechanical saw decreases close to 30%, at 29.76% and 29.21%, respectively; besides these, seven other companies experienced declines of over 20%, as detailed in the table below:

Appendix: Market Value Statistics of 111 Listed Photovoltaic Companies