--- title: "ASM vs Waaree - Brand Comparison | ComparePV" description: "Compare ASM vs Waaree solar panels: full portfolio, efficiency, cell technology breakdown, warranty terms and company background." source: "https://comparepv.com/asm-vs-waaree" --- # ASM vs Waaree Waaree has the broader catalog (222 vs 1 models). Waaree leads on peak efficiency at 23.51%. Waaree leans bifacial (38% of lineup). ## The two companies | Attribute | ASM | Waaree | | --- | --- | --- | | Country | Australia | India | | Headquarters | Hallam, Victoria | Mumbai | | Founded | 2009 | 1990 | | Employees | 1-10 | 8500+ | | Annual capacity | | 13.3 GW/year | | Tier 1 | no | yes | | Listed | | NSE: WAAREEENER | | Website | [https://www.australiansolarmanufacturing.com.au](https://www.australiansolarmanufacturing.com.au) | [https://www.waaree.com/](https://www.waaree.com/) | Australian Solar Manufacturing (ASM) is a small Australian solar panel assembler that produces crystalline monocrystalline modules domestically using components sourced from Germany, Japan, the USA, and China. The company focuses on providing locally assembled PV modules tailored to Australian conditions, supporting... Waaree Energies Ltd. is a leading global energy transition company committed to delivering innovative, high-quality solar and sustainable energy solutions. Established in 1990 and headquartered in Mumbai, India, the company operates across 20+ countries with an integrated portfolio that spans solar modules, EPC... ## Catalog & Power | Measure | ASM | Waaree | Margin | | --- | --- | --- | --- | | Panel Models | 1 | 222 | +221 | | Max Power | 170 W | 730 W | +560 W | | Avg Power | 170 W | 371 W | +201 W | ## Efficiency | Measure | ASM | Waaree | Margin | | --- | --- | --- | --- | | Max Efficiency | 16.00% | 23.51% | +7.51 pp | | Avg Efficiency | 16.00% | 18.39% | +2.39 pp | ## Reliability & Warranty | Measure | ASM | Waaree | Margin | | --- | --- | --- | --- | | Avg Temp Coefficient | -0.438%/°C | -0.362%/°C | +0.076 | | Bifacial Share | 0 (0%) | 85 (38%) | +38 pp | | Avg Warranty | - | 21.7 yrs | | ## Efficiency distribution Waaree skews to higher efficiency: 4% of lineup is 23%+ | Efficiency band | ASM | Waaree | | --- | --- | --- | | \<20% | 1 (100.0%) | 139 (62.6%) | | 20-21% | 0 | 47 (21.2%) | | 21-22% | 0 | 14 (6.3%) | | 22-23% | 0 | 13 (5.9%) | | 23%+ | 0 | 9 (4.1%) | ## Power distribution Waaree offers more 600W+ panels (12% of lineup) | Power band | ASM | Waaree | | --- | --- | --- | | \<400W | 1 (100.0%) | 124 (55.9%) | | 400-499W | 0 | 35 (15.8%) | | 500-599W | 0 | 36 (16.2%) | | 600-699W | 0 | 20 (9.0%) | | 700W+ | 0 | 7 (3.2%) | ## Cell technology Dominant cell tech: **PERC** (48%) | Technology | ASM | Waaree | | --- | --- | --- | | Unknown | 1 (100.0%) | 88 (39.6%) | | PERC | 0 | 107 (48.2%) | | TOPCon | 0 | 12 (5.4%) | | N-type | 0 | 8 (3.6%) | | HJT | 0 | 7 (3.2%) | ## Top panels, ASM | # | Model | Power | Efficiency | Temp. coefficient | Technology | | --- | --- | --- | --- | --- | --- | | 1 | [ASM170M](https://comparepv.com/panel/australian-solar-manufacturing-asm170m) | 170 | 16.0 | -0.438 | Monocrystalline | ## Top panels, Waaree | # | Model | Power | Efficiency | Temp. coefficient | Technology | | --- | --- | --- | --- | --- | --- | | 1 | [BiH-11-730](https://comparepv.com/panel/waaree-bih-11-730) | 730 | 23.5 | -0.240 | Monocrystalline | | 2 | [BiH-11-725](https://comparepv.com/panel/waaree-bih-11-725) | 725 | 23.3 | -0.240 | Monocrystalline | | 3 | [BiH-11-720](https://comparepv.com/panel/waaree-bih-11-720) | 720 | 23.2 | -0.240 | Monocrystalline | | 4 | [BiH-11-715](https://comparepv.com/panel/waaree-bih-11-715) | 715 | 23.0 | -0.240 | Monocrystalline | | 5 | [BiH-11-710](https://comparepv.com/panel/waaree-bih-11-710) | 710 | 22.9 | -0.240 | Monocrystalline | | 6 | [BiH-11-705](https://comparepv.com/panel/waaree-bih-11-705) | 705 | 22.7 | -0.240 | Monocrystalline | | 7 | [BiH-11-700](https://comparepv.com/panel/waaree-bih-11-700) | 700 | 22.5 | -0.240 | Monocrystalline | | 8 | [Bi-68-665](https://comparepv.com/panel/waaree-bi-68-665) | 665 | 21.3 | -0.340 | Monocrystalline | | 9 | [WSMD-665](https://comparepv.com/panel/waaree-wsmd-665) | 665 | 21.3 | -0.340 | Monocrystalline | | 10 | [WSMD-660](https://comparepv.com/panel/waaree-wsmd-660) | 660 | 21.1 | -0.340 | Monocrystalline | ## Summary ASM does not surface in any major industry databases, Tier 1 lists, or editorial sources after several targeted searches, so factual claims about it must remain hedged. Waaree Energies, by contrast, is a well-documented, publicly listed Indian manufacturer founded in 1990 and headquartered in Mumbai. Waaree has held a BloombergNEF Tier 1 designation for more than 35 consecutive quarters and, in early 2025, became the first Indian manufacturer to earn PV Tech's Module Tech Bankability "A" rating. Its global nameplate manufacturing capacity has grown past 22 GW, split between facilities in Gujarat, India, and a 2.6 GW plant in the United States. ASM, by contrast, appears to be a smaller or more regional brand whose institutional footprint is not independently verifiable at this time; Waaree carries the significantly stronger bankability standing. On the product side, Waaree offers a broad catalogue spanning Mono PERC, N-type TOPCon, and HJT modules, with its Plexus HJT bifacial series targeting high-yield applications and outputs reportedly exceeding 700 W for utility-scale ground mounts. The company serves residential rooftops, commercial and industrial installations, and large utility projects across India, the United States, and more than 20 other countries. Without confirmed product data for ASM from a credible editorial or testing source, a direct module-level comparison is not possible; ASM is best treated as a brand that has not yet established a public performance record comparable to Waaree's. For most buyers in 2025 - particularly those financing larger installations or requiring bankable documentation for project lenders - Waaree is the clearer default choice between the two. Its long Tier 1 track record, dual-market manufacturing (India and the US), technology breadth from PERC through HJT, and an independently validated bankability rating give it a verifiable edge. ASM should only be seriously considered if local availability, pricing, or a specific installer relationship provides a compelling reason, and then only after requesting full third-party test data and warranty terms directly from the manufacturer. \---LINKS--- \- https://www.pv-magazine.com/2025/12/31/waaree-energies-tops-20-gw-as-indias-largest-almm-approved-solar-manufacturer/ \| Waaree Energies tops 20 GW as India's largest ALMM-approved PV maker \| article \- https://solarquarter.com/2025/02/20/waaree-energies-become-indias-first-only-pv-solar-module-manufacturer-to-bag-pv-techs-coveted-module-tech-bankability-a-ratings/ \| Waaree earns PV Tech Module Tech Bankability A rating - first Indian maker \| article \- https://www.solarreviews.com/blog/waaree-solar-panel-expert-review \| 2025 Waaree Solar Panels Expert Review - SolarReviews \| review \- https://www.pv-magazine.com/2024/12/10/waaree-energies-secures-1-gw-solar-module-order/ \| Waaree Energies secures 1 GW solar module order \| article Sources: \- \[2025 Waaree Solar Panels Expert Review\](https://www.solarreviews.com/blog/waaree-solar-panel-expert-review) \- \[Waaree Energies tops 20 GW as India's largest ALMM-approved PV maker\](https://www.pv-magazine.com/2025/12/31/waaree-energies-tops-20-gw-as-indias-largest-almm-approved-solar-manufacturer/) \- \[Waaree earns PV Tech Module Tech Bankability A rating\](https://solarquarter.com/2025/02/20/waaree-energies-become-indias-first-only-pv-solar-module-manufacturer-to-bag-pv-techs-coveted-module-tech-bankability-a-ratings/) \- \[Waaree Energies secures 1 GW solar module order\](https://www.pv-magazine.com/2024/12/10/waaree-energies-secures-1-gw-solar-module-order/) Written by claude-sonnet from the figures above. ## Other comparisons - [ASM vs A.B. Energy](https://comparepv.com/asm-vs-a-b-energy) - [AE Solar vs Waaree](https://comparepv.com/ae-solar-vs-waaree) - [ASM vs AEET](https://comparepv.com/asm-vs-aeet) - [AIKO vs Waaree](https://comparepv.com/aiko-vs-waaree) - [ASM vs AKCOME](https://comparepv.com/asm-vs-akcome) - [ARTsolar vs Waaree](https://comparepv.com/artsolar-vs-waaree) --- Source: https://comparepv.com/asm-vs-waaree Not in this file, on the page: the distributions above drawn as charts.