Global Solar Inverter Shipments Grew By 56%: Wood Mackenzie

By Chitrika Grover/ Updated On Fri, Aug 9th, 2024

Highlights :

Companies like Huawei and Sungrow extended their market dominance and retained their first and second positions in the rankings, respectively.
While Sineng moved up four spots into fourth place, propelled by 133% shipment growth in 2023.
Overall, nine of the top 10 inverter shipment leaders from 2023 were headquartered in China,

Global Solar Inverter Shipments Grew By 56%: Wood Mackenzie

Solar inverter shipments surged by 56%, reaching 536 Gigawatts (GW) of alternating current (GWac) in 2023, reflecting robust growth in the solar industry, a latest report from Wood Mackenzie said.

According to Wood Mackenzie’s “Global Solar Inverter and Module-Level Power Electronics Market Share 2024” report, the top 10 global PV inverter vendors captured 81% of the market. China led the charge, responsible for over half of global shipments as its solar demand doubled in 2023. Huawei and Sungrow solidified their market dominance, maintaining the first and second positions, respectively, by securing more than 50% of the global market, primarily due to the widespread adoption of their utility-scale inverters.

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Joseph Shangraw, a research associate at Wood Mackenzie, commented, “Behind these two companies, we still continue to see a diversification of the market, with 11 other manufacturers exceeding 10 GWac of shipments in 2023.”

Ginlong Solis ranked third for the second consecutive year, while Sineng climbed four spots to secure fourth place, driven by a remarkable 133% growth in shipments in 2023. Notably, nine of the top 10 inverter shipment leaders in 2023 were based in China, where manufacturers leveraged national investments in solar to meet both domestic and global demand.

In comparison, North America and Europe also saw double-digit growth in the PV inverter market, but it was mainly concentrated in the utility-scale sector. Residential inverter manufacturers faced slower demand growth and excess inventory due to oversupply beginning in 2022. In the U.S., central inverter manufacturers like Sungrow and Power Electronics led market growth, while in Europe, string inverter shipments from companies like Huawei, Sungrow, and SMA drove the expansion.