Source: WoodMac
Global PV inverter shipments grew by 56% to 536 gigawatts alternating current (GWac) in 2023, reflecting a strong year for the broader solar industry. The top 10 global PV inverter vendors accounted for 81% of the market, according to Wood Mackenzie's 'Global solar inverter and module-level power electronics market share 2024' report.
On the back of a strong year for the solar industry, global photovoltaic (PV) inverter shipments jumped by 56% to 536 GW AC in 2023, with China accounting for more than half of that, according to a report by Wood Mackenzie.
Huawei and Sungrow kept their first and second positions, respectively, together capturing more than 50% of the global market. The top 10 inverter suppliers accounted for 81% of the market, with nine of them headquartered in China. Ginlong Solis maintained its third-place position for the second consecutive year, while Sineng advanced four spots to fourth place after 133% shipment growth in 2023.
"In an industry growing as quickly as the PV inverter market, it's remarkable that Huawei and Sungrow have been able to expand production capacity to maintain their market share year after year," commented Joseph Shangraw, research associate at Wood Mackenzie.
The PV inverter market in North America and Europe also saw double-digit growth, though this was concentrated in the utility-scale sector as residential inverter manufacturers dealt with slower demand growth and excess inventory.
The US market was led by central inverter makers Sungrow and Power Electronics, while in Europe string inverter shipments from Huawei, Sungrow and SMA took the lead.
