In 2023, they were sent 536 GWac in photovoltaic inverters in the world, according to the latest report released Tuesday (6) by wood mackenzie. According to the consultancy, this amount represented a increase of 56% compared to the year 2022.
The report further points out that the top 10 global photovoltaic inverter suppliers accounted for 81% of the global market. China accounted for more than half of all global shipments, as country's solar demand doubled in 2023.
For the ninth year in a row, the Huawei and Sungrow continued to lead the market, taking first and second positions, respectively. Together, the manufacturers have market share of more than 50% of the global market.
In Wood Mackenzie's analysis, the strong presence of the two companies is largely due to the popularity of its inverters in utility-scale.
“In an industry that is growing as quickly as the photovoltaic inverter market, it is remarkable that Huawei and Sungrow have been able to expand production capacity to maintain their market share year after year. Behind these two companies, we still see a diversification of the market, with 11 other manufacturers surpassing 10 GWac of shipments in 2023”, he pointed out Joseph Shangraw, researcher at Wood Mackenzie.
Em third place in the ranking is the manufacturer Solis. This is the second consecutive year that the company has held the position. Already the Sineng rose four positions to fourth place, driven by a 133% growth in shipments in 2023. Next comes Manufacturer Growatt.
Overall, nine of the top 10 mailing leaders photovoltaic inverters of 2023 are based in China, where manufacturers have capitalized on domestic investments in solar energy to meet the domestic and global demand.
Top PV Inverters in North America and Europe
The report points out that the North America and Europe also experienced double-digit growth in the photovoltaic inverter market.
However, this growth was largely concentrated in the utility-scale, as manufacturers of inverters intended for residential projects faced slower demand growth and excess inventory due to oversupply from 2022.
O US market was led by central inverter manufacturers Sungrow and Power Electronics, while the Europe was led by string inverter shipments from Huawei, Sungrow and SMA.
Reporting metrics
Wood Mackenzie clarifies that the Classification of suppliers is done by the number of shipments in MWac. Only shipments with recognized revenue in the reporting year are counted toward market share. For more details click here.
To view the full shipping rankings of top global manufacturers, as well as regional and product category rankings, see the report “Global solar inverter and module-level power electronics market share 2024”.
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