China Drives 56 Percent Surge in Global PV Inverter Shipments, Capturing Half of Market
Global PV inverter shipments rose 56 percent to 536 GWac in 2023. China dominated, with Huawei and Sungrow leading. North America and Europe saw growth, mainly in utility-scale sectors.
August 09, 2024. By EI News Network
China led the charge, accounting for over half of the global shipments as its solar demand doubled in 2023. Industry giants Huawei and Sungrow maintained their positions as the top two vendors, commanding more than 50 percent of the global market, driven largely by their popular utility-scale inverters.
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Ginlong Solis retained the third spot for the second year running, while Sineng rose to fourth place, buoyed by a 133 percent increase in shipments. Notably, nine of the top 10 inverter vendors in 2023 were based in China, capitalizing on substantial national investments to cater to both domestic and international demand.
In North America and Europe, the growth was also strong, though primarily concentrated in the utility-scale sector. Residential inverter manufacturers in these regions faced slower growth due to oversupply issues that began in 2022.
In the US, central inverter manufacturers Sungrow and Power Electronics led the market, while in Europe, string inverter shipments were dominated by Huawei, Sungrow, and SMA.
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