According to Wood Mackenzie’s 2025 Global Solar Inverter Market Share Report, global PV inverter shipments grew by 10% in 2024 to reach 589GW AC. The Asia Pacific region has led this growth, with China receiving 330GW AC and recording a 14% YoY increase. Huawei, a China-based ICT and energy technology company, has shipped 176GW AC, while Sungrow, a Chinese inverter manufacturer, has shipped 148GW AC. Wood Mackenzie stated that Huawei and Sungrow together held a 55% global market share, maintaining the top two positions for the tenth consecutive year. Ginlong Solis has retained third place, and Growatt has regained fourth position after falling behind in 2022. For the first time in ten years, no other company has surpassed a 5% share. The report noted that Europe and the United States experienced shipment declines due to excess inventory, high interest rates, and reduced residential installations under California’s NEM 3.0 policy.