In 2023, global PV inverter shipments increased by 56%, reaching 536 GWac, underscoring a robust year for the solar industry. As per Wood Mackenzie’s report, the top 10 PV inverter vendors held 81% of the market. China emerged as the dominant player, contributing over 50% of shipments, driven by heightened domestic solar demand. Huawei and Sungrow, both China-based, retained their top positions, commanding over 50% of the market with their utility-scale inverters. Ginlong Solis secured the third spot, while Sineng advanced to fourth place with a 133% growth in shipments. Nine of the top ten manufacturers are based in China, benefiting from substantial national investments. Meanwhile, North America and Europe saw growth mainly in the utility-scale sector, with slower residential inverter demand due to 2022’s oversupply. In the US, Sungrow and Power Electronics led the central inverter market, while Huawei, Sungrow, and SMA dominated in Europe.
Chinese companies dominate the global PV inverter market
Utility-scale inverters were the primary drivers of growth in the global PV market, particularly in China, Europe, and North America during 2023. (Image Credit: Wood Mackenzie)
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