Wood Mackenzie counts 536 GW AC global solar PV inverter shipment volume for 2023
Dominated by Chinese companies, it was led by Huawei and Sungrow that commanded over 50% market share
Top 10 global PV inverter suppliers had 81% market share last year with 9 companies headquartered in China
The global solar PV inverter shipments in the year 2023 increased strongly by 56% Year-over-Year (YoY) to 536 GW AC, with China accounting for 50% of the volume, according to a new report of US-based market intelligence firm Wood Mackenzie.
The report titled Global solar PV inverter and module-level power electronics (MLPE) market share 2024, shows China’s Huawei and Sungrow alone commanding the lion’s share and retaining their respective top 2 spots in 2023 as well. Together, both these companies captured more than 50% of the global market share last year mainly thanks to their utility-scale inverters.
Like Huawei and Sungrow, Ginlong Solis also retained its 3rd spot on the list for the 2nd consecutive year. Sineng moved up 4 spots to take the 4th place on the list as it recorded 133% annual shipment growth. Growatt features on 5th place in the list.
Wood Mackenzie Research Associate Joseph Shangraw said that despite Huawei and Sungrow’s large market share, there is diversification in the space with 11 other manufacturers exceeding 10 GW AC of shipments in 2023.
Overall, the top 10 global PV inverter vendors accounted for 81% of the market last year. However, 9 of the top 10 on this list are headquartered in China where they capitalize on national investments in solar to meet growing demand globally.
In North America and Europe, there was double-digit PV inverter market growth, but it was largely concentrated in the utility scale segment. Analysts point out that residential inverter manufacturers faced slower demand growth and excess inventory from oversupply since 2022.
Central inverter makers Sungrow and Power Electronics were the leading names in the US market, while Huawei, Sungrow and SMA Solar dominated string inverter shipments to Europe last year.
The complete report can be purchased on Wood Mackenzie’s website for $5,990.
Recently, Wood Mackenzie released its tracker shipment report for 2023 counting 92 GW DC capacity led not by the Chinese, but the US and European manufacturers (see Global Solar PV Tracker Shipments in 2023 Totaled 92 GW DC).