One of the largest solar PV inverter and storage system manufacturers from China, Sungrow increased its annual revenues in 2021 by 25.15% to $3.74 billon. It shipped more than 47 GW of inverters last year, comprising 18 GW within China and 29 GW overseas.
With 40% of its revenue coming from outside the country, Sungrow is diversifying its customer base beyond its home turf, China.
In its annual report for 2021, Sungrow said inverter shipments last year increased its global market share to 30%, with cumulative shipments having exceeded 224 GW by the end of December 2021. It also delivered over 50,000 string inverters for the distributed generation segment.
For more than 3 GWh of energy storage systems shipped during the reporting year, it increased revenues for this segment by 168.51% to $486.5 million.
Sungrow also upped its investment in research and development by 44% annually to $179.9 million and shared that its annual patent applications improved by 24.5% to around 2,000.
It is also increasing its manufacturing output having expanded the India factory production capacity to 10 GW annually and also brought online another 10 GW fab in Thailand (see India PV News Snippets).
In 2022, Sungrow said it will strengthen its global procurement capabilities, improve supply chain capabilities and deepen strategic partnerships with suppliers, while also focusing on R&D activities at its Hefei, Nanjing, Shenzhen bases.