Our latest ‘Global Solar PV Inverter and Module-Level Power Electronics Market Share 2023’ report reveals a buoyant market in 2023, with 48% year-over-year growth in global PV inverter shipments.
Our latest ‘Global Solar PV Inverter and Module-Level Power Electronics Market Share 2023’ report reveals a buoyant market in 2023, with 48% year-over-year growth in global PV inverter shipments.
We explored inverter vendor rankings based on careful tracking of the global landscape, using data from annual vendor surveys, public filings, project databases and dozens of conversations with industry stakeholders.
The report highlights the 2022 market leaders, their market share, and their year-over-year growth, with the aim of helping investors make more informed decisions.
Download your free extract from the report by filling out the form on the right. Or, read on for a short summary of some of the report’s key insights:
Market-leading vendors maintain their positions
Huawei and Sungrow remained market leaders in 2022, as they have done since 2015, while AISWEI and SOFAR entered the top 10 ranking.
The top 10 global photovoltaic (PV) inverter vendors accounted for 86% of the market – an increase of 4% year-over-year, whereas the top 3 players captured 60% of the market share for shipments in 2022.
A 48% YoY increase in global PV inverter shipments
In terms of market concentration, the top 5 vendors (Huawei, Sungrow, Ginlong, Growatt, and GoodWe) shipped over 200 gigawatts (GW) of inverters, accounting for 71% of the total global PV inverter shipments in 2022 – a year-over-year growth of 8%.
From pv magazine USA
The top 10 global solar inverter vendors accounted for 86% of the market in 2022, up 4% year on year from 2021, according to a new study by Wood Mackenzie.
The market grew 48% year over year, due to easing supply chain challenges and strong government support, as seen in the United States with the passage of the Inflation Reduction Act of 2022.
Wood Mackenzie said that the top five vendors shipped more than 200 GW (AC) and accounted for 71% of total global PV inverter shipments in 2022, up 8% from 2021. The report notes that fir the top vendor of 2022, Huawei, shipments increased by 83%. Ginlong Solis posted growth of 86%.
For the eighth consecutive year, the top two vendors were Huawei and Sungrow. Huawei held the first position with a 29% market share in 2022. Sungrow, the winner of the pv magazine award in 2021, increased its market share by two percentage points, from 21% in 2021 to 23% in 2022. Ginlong Solis moved up to third place in 2022, driven by the company’s shipments in China.
The top eight vendors of 2021 were very similar to the lineup in 2022, with only Ginlong Solis and Growatt swapping third and fourth positions from 2021. Aiswei and Sofar jumped up three ranks to enter the top 10 ranking, holding the ninth and tenth positions respectively in 2022.
In the Asia-Pacific region, China led the market with 78% of inverter shipments as solar experienced unprecedented growth. India retained its position as the second largest inverter market in the Asia-Pacific region in 2022, but Wood Mackenzie said that it had a 25% decrease in shipments year over year. Japan had 7 GW of inverters enter the country, overtaking Australia as the third-biggest market, with growth of 23% year-over-year growth.
The European region experienced the highest shipment growth, with an 82% increase in 2022, following its 44% year-on-year growth in 2021. Wood Mackenzie attributed this to the move toward carbon neutrality by 2050, as part of the European Green Deal plan. Europe accounted for 28% of the global market, with 92 GW shipped.
While the US market is beginning a strong growth trajectory, it accounted for only 13% of the global market with 42 GW shipped to the country. Solar-plus-storage hybrid inverters made up 10% of the regional shipments as the curtailment of net metering in some markets are leading to a strong energy storage market.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
We explored inverter vendor rankings based on careful tracking of the global landscape, using data from annual vendor surveys, public filings, project databases and dozens of conversations with industry stakeholders.
The report highlights the 2022 market leaders, their market share, and their year-over-year growth, with the aim of helping investors make more informed decisions.
Download your free extract from the report by filling out the form on the right. Or, read on for a short summary of some of the report’s key insights:
Market-leading vendors maintain their positions
Huawei and Sungrow remained market leaders in 2022, as they have done since 2015, while AISWEI and SOFAR entered the top 10 ranking.
The top 10 global photovoltaic (PV) inverter vendors accounted for 86% of the market – an increase of 4% year-over-year, whereas the top 3 players captured 60% of the market share for shipments in 2022.
A 48% YoY increase in global PV inverter shipments
In terms of market concentration, the top 5 vendors (Huawei, Sungrow, Ginlong, Growatt, and GoodWe) shipped over 200 gigawatts (GW) of inverters, accounting for 71% of the total global PV inverter shipments in 2022 – a year-over-year growth of 8%.
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From pv magazine USA
The top 10 global solar inverter vendors accounted for 86% of the market in 2022, up 4% year on year from 2021, according to a new study by Wood Mackenzie.
The market grew 48% year over year, due to easing supply chain challenges and strong government support, as seen in the United States with the passage of the Inflation Reduction Act of 2022.
Wood Mackenzie said that the top five vendors shipped more than 200 GW (AC) and accounted for 71% of total global PV inverter shipments in 2022, up 8% from 2021. The report notes that fir the top vendor of 2022, Huawei, shipments increased by 83%. Ginlong Solis posted growth of 86%.
For the eighth consecutive year, the top two vendors were Huawei and Sungrow. Huawei held the first position with a 29% market share in 2022. Sungrow, the winner of the pv magazine award in 2021, increased its market share by two percentage points, from 21% in 2021 to 23% in 2022. Ginlong Solis moved up to third place in 2022, driven by the company’s shipments in China.
The top eight vendors of 2021 were very similar to the lineup in 2022, with only Ginlong Solis and Growatt swapping third and fourth positions from 2021. Aiswei and Sofar jumped up three ranks to enter the top 10 ranking, holding the ninth and tenth positions respectively in 2022.
In the Asia-Pacific region, China led the market with 78% of inverter shipments as solar experienced unprecedented growth. India retained its position as the second largest inverter market in the Asia-Pacific region in 2022, but Wood Mackenzie said that it had a 25% decrease in shipments year over year. Japan had 7 GW of inverters enter the country, overtaking Australia as the third-biggest market, with growth of 23% year-over-year growth.
The European region experienced the highest shipment growth, with an 82% increase in 2022, following its 44% year-on-year growth in 2021. Wood Mackenzie attributed this to the move toward carbon neutrality by 2050, as part of the European Green Deal plan. Europe accounted for 28% of the global market, with 92 GW shipped.
While the US market is beginning a strong growth trajectory, it accounted for only 13% of the global market with 42 GW shipped to the country. Solar-plus-storage hybrid inverters made up 10% of the regional shipments as the curtailment of net metering in some markets are leading to a strong energy storage market.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
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