About Photovoltaic inverter market share in China
The top 10 global PV inverter vendors accounted for 81% of the market, according to Wood Mackenzie’s ‘Global solar inverter and module-level power electronics market share 2024’ report. China was responsible for more than half of all global shipments, as the country’s solar demand doubled in 2023.
The top 10 global PV inverter vendors accounted for 81% of the market, according to Wood Mackenzie’s ‘Global solar inverter and module-level power electronics market share 2024’ report. China was responsible for more than half of all global shipments, as the country’s solar demand doubled in 2023.
China led the market with 78% of inverter shipments to APAC directed to the country as installations reach an all-time high. India retained its position as the second largest inverter market in APAC in 2022 but saw a 25% decrease in shipments year-over-year.
The China pv inverter market generated a revenue of USD 2,327.9 million in 2023 and is expected to reach USD 8,049.9 million by 2030. The China market is expected to grow at a CAGR of 19.4% from 2024 to 2030. In terms of segment, central pv inverter was the largest revenue generating product in 2023.
The constant economic growth in nations such as the U.S., China, and India as well as developments in supply chain and favorable government policies supporting PV inverter production in the U.S. and India are driving demand for solar PV inverters.
In 2022, Huawei had the largest PV inverter market shipments worldwide, accounting for some 29 percent of the market. Huawei was followed by Sungrow Power Supply and Ginlong Solis in the.
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6 FAQs about [Photovoltaic inverter market share in China]
What is the global PV inverter market share?
Global PV inverter shipments grew by 56% to 536 gigawatts alternating current (GWac) in 2023, reflecting a strong year for the broader solar industry. The top 10 global PV inverter vendors accounted for 81% of the market, according to Wood Mackenzie’s ‘ Global solar inverter and module-level power electronics market share 2024’ report.
Why are solar PV inverters so popular?
The constant economic growth in nations such as the U.S., China, and India as well as developments in supply chain and favorable government policies supporting PV inverter production in the U.S. and India are driving demand for solar PV inverters.
Who dominates the PV inverter market?
Industry leaders Huawei and Sungrow maintained their top positions, capturing more than 50% of the market combined, primarily through their popular utility-scale inverters. Joseph Shangraw, research associate at Wood Mackenzie, remarked, “The rapid expansion of the PV inverter market is impressive.
Why did PV inverter shipments increase in 2022?
The industry saw this renewed increase in shipments as the pandemic-related chip shortage and other supply chain challenges eased in 2022. The top five vendors – Huawei, Sungrow, Ginlong Solis, Growatt, and GoodWe – shipped more than 200 GWac and accounted for 71% of total global PV inverter shipments in 2022, growing 8% from 2021.
What are China's solar PV exports?
In 2021, the value of China’s solar PV exports was over USD 30 billion, almost 7% of China’s trade surplus over the last five years. In addition, Chinese investments in Malaysia and Viet Nam also made these countries major exporters of PV products, accounting for around 10% and 5% respectively of their trade surpluses since 2017.
Which countries have experienced double digit PV inverter market growth?
In comparison, North America and Europe also experienced double-digit PV inverter market growth, but it was largely concentrated in the utility-scale sector as residential inverter manufacturers faced slower demand growth and excess inventory from oversupply beginning in 2022.