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56% growth in PV inverter shipments by 2023, with China in the lead

Worldwide shipments of PV inverters will reach 536 GWac in 2023, with China dominating at 50%.

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Global shipments of photovoltaic (PV) inverters recorded a 56% increase in 2023, reaching 536 gigawatts alternating current (GWac).
This figure reflects the strength of the global solar market, where the ten largest inverter suppliers captured 81% of the market, according to Wood Mackenzie’s “Global solar inverter and module-level power electronics market share 2024” report.

China, world leader

With 50% of global shipments, China dominates the market thanks to solar demand that doubled over the year.
Huawei and Sungrow, the sector’s undisputed leaders, have strengthened their position, together accounting for more than half of the global market.
Their success can be attributed to their ability to meet the needs of large-scale installations, essential in the rapid expansion of China’s solar park.
Joseph Shangraw, Research Associate at Wood Mackenzie, reports that Huawei and Sungrow have not only maintained their market share, but have also managed to increase production to meet global demand.
“We’re also seeing market diversification, with 11 other manufacturers exceeding 10 GWac shipments in 2023,” he points out.
This trend underscores increased competition among Chinese manufacturers, nine of which are in the top ten worldwide, benefiting from the boom in investment in the solar sector.

A growing market

Ginlong Solis remains the third major player for the second year running, while Sineng has moved up four places to fourth place thanks to an impressive 133% growth in shipments in 2023.
This dynamism reflects intensified production efforts and a strategy focused on large-scale facilities, in line with the market leaders.
In North America and Europe, although growth in the PV inverter market is sustained, it is mainly concentrated in the large-installation segment.
Residential inverter manufacturers are experiencing difficulties due to a slowdown in demand and a surplus of stock accumulated since 2022.
In the USA, the market is dominated by central inverter manufacturers such as Sungrow and Power Electronics, while in Europe, Huawei, Sungrow and SMA stand out for their shipments of string inverters.
China’s dominance of the global photovoltaic inverter market is confirmed, while the diversification of players marks a key stage in the evolution of this sector, which is crucial to the global energy transition.

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