Global Solar PV Inverter Market Soars with Top Vendors Dominating 86% Market Share in 2022: Wood Mackenzie Analysis

Representational image. Credit: Canva

In a recent analysis conducted by Wood Mackenzie, a renowned global insight business specializing in renewables, energy, and natural resources, it has been revealed that the top 10 solar photovoltaic (PV) inverter vendors collectively seized an impressive 86% market share in 2022. This represents a substantial 4% increase compared to the previous year, signaling the dynamic growth and dominance of these industry leaders.


The surge in demand for solar PV technology was strongly evident, with a remarkable 48% year-over-year growth in PV inverters fueled by a global demand of 201 gigawatt alternating current (GWac) in 2022. This surge was particularly propelled by robust growth in Europe, Asia Pacific, and the United States. The latter experienced a significant boost from government support aimed at achieving clean energy objectives. This collective momentum resulted in a staggering 333 GWac of global shipments of PV inverters in 2022, marking a resurgence in shipments as pandemic-related supply chain challenges subsided.

Notable Leaders and Growth Trends


The report identifies the top five vendors that substantially shaped the market landscape: Huawei, Sungrow, Ginlong Solis, Growatt, and GoodWe. Remarkably, these frontrunners collectively shipped over 200 GWac, translating to an impressive 71% of the total global PV inverter shipments in 2022 – an 8% surge from the preceding year. Huawei particularly stood out with an astounding 83% increase in shipments compared to 2021, while Sungrow’s shipments expanded by a commendable 56% during the same period.

(source: Wood Mackenzie)

Huawei and Sungrow retained their leadership positions for the eighth consecutive year, commanding the first and second spots, respectively. Cumulatively, they held sway over 50% of the global market in 2022, while remarkably maintaining a dominant 55% market share in the Asia Pacific (APAC) region, up from 46% in 2021.

Ginlong Solis emerged as a noteworthy player, ascending to third place primarily due to its robust shipments in China. Meanwhile, the top eight vendors from the previous year maintained their positions in 2022, with Ginlong Solis and Growatt interchanging the third and fourth ranks. Additionally, Aiswei and Sofar made impressive strides, entering the top 10 rankings by securing the ninth and tenth positions, respectively.

Regional Highlights

The Asia Pacific (APAC) region notably led the global inverter market, commanding a commanding 50% share and experiencing a robust 44% year-over-year growth in shipments. China played a pivotal role, claiming a staggering 78% share of inverter shipments in APAC, driven by record-high installations. While India retained its position as the second-largest inverter market in the region, it did witness a 25% decrease in shipments year-over-year. Japan, on the other hand, surpassed Australia to clinch third place, with a remarkable 23% year-over-year growth and 7 GWac of shipments.

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Europe made significant strides, accounting for 28% of the global market with 92 GWac shipped. The region’s impressive 82% shipment growth in 2022, following a 44% increase in 2021, is in line with its commitment to carbon neutrality by 2050 under the European Green Deal plan.

In contrast, the United States constituted 13% of the global market, receiving 42 GWac in shipments. Notably, PV-storage hybrid inverters contributed 10% to regional shipments, as the US made strides in integrating solar and storage technologies.

The latest analysis by Wood Mackenzie paints a compelling picture of the global solar PV inverter market, showcasing both the dominance of key industry players and the trends shaping renewable energy markets worldwide. As the world races toward a cleaner, more sustainable energy future, these insights provide valuable benchmarks for the industry’s progress and potential.

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