Global PV Inverter Shipments Surge 56% In 2023, China Leads Market – Report

The global photovoltaic (PV) inverter market experienced a remarkable 56% growth in 2023, reaching 536 gigawatts of alternating current (GWac), according to Wood Mackenzie’s latest report, Global Solar Inverter and Module-Level Power Electronics Market Share 2024. This surge highlights a robust year for the solar industry and underscores the expanding role of PV in the global energy landscape.

China has emerged as the dominant force in this sector, accounting for over 50% of global shipments. The country’s solar demand doubled in 2023, driving significant growth in PV inverter supply. 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. Huawei and Sungrow have effectively scaled their production capacities to sustain their leading market shares year after year. Notably, we observe a market diversification with 11 other manufacturers each exceeding 10 GWac of shipments in 2023.”

Ginlong Solis secured the third spot for the second consecutive year, while Sineng saw a significant leap to fourth place, driven by a 133% increase in shipments. Notably, nine of the top 10 inverter vendors are based in China, reflecting the country’s strategic investments in solar energy to meet both domestic and international demand.

In contrast, North America and Europe also saw substantial growth in PV inverter shipments, though this was largely focused on the utility-scale sector. Residential inverter manufacturers in these regions faced slower growth and dealt with excess inventory from an oversupplied market in 2022.

In the US market, central inverter leaders Sungrow and Power Electronics topped the charts, while in Europe, string inverter shipments were led by Huawei, Sungrow, and SMA, underscoring the strong presence of these manufacturers across global markets.