Global PV Inverter Shipments Reach 589 GWac in 2024 as Asia-Pacific Drives Growth and Western Markets Contract

Global photovoltaic (PV) inverter shipments rose by 10% in 2024, totaling 589 gigawatts alternating current (GWac), according to Wood Mackenzie’s Global Solar Inverter Market Share Report 2025. The growth was primarily driven by the Asia-Pacific (APAC) region, particularly China, while the United States and Europe recorded notable declines.

The APAC region, which includes China, India, and Southeast Asia, accounted for 69% of total global shipments. China alone absorbed 330 GWac of inverter shipments, representing over half of global demand and marking a 14% increase compared to 2023.

China also maintained its stronghold on the global PV inverter market, with nine of the top 10 vendors headquartered in the country. Huawei and Sungrow retained their first and second positions, respectively, for the 10th consecutive year, collectively commanding 55% of the global inverter market.

“Huawei delivered 176 GWac and extended its global lead with strong performances in China, Europe, Latin America, and Africa,” said Joseph Shangraw, Research Associate at Wood Mackenzie. “Sungrow followed with 148 GWac, ranking behind Huawei in China and Europe, but leading in the US and the fast-growing markets of India and the Middle East.”

For the first time in Wood Mackenzie’s decade-long ranking history, no vendor outside the top two captured more than 5% of the global market. Ginlong Solis retained third place, while Growatt moved up to fourth, regaining its 2022 position.

In contrast, both the United States and Europe saw market contractions in 2024.

In Europe, residential and commercial inverter shipments fell by a double-digit percentage, largely due to oversupply in distribution channels. The Netherlands and Germany were among the most affected markets, with inventories remaining high throughout the year.

The US market recorded a single-digit percentage decline, driven by a slowdown in residential installations and limited central inverter deployment. The residential sector suffered its second consecutive annual drop, attributed to high interest rates and reduced demand in California following the implementation of the NEM 3.0 net metering policy.

“The US residential inverter segment experienced its second straight annual decline, as new installations slowed nationwide,” Shangraw noted.

While growth in APAC and the Middle East offset declines in Western markets, the report underscores the increasing concentration of market share among a few dominant Chinese vendors and the growing regional divide in solar deployment trends.