The top 10 global solar photovoltaic (PV) inverter vendors accounted for 86% of market share in 2022, increasing by 4% year-over-year since 2021, according to latest analysis by Wood Mackenzie, a global insight business for renewables, energy and natural resources.
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The global PV demand of 201 gigawatt alternating current (GWac) in 2022 contributed to 48% growth year-over-year for PV inverters. In terms of inverter shipments, strong growth in Europe, Asia Pacific, and the United States where government support bolstered to meet clean energy goals led to a total of 333 GWac of global shipments 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. Huawei’s shipments saw a significant increase of 83% in 2022 compared to 2021, while Sungrow’s shipments expanded 56% in the same period.
(source: Wood Mackenzie)
Huawei and Sungrow maintain leadership
For the eighth consecutive year, Huawei and Sungrow continued to lead the market, taking the first and second positions, respectively. Together, the top two vendors covered more than 50% of the global market cumulatively in 2022, while continuing to lead the APAC region with a 55% market share, compared to 46% in 2021.
Huawei held the first position with a 29% market share in 2022. Second runner-up Sungrow increased its market share by 23% in 2022, compared to 21% in 2021. Ginlong Solis moved up to third place in 2022, driven by the company’s shipments in China.
The top eight vendors of 2021 held their ranks in 2022, with only Ginlong Solis and Growatt swapping third and fourth positions from 2021. Aiswei and Sofar jumped up three ranks to enter the top 10 ranking, holding the ninth and tenth positions respectively in 2022.
Asia Pacific leads inverter market
The Asia Pacific (APAC) region held 50% of the global market with a 44% year-over-year growth in shipments, with total shipments to the region reaching 167 GWac. 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. While Japan overtook Australia as the third, with 7 GWac shipped to the country, seeing a 23% year-over-year growth.
Europe accounted for 28% of the global market with 92 GWac shipped to the region. Europe experienced the highest shipment growth with an 82% increase in 2022, following its 44% year-over-year growth in 2021, as the region strives for carbon neutrality by 2050 under the European Green Deal plan.
The US, however, consumed 13% of the global market, with only 42 GWac shipped to the country. PV-storage hybrid inverters made up 10% of the regional shipments as the US increases the integration of solar and storage.
ENDS
Reporting metrics:
WoodMac ranks vendors by quantity of shipments in megawatts-alternating current (MWac). Only shipments with revenue recognised in the reporting year are counted towards the market share.
The solar inverter market is snowballing as more and more people turn to solar energy to power their homes and businesses. According to a report by MarketsandMarkets, the global solar inverter market is expected to reach $33.8 billion by 2027 from an estimated $16.3 in 2020, growing at a CAGR of 15.7% during the forecast period. This growth is driven by increasing demand for renewable energy, technological advancements in solar inverters, and supportive government policies.
This article will look at the top 10 solar inverter manufacturers in the world. These top manufacturers are well-positioned to capitalize on this growth and continue to lead the industry. They are at the forefront of the industry, offering a wide range of high-quality solar inverters for residential and commercial applications.
WHC is the most reliable among the top 10 solar inverter manufacturers in the world. The processing factory spans 200,000 square meters, has 16 years of expertise manufacturing solar batteries, 12 years of experience manufacturing off-grid solar systems, and has applied for 9 patents.
WHC SOLAR, the company’s own brand, has registered trademarks in 37 countries worldwide, 33 of which are in Africa.
WHC SOLAR provides a one-stop service for solar power-generating project production design, sales, and after-sales. They have numerous certifications from reputable organizations and multiple design patent certificates. WHC SOLAR has 13 years of solar technical knowledge that is worthy of your faith and worry-free after-sales service.
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The company’s management policy is: “quality first, customer happiness,” and the entrepreneurial attitude is: “honest, trustworthy, win-win.” In an era of fierce market competition, the company is customer-centric, market-oriented, and committed to providing customers with the best quality products and modern services.
Sungrow Power Supply Co., Ltd. is the world’s most bankable of the 10 solar inverter manufacturers, with over 269 GW installed globally as of June 2022. Sungrow, which provides a wide range of products and services, is dedicated to delivering clean power for all and is working hard to become the global leader in clean power conversion technology.
With a global yearly production capacity of 145 GW, including 25 GW outside China, Sungrow has the world’s largest inverter factory. Sungrow has a strong technology R&D team of over 3100 individuals and is a leader in solar industry innovation. The company has also invested in its in-house testing facility, certified by SGS, CSA, and TÜV Rheinland.
SMA Solar Technology AG makes solar inverters, alternating current converters used to generate electricity from the sun. The company focuses on the technology of photovoltaic systems. SMA is headquartered in Germany and operates on a global scale. SMA continues to pioneer and trendsetter towards 100 percent renewable energy worldwide.
Their revolutionary solar and storage solutions, intelligent energy management systems, and modern charging solutions for e-vehicles enable consumers and businesses worldwide to attain greater energy independence. They are shaping the energy transition for a more environmentally friendly and sustainable future.
SL Power Electronics is a global pioneer in designing and manufacturing AC/DC power conversion solutions that OEMs utilize in their mission-critical applications. Their product line includes various conventional, modified, and entirely customized turnkey solutions. With over 60 years of power industry experience, they provide OEMs with superior performance through solutions designed for thermal management, reliability, EMI/EMC, power density, and power efficiency.
SL Power Electronics focuses on three key market segments: medical, LED, and industrial, bringing them to the list of top inverter manufacturers worldwide. Their products can power practically every electronic medical equipment used to save and sustain lives in the medical applications area, including surgical, patient monitoring, and home healthcare devices.
FIMER is a proud Italian firm that manufactures solar inverters, energy storage systems, and EV chargers for the residential, commercial, and utility industries. They have one of the most diverse portfolios of solar inverters, ranging from single and three-phase string inverters to megawatt-sized central inverters, to fulfill the needs of every PV application.
FIMER is a leading global manufacturer of inverters for solar systems in an environment where the need for renewable energy is constantly increasing. They are a global tier-one player and supplier of renewable energy equipment specializing in solar inverters and mobility systems.
TMEIC propels the global industry with a complete supply of one-of-a-kind system solutions such as variable frequency drives, motors, solar inverters, and innovative automation systems for various industrial applications. Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC) was formed in 2003 due to the merger of Toshiba and Mitsubishi Electric Corporation’s industrial systems divisions.
Their committed approach to collaborative solution creation means that the world’s best minds can assist every sector worldwide. TMEIC is positioned to create breakthrough technologies, adapt swiftly to industry changes, and apply solutions to a wide range of industrial market segments worldwide due to this formidable combination of resources.
Solis was founded in 2005 and is one of the most experienced and top solar inverter manufacturers. Ginlong optimizes its Solis inverters for each geographical market, supplying and supporting its customers with a worldwide supply network and world-class R&D and manufacturing capabilities.
The Solis brand represents the company’s solar inverter product line, which combines unique string technology to guarantee first-class reliability that has been certified by the most stringent international standards. Their proven bankability has garnered the backing of world-class financial institutions, ensuring solid long-term returns on investment. Solis US collaborates with environmental and renewable energy stakeholders to expedite the world’s transition to a more sustainable future.
Growatt was created in 2011 by a group of global PV industry pioneers led by David Ding to create a green and sustainable future. The desire to see everyone benefit from sustainable energy drives Team Growatt to work tirelessly to provide high-quality goods and services to global clients.
Growatt swiftly evolved into one of the top solar inverter manufacturers providing distributed energy solutions worldwide. Growatt’s smart energy solution is based on Big Data, AI, and IoT technology. It can achieve smart energy management and distribution by employing multi-point data monitoring and a smart cloud platform to predict energy generation and consumption.
SolarEdge provides intelligent energy solutions that power our lives and drive future progress by utilizing world-class engineering capabilities and a tireless emphasis on innovation. SolarEdge, founded in 2006, created the DC-optimized inverter solution that revolutionized how power is captured and handled in photovoltaic (PV) systems. For enhanced ROI, the SolarEdge intelligent inverter solution maximizes power generation while minimizing the cost of energy the PV system provides.
SolarEdge’s wide product range includes residential, commercial, and large-scale PV, energy storage and backup solutions, EV charging, home energy management, grid services and virtual power plants, batteries, and uninterrupted power supply (UPS) solutions.
Sineng Electric Co., Ltd. is a leading global high-tech enterprise specializing in power electronic product R&D, manufacturing, trading, and maintenance, with operations in PV inverter, energy storage system, power quality control, plant development, and other fields, with a commitment to promoting the construction of a brighter future through cutting-edge technology solutions.
Sineng supplies all-scenario power production solutions in the PV industry, covering 3kW~6800kW central and string inverters, which are extensively accepted in ground-mounted, floating, complicated terrain, C&I rooftop, and residential projects and able to fulfill different demands of clients globally. Sineng offers all-scenario energy storage solutions, including 1000V/1500V central and string PCS and system integration products, for power generation, power grid, user, and microgrid applications.
In conclusion, the solar inverter industry is a rapidly growing market with various manufacturers offering various products. The world’s top 10 solar inverter manufacturers include SMA Solar Technology, power electronics, Growatt new energy, WHC, SolarEdge, Sineng, Delta Electronics, Sungrow, Fimer, TMEIC, etc.
Whether you are a residential homeowner looking to install solar panels on your home or a commercial business owner interested in transitioning to renewable energy, these top solar inverter manufacturers worldwide have a solution for you. You can also get in touch with the WHC team to get a free consultation.
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