In a recent analysis by Wood Mackenzie, the top 10 global solar photovoltaic (PV) inverter vendors and their market shares for 2022 have been revealed, showcasing significant growth in the industry. The report highlights key players and regional trends that have shaped the solar inverter market over the past year.
According to the report, the top 10 solar PV inverter vendors collectively held an impressive 86 percent market share in 2022, marking a 4 percent increase compared to the previous year. This surge underscores the growing demand for solar energy solutions worldwide.
Leading the pack were the top five vendors: Huawei, Sungrow, Ginlong Solis, Growatt, and GoodWe. Together, they accounted for a substantial 71 percent of total global PV inverter shipments in 2022, marking an 8 percent increase from the previous year. Notably, Huawei’s shipments saw a remarkable 83 percent rise in 2022 compared to the year prior, while Sungrow experienced a 56 percent increase in the same period.
Huawei and Sungrow maintained their market dominance, securing the first and second positions respectively. These two vendors combined covered over half of the global market, particularly retaining their stronghold in the Asia Pacific (APAC) region with a 55 percent market share, up from 46 percent in 2021.
Huawei secured the top spot with a 29 percent market share, while Sungrow, the second runner-up, boosted its market share to 23 percent in 2022, up from 21 percent in 2021. Ginlong Solis climbed to third place, driven by its performance in the Chinese market.
Interestingly, the rankings of the top eight vendors remained consistent between 2021 and 2022. The only change was seen in the third and fourth positions, where Ginlong Solis and Growatt swapped places. Moreover, Aiswei and Sofar made impressive leaps, entering the top 10 rankings and occupying the ninth and tenth positions respectively.
The APAC region emerged as a powerhouse in the inverter market, claiming a 50 percent share of the global market and experiencing a remarkable 44 percent year-over-year growth in shipments. China led the way with a staggering 78 percent of inverter shipments directed towards the country, coinciding with a surge in installations to an all-time high. While India retained its status as the second-largest inverter market in APAC, it faced a 25 percent drop in shipments compared to the previous year. Japan outperformed Australia to secure the third spot, witnessing a 23 percent year-over-year growth.
Europe displayed impressive growth, accounting for 28 percent of the global market with 92 GWac shipped to the region. This surge was characterized by an 82 percent increase in shipment growth in 2022, following a 44 percent year-over-year growth in 2021. This momentum aligns with the region’s ambitious goal of achieving carbon neutrality by 2050 through initiatives like the European Green Deal.
In contrast, the US accounted for 13 percent of the global market, receiving 42 GWac in shipments. The integration of solar and storage was prominent in the US market, with PV-storage hybrid inverters comprising 10 percent of regional shipments.
The global demand for PV reached 201 GWac in 2022, contributing to a remarkable 48 percent year-over-year growth in PV inverter demand. The industry experienced substantial growth in Europe, APAC, and the US, driven by government support aimed at meeting clean energy objectives.
In total, the global shipments of PV inverters reached an impressive 333 GWac in 2022. The industry breathed a sigh of relief as challenges arising from the pandemic-related chip shortage and supply chain disruptions eased over the course of the year.