The size of the global PV inverter market – in terms of shipments – has reached 589 GWac in 2024, representing a 10 percent growth, according to Wood Mackenzie report. The Asia Pacific (APAC) region, led by China, dominated the market, accounting for 69 percent of total shipments.
The report did not reveal the size of the global PV inverter market in terms of revenue.
China received 330 GWac, marking a 14 percent increase from the previous year and contributing more than half of global demand. This regional surge was driven by large-scale deployments and continued investment in solar capacity across China, India, and Southeast Asia.
Main vendors
Huawei and Sungrow maintained their dominant positions as the top two global PV inverter vendors in 2024 for the tenth consecutive year. Together, they held a combined market share of 55 percent.
Huawei ranked first with 176 GWac in shipments, driven by strong sales in China, Europe, Latin America, and Africa. Sungrow followed with 148 GWac, leading in the US, India, and the Middle East.
Ginlong Solis retained the third spot globally, while Growatt climbed to fourth place, regaining its 2022 ranking. Notably, no other vendor outside the top two achieved more than 5 percent market share, highlighting further market consolidation among leading Chinese manufacturers. Nine of the top 10 vendors were headquartered in China.
Notably, no vendor beyond the top two secured more than a 5 percent market share for the first time in a decade.
In contrast, Europe and the United States saw contracting markets in 2024. Europe suffered a double-digit percentage decline due to excess inventory in major markets like Germany and the Netherlands.
The US market saw a single-digit decline amid a slowdown in residential installations, elevated loan interest rates, and reduced demand in California under the new NEM 3.0 policy. Overall, while APAC and the Middle East drove global growth, mature Western markets struggled with oversupply and weakening consumer demand.
GreentechLead.com News Desk