Photovoltaic inverter industry nowadays and inverter shipment situation
As the photovoltaic industry rides the waves of success, the corresponding equipment for PV grid connection, inverters, will also see a substantial increase in orders and profits, following the PV industry’s main trend. According to data from S&P Global, a global industrial information provider, in 2022, the shipment of global photovoltaic inverters reached 326.6GW, an increase of nearly 110GW compared with 148.9GW in the previous year. And the installed capacity was about 212.8GW, an increase of nearly 65GW compared with 148.9GW in the previous year. What’s more, the shipment rankings of various key companies, have undergone corresponding changes and adjustments.
Now, let’s take a look at the specific top 10 inverter suppliers based on their shipment market shares, they are:
Global top 10 PV inverter suppliers in 2023
1. Sungrow Power Supply
Among the top ten revenue companies, Sungrow has become the most eye-catching company. Since its establishment in 1997, the company has focused on the field of new energy power generation.
And just in last month, July, the company demonstrated on the Internet that the photovoltaic system has successfully advanced from 1500V to 2000V. A key step has been taken on the road of photovoltaic cost reduction and efficiency increase.
| Establishment time | 1997 |
| Company location | Anhui, China |
| Total market value | $23.44 Billion (from companiesmarketcap) |
| Company website | https://us.sungrowpower.com/ |
Main products: Its main products include photovoltaic inverters, wind power converters, energy storage systems, water surface photovoltaic systems, new energy vehicle drive systems, charging equipment, and hydrogen production from renewable energy. system, smart energy operation and maintenance services, etc.
2. Huawei
Huawei is a global leading provider of ICT (Information and Communication Technology) infrastructure and smart terminal solutions, committed to bringing the digital world to every individual, family, and organization, and building an interconnected smart world.
Huawei not only holds the status of a communication giant, but also stands as one of the leading companies in the photovoltaic industry. Since entering the photovoltaic inverter market in 2013, Huawei has achieved rapid growth in a very short period of time, reaching the global forefront in the production of photovoltaic transformers within just three years.
The company primarily offers comprehensive intelligent photovoltaic solutions for power stations, which helps customers solve problems, enhances power generation at the system level, and improves operational efficiency at the entire power station level, thereby ensuring the long-term benefits of the entire power station.
Its demonstration project last year: an important power supply guarantee project in Tibet, can operate stably and efficiently even in harsh environments, fully demonstrating its leading technical strength and service attitude.
| Establishment time | Founded in 1987; accessed to the solar inverter market in 2013 |
| Company location | Guangdong, China |
| Total market value | $140 billion Estimated |
| Company website | //www.huawei.com/en/ |
Main products: Wireless access and fixed access products, Core networks, transport networks, data communications, Energy and Infrastructure, Business and Software, OSS, Secure Storage, Huawei Terminals.
3. Ginlong Solis
Founded in 2005, Ginlong Solis is a high-tech enterprise specializing in the R&D, production, sales and service of string inverters, the core equipment of photovoltaic power generation systems.
Ginlong Solis can be seen in global benchmark projects and landmark buildings such as the Shanghai World Expo and the Eiffel Tower in France. Thanks to the blessing of leading technology and the assiduous pursuit of product quality, Ginlong Solis has achieved rapid growth in revenue and profit for many consecutive years, ranking third in the global inverter supplier shipment market share.
In June this year, at the Intersolar Europe Exhibition, their new balcony mini solar system was exhibited for the first time, helping to open a new pattern of inverter home electrics.
| Establishment time | 2005 |
| Company location | Zhejiang, China |
| Total market value | 36.12 billion CNY |
| Company website | https://www.ginlong.com/us |
Main products: Solar Inverters, String Inverters, Energy storage inverters
4. Growatt
Founded in 2011, Growatt focuses on the fields of sustainable energy power generation, power storage, power consumption and energy digitalization, and provides high-quality full-scenario distributed energy solutions for global households, industrial and commercial users. In the household market, Growatt once again ranked first in the global annual list (2 consecutive years) (S&P Global data).
On August 8, 2023, at Guangzhou’s International Energy Storage&Clean Energy Expo (IECE 2023), Guruiwatt held a grand exhibition with integrated smart energy solutions for solar storage and charging as one of the PV inverter suppliers.
| Establishment time | 2011 |
| Company location | Guangdong, China |
| Total market value | 13.8 billion CNY |
| Company website | https://www.growatt.com/ |
Main products: On-grid PV Inverter, EV Charger, Energy storage, Smart Energy Management
5. SMA
For 41 years, SMA has been at the forefront of technology and promoted the development of renewable energy. As the one of the world’s leading PV inverter suppliers of solar system solutions and services, SMA Group has always been committed to building industry standards for renewable energy supply.
Recently SMA announced that it will build a new gigawatt plant covering about 46,000 square meters in Niestetal, a town in the Kassel region of Hesse, Germany. The move is expected to increase its production capacity from the current 20 GW to 40 GW, with plans to create more than 200 new jobs and provide integrated solutions for different power levels for large-scale PV and energy storage systems around the world in the near future.
| Establishment time | 1981 |
| Company location | Niestetal, Germany |
| Total market value | $3.19 Billion (from companiesmarketcap) |
| Company website | https://www.sma.de/en/ |
Main products: PV inverters, complete system solutions for PV systems with different power levels, intelligent energy management systems and battery storage solutions, as well as complete solutions for PV diesel hybrid applications
6. Power Electronics
Founded in 1987, Power Electronics is a leader in the field of AC motor control in Spain, with more than 20 years of experience in the development of soft starters, drives and converters.
The company plans to build a plan with significant growth, which includes the expansion of production capacity at the local and international levels as well as the continued development and launch of new products.
| Establishment time | 1987 |
| Company location | Technologic Park of Paterna, Spain |
| Total market value | No date |
| Company website | https://power-electronics.com/en |
Main products: Solar inverters, Drives, Soft Staters.
7. SolarEdge
SolarEdge develops DC optimized converter solutions that change the way solar power is generated and managed. SolarEdge’s smart converter solutions can maximize power generation while reducing the cost of power generation of solar systems, thereby increasing the return on investment.
SolarEdge announced the launch of a commercial storage system (CCS), which is expected to be operational in the second half of 2024. This new product can help you gain more diversified revenue streams that are still related to solar and power generation, but may have better profit potential overall. The CCS system has a capacity of 58kWh, can be connected to up to eight batteries and has a storage capacity of 460kWh. The technology helps eliminate the “triple conversion penalty” and provides customers with site-level energy management.
| Establishment time | 2006 |
| Company location | Herzliya，Israel |
| Total market value | 10.05 Billion |
| Company website | https://www.solaredge.com/us/ |
Main products: Inverter, EV charger, residential and commercial power optimizer, grid service, etc.
8. Sineng
Sineng Electric has been deeply involved in the field of power electronic power conversion and control, providing a full range of photovoltaic grid-connected inverter solutions, energy storage system solutions, power quality management solutions, new energy vehicle charging solutions, etc.
Sineng also signed a 140MW photovoltaic inverter supply agreement with Voltalia for a solar project in Albania. The power station is currently the largest photovoltaic power generation project in the Western Balkans region.
It is expected to produce enough green electricity to meet the annual power consumption of 220,000 Albanian residents after being connected to the grid, further increasing the local clean energy usage and accelerating the local energy green transition process.
| Establishment time | 2012 |
| Company location | Jiangsu，China |
| Total market value | 12.57 billion CNY |
| Company website | https://en.si-neng.com/ |
Main products: 3kW~8800kW full-power photovoltaic inverters, which are oriented to multi-scenario applications such as household, industrial and commercial distributed, and ground power stations.
9. Goodwe
Founded in 2010, GoodWe is one of the best PV inverter suppliers that focuses on the R&D, production and sales of new energy power supply equipment such as solar energy and energy storage.
It has developed more than 20 series of photovoltaic inverter products for grid connection and energy storage, with a power coverage of 0.7 -320kW, and is committed to providing integrated solutions such as smart energy management for households, industrial and commercial users, and ground power stations.
The Goodwe Smart Energy Building project officially topped out on August 8th, 2023. The project focuses on the research, development, and production of solar photovoltaic inverters and their monitoring products. It is expected to accommodate 3,500 R&D engineers and is projected to have an annual production capacity of 150,000 intelligent photovoltaic inverters after completion, with an annual added value of over 1 billion yuan.
| Establishment time | 2010 |
| Company location | Jiangsu，China |
| Total market value | 28.29 billion CNY |
| Company website | https://www.goodwe.com/ |
Main products: Photovoltaic grid-connected inverters, photovoltaic energy storage inverters, intelligent data collectors and SEMS intelligent energy management systems.
10. Sofarsolor
Since its establishment in 2013, Sofar Energy has always focused on the field of solar power equipment, taking scientific and technological innovation as the core driving force for business development, and continuously investing in research and development in new energy power conversion, storage and management.
It already has an experienced team Rich R&D team and a series of competitive core technologies and R&D achievements.
The opening of the Shanghai branch is internationally oriented, deepening the international business layout, and further enhancing the Sofarsolor’s service capability and industry influence.
| Establishment time | 2013 |
| Company location | Guangdong, China |
| Total market value | No data |
| Company website | https://www2.sofarsolar.com/ |
Main products: Photovoltaic and energy storage for household and industrial and commercial use, ground power station photovoltaic, centralized energy storage.
3.Conclusion
Overall, the global photovoltaic market demand remains strong, and there are also some rapidly advancing new PV inverter suppliers. The competition in the photovoltaic market is becoming increasingly fierce, and the challenges are more apparent. The above is the complete content of the revenue ranking for companies in the photovoltaic inverter industry. If you want to learn more about the power storage industry, please follow or feel free to contact us.
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