Global solar photovoltaic (PV) inverter shipments reached a record high in 2022, surpassing 330 gigawatts (GWac), according to a recent analysis by Wood Mackenzie. The report reveals that the top 10 PV inverter vendors accounted for 86% of the market share, representing a 4% increase from the previous year.
The strong growth in PV inverter shipments can be attributed to the increased global demand for solar energy, which rose to 201 GWac in 2022. This marked a significant 48% year-over-year growth for PV inverters. Europe, Asia Pacific, and the United States were the driving forces behind this surge, as government support and clean energy goals propelled the adoption of solar power. As a result, the total global shipments of PV inverters reached 333 GWac in 2022.
Among the top five vendors, Huawei, Sungrow, Ginlong Solis, Growatt, and GoodWe, more than 200 GWac was shipped, accounting for 71% of the total global PV inverter shipments in 2022. This represents an 8% increase compared to the previous year. Notably, Huawei experienced a remarkable 83% increase in shipments in 2022, while Sungrow’s shipments expanded by 56% during the same period.
Huawei and Sungrow maintained their leadership positions in the market for the eighth consecutive year, with Huawei holding a 29% market share and Sungrow increasing its market share to 23%. Ginlong Solis secured the third position, primarily driven by its shipments in China.
Aiswei and Sofar made significant progress by climbing three positions to secure spots in the top 10 rankings. They held the ninth and tenth positions, respectively, among the leading PV inverter vendors.
In terms of regional distribution, the Asia Pacific region dominated the inverter market, accounting for 50% of the global market share. With a 44% year-over-year growth in shipments, the region saw a total shipment of 167 GWac. China led the way with 78% of the inverter shipments to the Asia Pacific, followed by India and Japan.
Europe accounted for 28% of the global market share, with a total of 92 GWac shipped to the region. The European market experienced the highest shipment growth, with an 82% increase in 2022 as the region aims to achieve carbon neutrality by 2050 under the European Green Deal.
The United States consumed 13% of the global market share, with 42 GWac shipped to the country. Notably, PV-storage hybrid inverters made up 10% of the regional shipments as the US focuses on integrating solar power with energy storage systems.