China’s solar industry is booming in early 2024, with new installations soaring to 36.72 GW in just January and February, marking an 80% increase from the previous year. State-owned enterprises are actively pursuing solar equipment tenders to capitalize on this growth.
![Top solar inverter companies, top bidders of Q1, 2024](https://www.solarbeglobal.com/wp-content/uploads/2024/04/PGP84-top-solar-inverter-companies-in-china-top-bidders-of-q1-2024.png)
In the first quarter of 2024, over 62.44 GW of solar inverter procurement bids were announced, up by 32% compared to the same period in 2023. String inverters dominated the market, accounting for 80% of total bids, with large-capacity inverters with over 300kW making up 84% of this category.
The top five companies securing bids—Sungrow, Huawei, Sineng Electric, Zhuzhou Converter, and TBEA—accounted for nearly 85% of the total procurement volume, maintaining their dominance in the market.
Sungrow emerged as the top performer, securing bids for 5 GW of inverters, followed by Huawei with 4.857 GW. Sineng Electric, Zhuzhou Converter, and TBEA also secured significant bids, indicating a stable market landscape.
Other notable companies securing bids exceeding 200 MW each include KE Electric, Solis, Sofar, and HRV Electric, showcasing their strong performances in the tender process.