Global PV Inverter Shipments Grew by 10% in 2024 to 589 GWac

Image: Wood Mackenzine

On July 10th，Wood Mackenzie launched Global solar inverter market share report 2025. According to the report, global PV inverter shipments grew by 10% to 589 gigawatts alternating current (GWac) in 2024. Asia Pacific, led by China, accounted for nearly all global growth, while the US and Europe declined. In total, nine of the top 10 global PV inverter vendors are headquartered in China.

The Asia Pacific region (APAC), which includes China, India and Southeast Asia, accounted for 69% of all shipped capacity. China was responsible for more than half of all global demand, receiving 330 GWac of shipments, a 14% increase over 2023.

Huawei and Sungrow ranked first and second in the rankings for the 10th consecutive year, combining for 55% of the global inverter market.

Huawei delivered 176 GWac of PV inverters and extended its global lead with strong performances in China, Europe, Latin America and Africa. Sungrow delivered 148 GWac, ranking behind Huawei in China and Europe, but leading in the US and in the rapidly growing markets of India and the Middle East.

In the inverter market, Huawei and Sungrow hold an absolute monopoly, with none of the other manufacturers commanding a market share exceeding 5%. In 2024, Ginlong Solis ranked third in global inverter market share, Growatt fourth, and Sineng fifth.