Huawei and Sungrow retain inverter market dominance as demand increased in 2022

Facebook
Twitter
LinkedIn
Reddit
Email
A inverter assembly line from Ginlong Solis, which was the third-largest inverter supplier last year. Image: Ginlong Solis.

The world’s top 10 solar inverter providers accounted for 86% market share in 2022, a year where the market saw a 48% increase in size year-on-year (YoY).

According to research group Wood Mackenzie (WoodMac), last year saw 333GWac of inverter shipments globally, driven by increased demand in Europe, the US and Asia-Pacific and easing supply chain challenges over the course of the year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

WoodMac found that the top five vendors grew their market share by 8% in 2022 to 71%, shipping over 200GW between them. Huawei and Sungrow were the top two suppliers and covered more than 50% of the market themselves, seeing 83% and 56% growth in shipments respectively compared with 2021. Last year’s market breakdown can be read here.

In 2023, Sungrow has announced supply deals for some of the largest PV projects in the world, notably two Saudi installations that both exceed 2GW capacity. The ‘world’s largest’ solar farm will deploy 2.1GW of Sungrow’s inverters, and the NEOM green hydrogen project will use 2.2GW.

Ginlong Solis, Growatt and GoodWe rounded out the top five vendors list in 2022. Ginlong is the only one of these three to have seen an increase in YoY growth, up 86% in 2022, whilst both Growatt and Goodwe’s growth slowed down compared with 2021.

Goodwe enjoyed significant growth in 2021, rising four positions in the top 10 ranking to its number five position with a 100% increase in shipments. Its growth slowed in 2022, however, to 21%.

Image: Wood Mackenzie

Only SMA and Power Electronics of the top 10 companies saw small decreases in shipments, down 12% and 4% respectively.

In terms of market breakdowns, the Asia-Pacific (APAC) market accounted for 50% of global share last year, with a 44% YoY increase in shipments to 130GWac. Of this, 78% were directed to projects in China as it continues its massive solar rollout. India was the second largest APAC market, but fell 25% YoY; in 2022 India missed its PV deployment targets substantially, laying down 12.8GW of its target 20GW.

Europe accounted for 28% of global market share last year and had an 82% increase YoY, the highest of any global region. 92GWac of inverters landed in Europe in 2022 as it looks to meet its 2050 targets set out in the Green Deal Industrial Plan.

The US saw 42GWac shipped to its projects, just 13% of the market. Earlier this year, Enphase Energy announced an expansion of its US microinverter supply operations.

10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

Premium
October 6, 2025
Talon PV aims to be the first US company to safely manufacture TOPCon cells at scale, backed by European technology and a crucial First Solar licensing deal.
October 6, 2025
Indian infrastructure company focused on rooftop and ground-based solar power installations, PVV Infra has secured solar power orders worth INR7.9 billion (US$90 million) through two of its subsidiaries. 
October 6, 2025
US utility AES Corporation is reportedly in discussions to be acquired by Global Infrastructure Partners (GIP), a subsidiary of global asset owning giant BlackRock.
October 6, 2025
Indian solar developer ACME Group has established a new subsidiary to manage its renewable equipment manufacturing business, under which it is planning to scale production of TOPCon PV modules.
October 6, 2025
Rajasthan government will develop 500MW/2,000MWh of standalone battery energy storage systems (BESS) with a four-hour single-cycle configuration and extended operational life.
October 3, 2025
Renewables developer Madison Energy Infrastructure has bought the US distributed generation assets of NextEra Energy Resources.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA
Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland