Sungrow reports major swing to overseas PV inverter sales in 2019

Facebook
Twitter
LinkedIn
Reddit
Email
The main sales growth came from Sungrow’s PV System Integration business unit, comprising EPC and O&M.

Major PV inverter manufacturer Sungrow Power Supply Co exported a total of 9GW of PV inverters to overseas markets in 2019, an 87.5% increase year-on-year, due to the significant decline in solar installations caused by policy changes in the Chinese domestic market stretching back to May 2018.

Sungrow reported PV inverter shipments across China were 8.1GW in 2019, down 31.9% year-on-year. Total inverter product shipments in 2019 reached 17.1GW, up just 2.4% year-on-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

Total inverter product shipments in 2019 reached 17.1GW, up just 2.4% year-on-year.

However, Sungrow said that its cumulative installed global PV inverter capacity exceeded the 100GW milestone in 2019, claiming to be the first supplier to do so.  

A key export market was shipments to the Americas, which exceeded 3GW.

Financials

Sungrow reported total group revenue of around RMB 13 billion (US$ 1.834 billion), an increase of 25.41% compared to 2018.

Sungrow reported total group revenue of around RMB 13 billion (US$ 1.834 billion) and increase of 25.41%, compared to 2018.

PV inverter & power conversion product segment revenue was approximately RMB 3.941 billion (US$556.6 million in 2019), an increase of 6.99% from the previous year. This segment accounted for 30.3% of total group sales in 2019, down from 35.5% in 2018. 

PV inverter & power conversion product segment revenue was approximately RMB 3.941 billion (US$556.6 million in 2019), an increase of 6.99% from the previous year.

The main sales growth came from Sungrow’s PV System Integration business unit, comprising EPC and O&M. This unit reported sales in 2019 of approximately RMB 7.9 billion (US$1.12 billion), up 35.3% year-on-year and accounting for 61% of total group revenue in 2019, up from 56.6% in the previous year.

Sungrow’s PV System Integration business unit reported sales in 2019 of approximately RMB 7.9 billion (US$1.12 billion), up 35.3%, year-on-year and accounting for 61% of total group revenue.

Coming from a smaller revenue base, Energy Storage reported sales of around RMB 534 million (US$76.6 million) in 2019 compared to US$54 million in 2018, an increase of 41.7%. Its share of total group sales also rose, climbing to 4.18% from the 3.69% share recorded in 2018. 

Energy Storage reported sales of around RMB 534 million (US$76.6 million) in 2019.

Sales expenses rose 31.61% year-on-year to RMB 918.4 million (US$129.6 million due to the major shift to overseas sales in 2019, but net cash flow soared, climbing to RMB 2.48 billion (US$350 million), a year-on-year increase of 1271.29%.

Net profit was RMB 2.48 billion (US$350 million) in 2019, an increase of 10.24% from the previous year.

Net profit was RMB 2,48 billion (US$350 million) in 2019, an increase of 10.24% from the previous year.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
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.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 8, 2025
Officials from Norway and Egypt have agreed provisional terms for the financing of the Dandara solar park in Egypt, which is being built and operated by Norwegian IPP Scatec.
October 8, 2025
Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in this financial year.
October 8, 2025
Frontier Energy plans to expand its Waroona Renewable Energy Project into a renewable energy precinct by 2031, targeting up to 1GW solar.
October 7, 2025
Econergy will acquire 100% stake in the 155MW Ratesti solar project in Romania, further expanding its European renewable energy portfolio.
October 7, 2025
Juniper Green Energy through its subsidiary Juniper Green Sigma Eight has signed a 70MW power purchase agreement with renewable energy giant Tata Power. 
October 7, 2025
Solar PV will account for almost 80% of the 4.6TW of new renewable power expected to be added by 2030, according to the International Energy Agency (IEA).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK