WoodMac: 536GW of solar PV inverters shipped globally in 2023

Facebook
Twitter
LinkedIn
Reddit
Email
Huawei and Sungrow accounted for more than half of all global PV inverter shipments in 2023. Image: Sungrow

Shipments of solar PV inverters grew 56% year-on-year between 2022 to 2023 to reach 536GW, according to research and consulting firm Wood Mackenzie.

In its “Global solar inverter and module-level power electronics market share 2024” report, Wood Mackenzie highlights that more than half of the global shipments went to China, as the country more than doubled its installed solar PV capacity in 2023 with 217GW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The top ten global PV inverter companies accounted for 81% of the market, once again led by Chinese solar companies Huawei and Sungrow. The two companies alone accounted for more than half of the global market, due to their utility-scale products.

Last year Sungrow reached a milestone of 15GW of inverters sold to the Latin American market, after securing several deals at Intersolar South America in August 2023. More recently, the company signed an inverter supply agreement with Hero Future Energies, a subsidiary of Indian industrial conglomerate Hero Group, for 850MW PV inverters.

Joseph Shangraw, research associate at Wood Mackenzie, said: “In an industry growing as quickly as the PV inverter market, it’s remarkable that Huawei and Sungrow have been able to expand production capacity to maintain their market share year after year.

“Behind these two companies, we still continue to see a diversification of the market, with 11 other manufacturers exceeding 10GWac of shipments in 2023.”

For the second year in a row, Ginlong Solis closed the podium dominated by Chinese inverter providers which also dominated the top ten with nine companies headquartered in China. A notable move up comes from Sineng which climbed four spots into fourth place due to a 133% shipment growth in 2023, while Growatt closed the top five in the fifth position.

Both Europe and North America have also experienced market growth with a double-digit percentage increase for solar PV inverters. This growth was mainly due to the utility-scale solar market, while residential solar inverter manufacturers faced a slower growth and excess inventory from oversupply in 2022.

Moreover, the US market was led by central inverter manufacturers Sungrow and Power Electronics, while Europe was led by string inverter shipments from Huawei, Sungrow, and SMA.

Another recent report from WoodMackenzie looked at the solar PV tracker market in 2023, which grew by 28% from 2022. Similar to PV inverters, the growth of trackers shipments was primarily due to the utility-scale segment. In 2023, PV tracker shipments reached 92GW.

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
June 9, 2025
N-type polysilicon prices have dropped to RMB34,000/ton as the project installation rush ends, putting cost pressure on the industrial chain.
June 5, 2025
Investment in clean energy and grids will reach US$2.2 trillion in 2025, double the expected investment into fossil fuels this year, according to data from the International Energy Agency (IEA).
June 4, 2025
Chinese PV module manufacturer Haitai Solar has announced the termination of a 10GW TOPCon and the reallocation of investment to fund an Indonesian facility.
June 2, 2025
Arctech has partnered with ACME Cleantech Solutions to provide 175MW worth of solar trackers for an upcoming facility in Duqm, Oman.
Premium
May 29, 2025
PV Talk: Global Solar Council CEO Sonia Dunlop tells Shreeyashi Ojha why the solar industry needs collective action to combat political and supply-chain disruption.
May 28, 2025
The expansion is 100% compliant with the Indian government's requirement of Bureau of Indian Standards (BIS).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece