China Solar Inverter master the biggest rate of market over the world; Today, please along with us to know some data of this industry!
- Shipment Volume
As the core component of photovoltaic (PV) power generation systems, the market size of PV inverters has expanded with the popularization of PV power generation.
In recent years, with the increasing demand for clean energy globally, the PV inverter market has maintained steady growth. In 2022, the total shipment volume of PV inverters in China reached 131.7 GW, an increase of about 60 GW from the previous year, representing an annual growth of approximately 85%.
The shipment volume in 2023 is expected to be around 170 GW, and the total shipment volume of PV inverters will exceed 200 GW in 2024.
- Market Structure
Benefiting from the substantial growth in distributed market installations in China, the PV inverter market has developed into a market dominated by string inverters, with the proportion of centralized and distributed inverters further shrinking.
Among them, the proportion of string inverters has increased to over 78%, while centralized inverters account for about 20%, and the market share of distributed inverters has slightly decreased.
Due to changes in application scenarios, technological advancements, and other factors, the future market share of different types of inverters remains highly uncertain.
- Enterprise Layout
PV inverter enterprises continue to focus on the domestic market, with product layouts targeting various application scenarios such as residential, commercial, and industrial rooftops, as well as large-scale power stations. Major PV inverter manufacturers in China include Huawei, Deye, Sungrow, Solis, GoodWe, and Growatt, among others.
In 2023, among the PV inverter bidding projects, 150 PV inverter manufacturers or agents won the bids, with the number of awarded projects reaching 676 and a total capacity of 193.22 GW.
Among them, Huawei ranked first with 30,713 MW. Sungrow ranked second, with an awarded capacity of 23,029 MW.