- 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, according to Wood Mackenzie’s Global solar inverter market share report 2025.
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.
Source: Wood Mackenzie
Huawei and Sungrow ranked first and second in the rankings for the 10th consecutive year, combining for 55% of the global inverter market.
Joseph Shangraw, research associate at Wood Mackenzie, said: “Both vendors consolidated the market and achieved their highest ever market shares in 2024. 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.”
For the first time in Wood Mackenzie’s 10 years of inverter market rankings, no vendor beyond the top two achieved more than 5% market share. Ginlong Solis retained third place, and Growatt rose to fourth in the global rankings, reclaiming its position from 2022.
This growth in APAC and the Middle East contrasted sharply with other major markets, as Europe and the United States both experienced a decline in inverter shipments in 2024.
Europe and US inverter markets contract in 2024
European residential and commercial inverter shipments experienced a sharp double digit percentage decline in 2024, as distribution channels remained full of excess inventory through much of the year, especially impacting the Netherlands and Germany. The US experienced a single digit percentage decline caused by a weakening residential market and a slow year for central inverter shipments.
“The US residential inverter segment experienced its second straight annual decline, as new installations have slowed nationwide,” said Shangraw. “Interest rates for loans remain high, and California demand fell as net metering compensation switched to the less favorable NEM 3.0.”
Author: Bryan Groenendaal
Source: Woodman
