Global PV inverter shipments up 10% in 2024

Asia Pacific accounted for over half of the shipments.

The global shipments of PV inverters increased by 10% to 589 gigawatts alternating current (GWac) in 2024, according to Wood Mackenzie.

“Asia Pacific (APAC), led by China, accounted for nearly all global growth,” Wood Mackenzie said in a new report. “In total, nine of the top 10 global PV inverter vendors are headquartered in China.”

APAC accounted for 69% of all shipped capacity, with China accounting for more than half of all global demand, receiving 330 GWac of shipments, reflecting a 4% increase from 2023.

Huawei and Sungrow ranked first and second in the rankings for the 10th consecutive year, combining for 55% of the global inverter market.

“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,” Wood Mackenzie said.