China accounts for 50% of global PV inverter shipments

Global shipments grew 56% last year.

China has dominated the PV inverter market with the country accounting for half of the global shipments made in 2023, according to a Wood Mackenzie report.

“China was responsible for more than half of all global shipments, as the country’s solar demand doubled in 2023,” WoodMac said, noting that industry leaders Huawei and Sungrow captured more than 50% of the global market through popularity of their utility-scale inverters.

According to the report, North America and Europe also experienced double-digit growth, which was concentrated in the utility-scale sector as residential inverter manufacturers faced slower demand growth and excess inventory from oversupply beginning in 2022.

Globally, PV shipments grew by 56% to 536 gigawatts alternating current in 2023, reflecting a strong year for the broader solar industry, WoodMac said.