The Asia-Pacific region, encompassing China, India, and Southeast Asia, accounted for 69% of global inverter shipments, with China alone driving over half of the demand. The report noted that China received 330 gigawatts (GW) of alternating current (AC) inverter shipments, marking a 14% increase from 2023. Wood Mackenzie stated: “Huawei and Sungrow ranked first and second in the rankings for the 10th consecutive year, combining for 55% of the global inverter market.”
Global inverter shipments reached 589 GW (AC) in 2024, reflecting a 10% rise compared to the previous year. Growth was particularly strong in the Asia-Pacific region and the Middle East, driven by increasing demand for renewable energy infrastructure. However, shipments in Europe and the United States experienced significant double-digit declines. In Europe, excess inventory in countries like the Netherlands and Germany contributed to the downturn, while in the United States, a weaker residential market and reduced demand for central inverters were key factors.
The robust performance of Chinese suppliers underscores their critical role in supporting the global transition to renewable energy. Huawei and Sungrow’s consistent leadership reflects their advanced technology and strong market presence, particularly in high-demand regions. The growth in inverter shipments highlights the expanding adoption of solar energy systems worldwide, with the Asia-Pacific region leading the charge.
This trend supports the broader push toward sustainable energy solutions, as inverters play a vital role in converting solar power for practical use. The dominance of Chinese manufacturers in the inverter market positions them as key contributors to global renewable energy goals, fostering innovation and scalability in clean energy technologies.
