According to a recent study conducted by research firm Wood Mackenzie, the world's top 10 PV inverter suppliers accounted for 86% of the global PV inverter market in 2022 in terms of shipments, up 4% compared to 2021.

The global PV inverter market size is growing 48% year-on-year due to easing supply chain challenges and strong support from governments, such as the U.S. passing the Inflation Reduction Act in 2022.

Wood Mackenzie said that the top five global suppliers of PV inverters shipped more than 200GW (AC), accounting for 71% of the total global PV inverter market shipments in 2022, up 8% compared to its 2021. The report notes that shipments from Huawei, the largest supplier, grew by 83% in 2022, while Jinlang Technology (Solis) grew by 86%.

Huawei and Sunny Power Co. were the top two for the eighth consecutive year. Huawei is number one in 2022 with a 29% market share. As the winner of the PV Magazine Award 2021, Sunny Power Company increased its PV inverter market share from 21% in 2021 to 23% in 2022. Jinwang Technology (Solis) rises to third place in 2022.

The lineup of the top 8 vendors in 2021 is very similar to that of 2022, with only Jinlang Technology (Solis) and Growatt exchanging the third and fourth positions from 2021. Aiswei (Aiswei) and Shouhang New Energy (Sofar) move up three spots to enter the top 10, occupying the 9th and 10th spots respectively in 2022.

In Asia-Pacific, China's PV inverter shipments led the market with 78% as the PV market experienced unprecedented growth. in 2022, India retained its position as the second largest inverter market in Asia-Pacific, but Wood Mackenzie said that shipments of PV inverters to India declined 25% year-on-year. Japan shipped 7GW of PV inverters, up 23% year-on-year, overtaking Australia as the third largest market.

The fastest growth in PV inverter shipments was seen in Europe, with 82% growth in 2022, compared to 44% year-on-year growth in 2021, which Wood Mackenzie attributed to the EU setting a target of achieving carbon neutrality by 2050 as part of the European Green Deal program. Europe shipped 9GW of PV inverters, accounting for 28% of the global market.

While the PV inverter market in the US is starting to grow strongly, it only accounts for 13% of the global market, with 42GW shipped. hybrid inverters for PV+storage systems account for 10% of shipments, and net metering reductions in some markets have led to rapid growth in their energy storage markets.