Sun Continues To Shine For Sungrow

Sungrow’s summary report for 2019 shows the company continuing to be one of the leaders in the solar inverter market.

The summary report is a little light on details, but reveals  inverter shipments in 2019 reached 17.1GW, with international shipments accounting for 9GW of that total and 8.1GW for domestic. It was a stellar year in terms of overseas shipments, jumping 87.5%. Another major milestone achieved in 2019 was the company reaching a cumulative total of 100GW of shipped inverter capacity.

Sungrow says it saw revenue of $1.864 billion (assumed USD) last year, an increase of 25.4% on 2018’s $1.864 billion. The company is continuing to invest heavily in research and development, with 1,627 R&D personnel assigned and an increase in investment by 31.8% to $911.8 million in 2019.

While inverters are a special focus for the company, Sungrow’s battery storage division has been growing rapidly. The company reports its energy storage segment saw year on year revenue growth of 41.8%

Sungrow offers a range of energy storage solutions, from home batteries to large-scale storage solutions. Specifications and indicative pricing of the Sungrow SBP4K8 home battery system, which is available in Australia, can be found on SQ’s solar battery comparison table.

“Minimal Impact” From Coronavirus

As for the impact of COVID-19, Sungrow says its China-based manufacturing was back up to full production capacity in early March. Status of its factory in India wasn’t noted.

“The coronavirus has had only a minimal negative impact on Sungrow’s business development so far. We are moving fast in uncertain times,” said Sungrow Chairman Cao Renxian.

The company claims it is still getting many orders out on schedule, and those that are delayed are only being held up by “a few weeks”. But that’s only one part of the delivery equation – add to that potential COVID-19 delays in shipping and there may be some anxious Sungrow customers out there.

Among the other Chinese solar manufacturers that have recently stated they have brushed off much of the impact of COVID-19 and returned to full production capabilities in China are JinkoSolar and Longi.

Looking ahead, Sungrow says its upcoming quarter orders were enough to indicate another year of growth.

Sungrow is continuing to claim it is maintaining a worldwide market share of over 15%, while in South-east Asia specifically the firm says it holds a market share of over 30%.

Sungrow solar inverters have been on the Australian scene since 2012 and the feedback we’ve seen here on SolarQuotes has been generally positive. The company is currently listed on our trusted brands chart as offering good inverters at the budget end of the solar inverter spectrum.

A recent hiccup for the company was the revelation of a security vulnerability in the Sungrow SH5k-20 inverter that was subsequently patched – you can read more about that here.