Top Solar Inverter Shippers Of 2023 Unveiled

The top 10 PV inverter manufacturers accounted for 81% of the global market last year, and two captured more than 50% says Wood Mackenzie.

According to a report from the firm, global solar inverter shipments grew by 56% to 536 gigawatts alternating current (GWac) in 2023.

The top 5 manufacturers for shipments (capacity) were:

1. Huawei
2. Sungrow
3. Ginlong Solis
4. Sineng
5. Growatt

Huawei and Sungrow retained their positions and captured more than 50% of the global market; largely attributable to their utility-scale products. Solis achieved a number 3 rank again, while Sineng jumped from no. 8 in 2022 to 4th in 2023. This movement displaced Growatt, which was pushed down to number 5.

“In an industry growing as quickly as the PV inverter market, it’s remarkable that Huawei and Sungrow have been able to expand production capacity to maintain their market share year after year,” said Wood Mackenzie’s Joseph Shangraw. “Behind these two companies, we still continue to see a diversification of the market, with 11 other manufacturers exceeding 10 GWac of shipments in 2023.”

Nine of the top 10 solar inverter manufacturers from 2023 were headquartered in China, where local demand accounted for more than half of all global shipments as China’s solar demand doubled last year. In the USA, Sungrow and Power Electronics topped the list, while in Europe, Huawei, Sungrow, and SMA were the leaders.

Wood Mackenzie commented inverter growth in North America and Europe was largely around utility-scale sector solutions as residential inverter manufacturers faced more sluggish demand growth and surplus inventory from a persistent oversupply situation that began rearing its ugly head (for manufacturers anyway) back in 2022.

Top Solar Inverter Brands In Australia

As for the Australian shipments leaderboard, it wasn’t mentioned in the Wood Mackenzie release and I wasn’t keen on paying USD $5,990 for the full report for the privilege of perhaps finding out that snippet of information. But I can tell you what some of Australia’s top solar installers voted the best inverters in 2024.

Each year, SolarQuotes asks installers in its network (around 500 of them currently) what they would install on their own homes if money was no object and also if they were on a tight budget. Additionally, they are now asked which brands offer the best support.

For 2024, Fronius took out gold for the “money no object” category, followed by Enphase (silver) and then Sungrow and SolarEdge (equal bronze). In the best value category, it was Sungrow, followed by GoodWe and then Fronius. The best support gold gong went to Fronius, silver to Enphase and bronze to both Sungrow and SolarEdge.

You can also check out a chart showing current SolarQuotes-recommended solar inverters here.

A Good Inverter Choice Is Crucial

There tends to be a lot of focus on solar panels when choosing a system, but the inverter is the real workhorse. This high-tech box of electronics takes all the DC output of the solar panels and transforms it into AC power for use in your home and exporting to the grid. It performs this task day-after-day, year-after-year in often challenging environmental conditions. It’s for this reason that if you are on a tight budget, it’s best to select good solar panels and a great inverter rather than the other way around.

Learn more about how to choose a solar inverter.