Global solar inverter shipments increased by 10% in 2024, reaching a total capacity of 589 GW, according to the 2025 edition of Wood Mackenzie’s Global Solar Inverter Market Share report.

The Asia Pacific (APAC) region, including China, India, and Southeast Asia, accounted for 69% of all global shipments. China alone received 330 GW, more than half of the global demand and a 14% increase over 2023. This regional demand largely drove the global market growth.

In contrast, the U.S. and Europe witnessed a contraction in inverter shipments.

Nine of the top ten inverter vendors worldwide are headquartered in China.

Huawei and Sungrow Power Supply remained the top two global solar inverter suppliers for the tenth consecutive year, with a combined market share of 55% in 2024. Huawei delivered 176 GW of inverters, extending its global lead through strong performances across China, Europe, Latin America, and Africa.

Sungrow shipped 148 GW, ranking behind Huawei in China and Europe but leading in the U.S., India, and the Middle East markets.

According to Mercom’s India Solar Market Leaderboard 2025, Sungrow emerged as one of the leading inverter suppliers in India for the calendar year 2024.

Joseph Shangraw, Research Associate at Wood Mackenzie, said both companies consolidated the global inverter market and achieved their highest-ever individual market shares during the year.

According to the report, for the first time in the history of Wood Mackenzie’s rankings, no vendor outside the top two held more than 5% of the global market. Ginlong Solis retained third place in the rankings, while Growatt came in fourth.

Europe and the U.S.

Europe and the U.S. witnessed a decline in inverter shipments. Europe experienced a double-digit percentage drop, particularly in the residential and commercial segments. This decline was caused by excess inventory in key markets such as Germany and the Netherlands.

The U.S. market declined by a single-digit percentage, primarily due to weakening residential demand and slow shipments of central inverters. Shangraw noted that the U.S. residential inverter segment posted its second consecutive annual decline, citing high loan interest rates and reduced demand in California following the implementation of the less favorable NEM 3.0 net metering policy.

In May this year, the European Solar Manufacturing Council called for restrictions on the unregulated and remote-control capabilities of solar inverters from “high-risk non-European manufacturers,” primarily from China.