Leading Solar Inverter Suppliers in 2022: Sungrow, Sineng, FIMER, Solis
It was the second year in a row that string inverter supplies surpassed central inverters
Sungrow, Sineng Electric, FIMER India (ABB), Ginlong (Solis) Technologies, and SOFAR emerged as the leading solar inverter suppliers in India in the calendar year (CY) 2022, according to Mercom’s recently released India Solar Market Leaderboard 2023.
The report provides insights into the industry leaders’ market share and shipment rankings across the Indian solar supply chain. The report captured notable shifts in market share rankings, with three new players making it to the top ten list. SOFAR, NingBo Deye Inverter Technology, and Fox ESS were the new entrants in the top ten list.
Sungrow was the top solar inverter supplier in CY 2022, accounting for 29% of the market share. It was followed closely by Sineng Electric and FIMER India (ABB) with 20% and 17%, respectively. Ginlog (Solis) Technologies and SOFAR rounded off the top five with 9% and 6%, respectively.
The top four inverter suppliers remain unchanged from 2021 to 2022 as the demand for their inverters in the Indian solar market continues to be strong.
Among the top four, FIMER India’s shipments increased 117.3%, while Sungrow, Sineng Electric, and Ginglong (Solis) Technologies shipments were down 26.6%, 33.9%, and 5.7% compared to 2021.
Sungrow Power Supply (Sungrow), the top supplier to India in 2022, has an installed capacity of over 340 GW globally as of December 2022. Sungrow has a 10 GW manufacturing facility in New Delhi and a 3 GW facility in Bangalore.
Second on the list, Sineng Electric has three manufacturing facilities in Wuxi, China, Wuzhong, China, and Bangalore, India, reaching 30 GW annual production capacity.
Third on the list is FIMER India (ABB) has been operating in India since 2010. Its factory in Bangalore has an annual production of more than 5 GW with the latest infrastructure as well as testing facilities.
In April last year, FIMER supplied its 1 MVA inverters to Mahindra Susten for the battery energy storage system (BESS) project and successfully executed the integrated solar energy project at Sun Temple Town of Modhera, District Mehsana, Gujarat.
Next on the list is Ginlong (Solis) Technologies. During 2022, Solis supplied its 255 kW three-phase string inverter to NTPC’s 30 MW Rihand solar project in Uttar Pradesh. During the second half of 2022, the company released its sixth-generation energy storage inverters for European markets.
Rounding off the top five is SOFAR.
String inverters supply surpassed central inverters, accounting for approximately 53% of the total shipments in CY 2022 for the second consecutive year.
Sungrow led the market share with 30% of the total shipments, followed by Solis, which accounted for 16%.
SOFARSOLAR, Growatt, and GoodWe rounded off the top five with 11%, 9%, and 8%, respectively.
FIMER India (ABB), Sineng Electric, Sungrow, and TMEIC were the top solar central inverter suppliers for 2022.
FIMER India (ABB) and Sineng Electric accounted for 34% of the market share each, followed closely by Sungrow with 28% and TMEIC India with 4%.
The report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here. Also, our Market Share Tracker gives insights into the solar market competitors and their growth rates on a quarterly basis.