Sungrow, Sineng, Growatt, Solis Top Solar Inverter Suppliers in 1H 2023
Central inverter supplies surpassed string inverters for the first time in two years
Sungrow Power Supply, Sineng Electric, Growatt New Energy, Ginlong (Solis) Technologies, and GoodWe emerged as the leading solar inverter suppliers in India in the first half (1H) of 2023, according to Mercom’s recently released India Solar Market Leaderboard 1H 2023.
The Market Leaderboard provides insights into the industry leaders’ market share and shipment rankings across the Indian solar supply chain.
For 1H 2023, the report captured notable shifts in market share rankings, with three new players making it to the top ten list.
Sungrow was the top solar inverter supplier, accounting for 35% of the market share. It was followed by Sineng Electric and Growatt New Energy with 22% and 7%, respectively. Ginlog (Solis) Technologies and GoodWe rounded off the top five with 5% each.
The top two inverter suppliers remain unchanged from 2022 to 2023 as the demand for their inverters in the Indian solar market continues to be strong.
Sungrow, the top supplier to India in 1H 2023, has reached a cumulative supply of 19.2 GW at the end of June 2023.
Second on the list, Sineng Electric has three manufacturing facilities in Wuxi, China, Wuzhong, China, and Bangalore, India, with a 40 GW annual production capacity.
Third on the list was Growatt New Energy, which has moved up from sixth to third position in 1H 2023.
The fourth spot went to Ginlong (Solis) Technologies, retaining its position in 1H 2023.
Sungrow, Growatt New Energy, GoodWe, Ginlong Solis, and SOFAR were the top solar string inverter suppliers, accounting for 69% of the market share.
Sungrow led with 22% of the total shipments, followed by Growatt, which accounted for 15%.
GoodWe, Ginlong (Solis), and SOFAR rounded off the top five with 12%, 11%, and 9%, respectively.
Central inverter supplies surpassed string inverters for the first time in two years in 1H 2023, accounting for approximately 56% of the total shipments during the period. Due to performance and supply issues, developers favored central inverters over string inverters in the first half of the year.
Sungrow and Sineng Electric accounted for 45% and 34% of the market share, respectively, followed closely by FIMER with 18%. Ginlong (Solis) Technologies and Hitachi Hi-Rel each accounted for 1% of central inverter shipments in 1H 2023.
Mercom’s Market Leaderboard report, published twice a year, covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here.
Our Market Share Tracker also gives insights into the solar market competitors and their growth rates quarterly.