Top 10 Solar PV Inverter Manufacturers Account For 80% Of Global Shipments

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The global solar PV inverter market has concentrated significantly of late, with new figures from GTM Research showing that the top 10 inverter manufacturers accounted for 80% of global shipments in the first half of 2016.

According to GTM Research’s latest report, The Global Inverter and MLPE Landscape H2 2016, the leading inverter manufacturers account for a disproportionate amount of the global shipments, as can be seen in the chart below.

Market Share Breakdown of Global Shipments by Vendors Ranked 1-5, 6-10, 11-20, and 20+

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“We haven’t seen the leading vendors hold share this high since 2010, when solar demand was highly centered in continental Europe,” said Senior Solar Analyst and report author Scott Moskowitz.

Huawei and Sungrow both grew their global market share over the first half of the year and now lead the global PV inverter shipment rankings ahead of SMA, Sineg, and TIMEIC. Huawei and Sungrow both benefited from leadership in China, the world’s largest solar market, which accounted for approximately 90% of each company’s shipments.

According to GTM Research, “Bankable suppliers are gaining share as low prices continue to drive out competition,” with inverter prices in some sectors falling by 10% over just the last six months.

“Pricing pressure remains a constant, unrelenting reality in the maturing solar inverter market,” said Moskowitz. “Central inverter prices in the U.S. have fallen the most half-over-half due to increased competition from string inverters and proliferation of lower cost, 1,500-volt models.”

The report also lays out predictions for the next several years, with expected global PV inverter shipments expected to reach a record 63.5 gigawatts (GW) in 2016 before declining 5% in 2017 as demand decreases somewhat in the world’s three largest markets — China, the US, and Japan. However, GTM Research’s long-term outlook predicts a compound annual growth rate of 14% between 2017 and 2021, thanks in part to new markets in the Middle East and South East Asia.

Global PV Inverter Shipments by Region, 2015-2021E (MWac)

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