Huawei leads global inverter market as shipments hit 589 GW in 2024

Chinese companies made up nine of the 10 largest global inverter suppliers in 2024, with total inverter shipments reaching 589 GW (AC), according to Wood Mackenzie.

Chinese conglomerate Huawei was the world’s largest inverter supplier in 2024, followed by Sungrow, Ginlong Solis, Growatt, and Sineng.

New figures from Wood Mackenzie shows that nine of the 10 largest global inverter suppliers last year were based in China.

“The Asia Pacific region (APAC), which includes China, India and Southeast Asia, accounted for 69% of all shipped capacity. China was responsible for more than half of all global demand, receiving 330 GW (AC) of shipments, a 14% increase over 2023,” Wood Mackenzie said. “Huawei and Sungrow ranked first and second in the rankings for the 10th consecutive year, combining for 55% of the global inverter market.”

Total global inverter shipments reached 589 GW (AC) in 2024, up 10% from 2023.

Growth was strongest in the Asia-Pacific region and the Middle East, while shipments dropped by a sharp double-digit percentage in Europe and the United States, according to Wood Mackenzie.

In Europe, the decline was largely due to excess inventory throughout the year, particularly in the Netherlands and Germany. In the United States, Wood Mackenzie attributed the drop to a weakening residential market and lower demand for central inverters.