WoodMac sees the top five suppliers supplying more than 200 GW between them, increasing their market share from 8% to 71% in 2022. Huawei and Sangro were the top two vendors covering more than 50% of the market with 83% and 56% supply growth respectively in 2021. You can read the market structure for last year here.
In 2023, Sangro announced supply contracts for the world's largest photovoltaic projects, including two installations in Saudi Arabia exceeding 2 GW. The "world's largest" solar park will use 2.1 GW of Sangro inverters, while the NEOM green hydrogen project will use 2.2 GW.
Ginlong Solis, Growatt and GoodWe round out the list of top five sellers in 2022. Ginlong is the only one of the three with 86% year-on-year growth in 2022, while Groat and Goodway's growth has slowed compared to 2021.
Goodway achieved significant growth in 2021, rising four places in the top 10 rankings to fifth place with a 100% increase in deliveries. But in 2022, its growth decreased to 21%.
Among the top 10, only SMA and power electronics experienced slight declines in shipments, down 12% and 4%, respectively.
In terms of market share, the Asia-Pacific (APAC) market accounted for 50% of the global share last year, growing 44% year-on-year to 130 GW AC. Of that amount, 78% went to projects in China as it continues to scale solar. India was the second largest market in APAC, but was down 25% year-on-year; In 2022, India is far behind its PV deployment target, installing 12.8 GW of the 20 GW target.
Europe accounted for 28% of the global market share last year and 82% year-on-year, the highest of any region in the world. Europe delivered 92 GW of AC inverters in 2022 as it hopes to meet the 2050 targets set out in the Green Deal industrial plan.
In the US, their projects have been supplied with 42 GW of AC, which is only 13% of the market. Earlier this year, Enphase Energy announced that it was expanding its microinverter offering in the US.
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