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Nine of the top 10 PV inverter suppliers are based in China. Huawei and Sungrow retained the top two positions for the 10th consecutive year, together accounting for 55% of the global market. Both companies achieved their highest ever market shares in 2024, said Joseph Shangraw, research associate at Wood Mackenzie.
Solar Inverter Market Size was estimated at USD 15899.4 million in 2024 and it is expected to grow from USD 17314.45 million in 2025 to USD 20533.57 million by 2033. The Market CAGR (growth rate) is expected to be around 8.9% during the forecast period (2025 - 2033).
In total, nine of the top 10 global PV inverter vendors are headquartered in China, according to Wood Mackenzie's Global solar inverter market share report 2025. The Asia Pacific region (APAC), which includes China, India and Southeast Asia, accounted for 69% of all shipped capacity.
Ginlong Solis held third place, while Growatt climbed to fourth, reclaiming its position from 2022. According to Wood Mackenzie's Global solar inverter market share report 2025, China accounted for 330 GWac of shipments, marking a rise of 14% over 2023.
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