Global PV inverter shipments rose by 10% year-on-year to reach 589 GW AC in 2024, according to Wood Mackenzie’s Global Solar Inverter Market Share Report 2025, led by the China-driven Asia Pacific (APAC) region.
Wood Mackenzie’s data points to the slowdown in the rate of growth since in 2023, it reported 56% annual growth in inverter shipments (see 2023 Global PV Inverter Shipments Increased By 56% YoY To 536 GW AC).
In 2024, Wood Mackenzie says that APAC, including China, India and Southeast Asia, accounted for 69% of all the shipped capacity. Shipments to China accounted for over half of the global demand as the country received 330 GW AC of the total, representing a 14% year-on-year (YoY) increase.
In contrast, shipments declined in both the US and Europe. The US saw a single-digit percentage drop, driven by a weakening residential sector and a sluggish year for central inverter deliveries.
“The US residential inverter segment experienced its second straight annual decline, as new installations have slowed nationwide,” said Wood Mackenzie Research Associate, Joseph Shangraw. “Interest rates for loans remain high, and California demand fell as net metering compensation switched to the less favorable NEM 3.0.”
In Europe, residential and commercial inverter shipments fell double digits due to persistent inventory surpluses throughout the year, with the Netherlands and Germany particularly affected.
Huawei, with its 176 GW AC, and Sungrow, with 148 GW AC, maintained their top 2 positions on the Wood Mackenzie rankings for the 10th consecutive year. Huawei led key markets like China, Europe, Latin America, and Africa, while Sungrow was the top supplier in the US, India, and the Middle East. Together, they captured a record 55% share of the global inverter market, marking strong market consolidation.
For the first time in Wood Mackenzie’s decade of rankings, no other vendor surpassed a 5% share except for the top 2. Ginlong Solis held onto the 3rd place, while Growatt reclaimed 4th, returning to its 2022 position. Overall, Chinese companies rule the rankings, with 9 of the top 10 global PV inverter vendors on the list headquartered in China.
The complete report can be purchased from Wood Mackenzie’s website for $5,990.
