Top Solar Inverter Suppliers of 2023: Discover the Leaders Driving Renewable Energy

According to Mercom recently released , India Solar Market Leaderboard 2024 for the calendar year (CY) 2023 , the leading inverter suppliers are Sungrow Power Supply (Sungrow), Sineng Electric, FIMER India (ABB), TBEA Energy India, and Ginlong (Solis) Technologies respectively.

Sungrow ranked first in the list , having a market share of 32% followed by FIMER and Sineng Electric with a market share of 17% and 16%.TBEA Energy India placed fourth with a share of 12% , while Ginlong (Solis) Technologies ranked fifth accounting for 5% of the total market share.

Sungrow continues being top in the list of CY 2023 , it also topped in 2022 as well , it has shown a growth with an increase in inverter shipment around 113% YOY. It is one of the world’s largest inverter facilities with a global production capacity of 305 GW. The company has completed its 5 years in indian manufacturing production and expanded its yearly production capacity of 10 GW.

FIMER India ranked second on the list, their inverter shipments doubled YOY, and this incredible growth is because of the rising demand for central inverters, crucial for a large pipeline of utility-scale solar projects that are to be completed in 2024.

Sineng Electric ranked third in 2023 despite the increase in shipments of over 50% ,

With a three manufacturing units, two in China (Wuxi and Wuzhong) and one in Bangalore, India, with a total annual production capacity of 50 GW.

Central inverters market share accounts for 55% of the total inverter market in CY 2023 followed by string inverters with 45% respectively.

Sungrow, Sineng Electric and FIMER India,are the top suppliers of Central invertes , accounting for 95% of the market share. Whereas, TBEA Energy India with highest market share of 21%, followed by Sungrow at 15% and Sineng Electric at 10%. The top three suppliers accounted for 47% of the string inverter. CI has been gaining popularity because of its low cost and reliability.