China’s solar industry is booming in early 2024, with new installations soaring to 36.72 GW in just January and February, marking an 80% increase from the previous year. State-owned enterprises are actively pursuing solar equipment tenders to capitalize on this growth.
In the first quarter of 2024, over 62.44 GW of solar inverter procurement bids were announced, up by 32% compared to the same period in 2023. String inverters dominated the market, accounting for 80% of total bids, with large-capacity inverters with over 300kW making up 84% of this category.
The top five companies securing bids—Sungrow, Huawei, Sineng Electric, Zhuzhou Converter, and TBEA—accounted for nearly 85% of the total procurement volume, maintaining their dominance in the market.
Sungrow emerged as the top performer, securing bids for 5 GW of inverters, followed by Huawei with 4.857 GW. Sineng Electric, Zhuzhou Converter, and TBEA also secured significant bids, indicating a stable market landscape.
Other notable companies securing bids exceeding 200 MW each include KE Electric, Solis, Sofar, and HRV Electric, showcasing their strong performances in the tender process.
