China‘s solar power landscape witnessed a surge in 2023, with 216.88 GW of new installations, showcasing a 148.12% year-on-year increase, as per the latest data from the National Energy Administration (NEA). This surge was accompanied by extensive tenders for solar inverters, especially driven by major state-owned enterprises.
Key Insights into China’s Solar Inverter Market
Solarbe‘s recent analysis, based on publicly available data, indicates that around 203 GW of PV inverters were calibrated in 2023, marking a substantial 65% increase from the previous year.
- String inverters claimed a 90% share, witnessing a 15% YoY increase.
- String inverters exceeding 300 kW constitute 30%, expected to become the mainstream in 2024.
- Huawei, Sungrow, CRRC Zhuzhou Nation Engineering Research Center of Converters (Zhuzhou Converters), Sineng Electric, and TBEA collectively secured nearly 80% of the total bidding capacity, solidifying their positions as the first-tier players in the solar inverter sector.
Additionally, the market witnessed a growing demand for “1+X” modular inverters, blending centralized and string inverter advantages, gaining traction and anticipated to accelerate penetration in 2024.
Insights from Inverter Tenders
In 2023, 17 companies reached gigawatt-level inverter tender scales, with PowerChina leading at 41.575 GW, doubling its scale from the previous year.
China National Nuclear Corporation (CNNC) secured the second position, with an inverter tender scale of 21.22 GW, reflecting a 65% YoY growth. CNNC’s target is to install 5 GW of PV power plants annually during the “14th Five-Year Plan (2021-2025)” period.
China Huadian achieved an inverter tender scale of 18.61 GW, reporting a 56.8% YoY growth in total profits for 2023 and a clean energy installation proportion of 51.4%.
China General Nuclear Power Corporation (CGN) significantly increased its inverter tender scale to 13.76 GW in 2023, emphasizing its commitment to developing clean energy, with the total clean energy capacity surpassing 100 GW.
Winners of Bids
Among the disclosed 120 GW of inverter bid-winning enterprises, Huawei led with 35.2 GW, reaffirming its position as the annual champion. Sungrow secured the second position with nearly 25.7 GW, surpassing its annual target. Zhuzhou Converters, Sineng Electric, and TBEA were also prominent winners, each with bid-winning capacities exceeding 10 GW.
- Huawei's Dominance with 35.2 GW
Securing the top spot is Huawei, claiming 35.2 GW in awarded bids in China alone. Huawei's consistent emphasis on cutting-edge technology places them at the forefront of the industry.
- Sungrow's Substantial Growth: 25.7 GW
Sungrow secures the second position with nearly 25.7 GW in awarded bids in the country. Beyond bids, Sungrow's substantial performance is evident, having shipped 83 GW in the initial three quarters of 2023, surpassing the entirety of the previous year.
- Zhuzhou Converters Ascends with 17.4 GW
Zhuzhou Converters emerges as a rising contender, securing the third position with 17.4 GW in awarded bids. Their expertise in power electronics propels them into the echelons of first-tier players.
- Sineng Electric's Noteworthy 14.7 GW
Sineng Electric clinches the fourth position with 14.7 GW in awarded bids. Focused on centralized ground-mounted power station tenders and international markets since 2018, their India shipment surpassed 10 GW by the end of 2023.
- TBEA Exceeds Expectations with 15 GW
TBEA makes a significant impact by surpassing expectations with 15 GW in awarded bids. Their stellar performance in major tenders solidifies their standing in China’s state-owned enterprise procurement.
Other contributors to the solar inverter market include Kehua Tech, Kstar, Longyuan Electric, Dongfang Electric Autocontrol Engineering and GoodWe. The industry's current stability is reflected in the solidification of a first-tier comprising Huawei, Sungrow, Sineng Electric, Zhuzhou Converters, and TBEA.
As we objectively acknowledge these achievements, the solar inverter market continues to evolve, promising further breakthroughs in the coming years.
