Global photovoltaic (PV) inverter shipments jumped by 56% to reach 536 GW AC in 2023, largely due to strong performance in the solar industry. China accounted for over half of this growth, with Huawei and Sungrow remaining in the top two positions. The top 10 inverter suppliers accounted for 81% of the global market, with nine of them based in China. The PV inverter market in North America and Europe also saw double-digit growth, largely in the utility-scale sector. The US market was led by Sungrow and Power Electronics, while Europe saw significant growth from Huawei, Sungrow, and SMA.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
