The top five PV inverter market players have commanded more of the market each year since 2013, but 2018 was different.
In 2018, the top five inverter vendors decreased their total combined market share, which dropped from 62 percent to 56 percent.
Although the top five players lost market share, vendors No. 6- No. 10 made gains, increasing their combined share of the global market from 15 percent to 19 percent, according to a new report from Wood Mackenzie Power & Renewables.
Sungrow and SMA have been among the global PV inverter market's leaders every year since Wood Mackenzie began tracking the market in 2012. Huawei took the top spot for the fourth year in a row in 2018.
Huawei’s global market share dipped by 4 percentage points in 2018 due to China’s solar policy shifts in May 2018, which affected most Chinese manufacturers.
Global PV Inverter Market Shares by Shipments for Full-Year 2018 (MWac)***
**"All others" includes vendors that rank below the top 10 in market share
***Vendor market shares are accurately represented, but the total pie chart may not equal 100% due to rounding
Asia-Pacific remained the largest market in 2018, accounting for 64 percent of global PV inverter shipments, although other markets made significant gains over the course of the year. The U.S. and Canada had 21 percent growth in PV inverter shipments, with growth of approximately 40 percent in both Latin America and the Middle East/Africa and Turkey (MEA), and 50 percent in Europe.
Several markets where the top five inverter vendors lost market share in 2018 were also the year’s highest-growth markets. This was the case for the European, Latin American and MEA markets.
Overall, global PV inverter shipments increased 8 percent year-over-year in 2018.
It was a particularly good year for Power Electronics, now the fourth-largest inverter player after climbing the ranks for several years. The company doubled its shipments in 2018.
SolarEdge and Ingeteam broke into the top 10 for the first time.
As customers continue to buy inverters primarily based on price and low-cost vendors continue to dominate, it remains to be seen which companies will exit the inverter market and which will drive its growth. Some companies are now looking to differentiate on residential and commercial offerings, and some may opt to exit utility-scale PV entirely, as Schneider Electric did several months ago.
Wood Mackenzie expects that exits, mergers and acquisitions may cause the market to consolidate in 2019.
The Global Solar PV Inverter Market: Market Shares and Shipment Trends, 2019 report contains market share information in terms of megawatts shipped by region. An upcoming expanded report contains market shares in addition to market themes, forecasts, prices and top vendor profiles.