Different from the European PV market in 2023 de-stocking shipments flat period, the U.S. market in this year shipments continued to climb, installed fast growth rate.

 

 

 

From January to October 2023, the U.S. imported PV modules amounted to 42.03GW, string inverters have surpassed centralized inverters to become the mainstream application products at present, the utility field of PV inverters leading the market share of PV inverters above 50kW accounted for a large share of PV inverters. The U.S. plans to reach 320GW of PV system installations in 2025 and 600GW in 2030.

 

 

 

Affected by government incentives and high demand for objective incremental space, relevant organizations forecast that the U.S. inverter market size is expected to surge from USD 1.35 billion in 2023 to USD 3.09 billion in 2030, with a CAGR of up to 12.5%.

 

 

 

The U.S. inverter installed potential is huge.

 

 

 

As of now, the capacity of 1MW+ PV projects to be developed in the U.S. is 89GW, of which 37GW is included in 2024. when all these projects are completed and installed, the U.S. ground-mounted PV installed capacity will grow by more than 61% year-on-year in 2024.

 

 

 

China, Europe, and the United States are the major markets for the global PV industry, with shipments accounting for 30%, 18%, and 17%, respectively. U.S. domestic inverter companies accounted for only 28% of the market share.

 

 

 

Tide Power Intelligence ranked statistics based on inverter shipments (in GW), summarized the 2023 U.S. inverter shipments TOP 10, of which there are 4 Chinese enterprises, 3 European enterprises, 1 U.S. enterprises.

 

 

 

 

 

 

01 Solaredge

 

 

 

Solaredge is headquartered in Israel and its market mainly covers Europe and the U.S. Its three-phase inverter products have excellent competitiveness in Germany, the Netherlands and other markets. The company focuses on the user-side distributed photovoltaic storage market, and its products include household and industrial/commercial PV inverters, optimizers, and household energy storage batteries.

 

 

 

 

 

In the first three quarters of 2023, SolarEdge realized revenue of $4.068 billion, up 48.5% year-on-year, and net income attributable to parent of $692 million, up 54.9% year-on-year. In the third quarter, the company's revenue in the U.S. amounted to $196 million, which scales to 29.8% of total revenue.

 

 

 

02 SUNGROW

 

 

SUNGROW (300274.SZ) in the first three quarters of 2023 total revenue of 46.415 billion yuan, an increase of 108.85% year-on-year; net profit of 7.223 billion yuan, an increase of 250.53% year-on-year; inverter shipments of about 83GW, an increase of 65% year-on-year, and realized operating income of 16.8 billion yuan.

 

 

 

At present, SUNGROW's inverter business overseas accounted for more than 60% of its high-power string inverter SG320HX, 1 + X modular inverter sales in the overseas market is remarkable. 2023 October 26, Sunny Power released a new generation of large-scale energy storage system PowerTitan2.0.

 

 

 

03 Enphase

 

 

 

As the leading company with the No. 1 total number of microinverters shipped in the U.S., Enphase reported cumulative revenues of $1.988 billion in the first three quarters of 2023, up 23.78%, and net income of $418 million, up 71.59%.

 

 

 

 

In November 2023, Enphase launched the IQ8P microreverse and the new IQ8 commercial microreverse in Brazil and North America.

 

 

 

As the microreverse market became highly competitive and the industry shifted to a cost battle, Enphase gradually built its own production lines in the U.S. and announced a 10% global workforce reduction in December 2023, with plans to move its manufacturing operations in Timisoara, Romania, and Wisconsin, U.S., to two manufacturing centers in South Carolina and Texas.

 

 

 

Enphase, the No. 1 shipper of microinverters in the U.S., is not at the top of this list because power capacity is used as the ranking statistic.

 

 

 

04 Power Electronics

 

 

 

Headquartered in the autonomous community of Valencia, Spain, Power Electronics' product line includes solar inverters, frequency converters, and electronic soft starters for centralized inverters, configured or transformerless, indoor or outdoor applications.

 

 

 

 

The company's inverter products are used in the Kwinana Battery II and Collie Battery projects.

 

 

 

05 Jinlong Technology

 

 

 

In the first three quarters of 2023, Jinlong Technology (300763.SZ) reported total revenue of 4.641 billion yuan, up 11.39% year-on-year; net profit of 752 million yuan, up 6.84% year-on-year; and 351,000 units of energy storage inverters shipped, up 86% year-on-year. The company said that the market demand for its string grid-connected inverters and energy storage inverters is growing rapidly, with strong demand for both domestic and international sales.

 

 

 

 

 

The company launched two new commercial and industrial photovoltaic storage products, PV module - G6-PV60K-M and PCS module - G6-PCS100K-M, at the Solar PV Expo 2023 in Sao Paulo, Brazil.

 

 

 

06 SMA

 

 

 

SMA was founded in 1981 and is headquartered in Kassel, Germany. on June 27, 2008, SMA was listed on the Frankfurt Stock Exchange in Germany.

 

 

 

 

 

 

The company realized operating revenue of 1.337 billion euros in the first three quarters of 2023, a year-on-year increase of nearly 85%; it expects full-year revenue of 1.8-1.9 billion euros, a year-on-year increase of 68.9%-78.2%.

 

 

 

Of this, household sales doubled to €486.2 million; sales in the large power plant-scale solutions segment rose 70.5% to €517.5 million; and sales in the industrial and commercial solutions segment also rose 74.4% year-on-year.

 

 

 

07 TMEIC

 

 

 

Founded in October 2003, TMEIC is the motor brand of Toshiba Mitsubishi Electric Industrial Systems Corporation, headquartered in Tokyo, Japan. Its wholly-owned subsidiary, TMEIC Corporation, was established at the same time as the parent company and is located in Houston, Texas, USA.

 

 

 

 

The company focuses on providing innovative solar photovoltaic inverters (PCS), which have received UL certification in the United States for power plant-grade 1500V PV inverters.

 

 

 

The company's product portfolio includes several inverter models, such as the 1500V PV inverter Solar Ware® Samurai2, as well as the 1000V PV inverter SOLAR WARE 16672, which utilize a hybrid cooling technology based on heat pipes.

 

 

 

08 GoodWe 

 

 

 

As one of the earliest domestic inverter companies to enter the international market, GoodWe  (688390.SH) has accumulated some high-quality customers in the United States and formed a long-term and stable cooperative relationship.

 

 

 

In the first three quarters of 2023, GoodWe 's total revenue was 5.65 billion, up 93.8% year-on-year; net profit was 893 million, up 224.5% year-on-year. During the reporting period, it shipped a cumulative total of 145,000 units of energy storage inverters and about 418,000 units of PV grid-connected inverters.

 

 

 

In 2023, GoodWe 's new SMT series inverters are widely used on residential, commercial and industrial rooftops, with a maximum conversion efficiency of 98.8%.

 

 

 

09 INGETEAM

 

 

 

Headquartered in Spain, INGETEAM's inverter business in the United States focuses on wind and solar energy. Its residential, commercial and industrial products are STORAGE 3-6TL M and STORAGE 100TL.

 

 

 

 

 

 

The company delivered a 70MW/340MWh battery energy storage system in Italy in 2023.On December 20, 2023, INGETEAM released new three-phase inverters.

 

 

 

10 Huawei

 

 

 

Huawei Digital Energy Technology Co. is a wholly owned subsidiary of Huawei, established in June 2021, which was formerly known as Huawei Network Energy Product Line. The company is the shipment leader with 29% of the global inverter market share in 2022, but has experienced a significant drop in US shipments due to the Chip Act and anti-dumping policies imposed on it by the US.

 

 

 

 

 

Huawei's inverter business is present in more than 170 countries and regions worldwide. Huawei's inverters have become the brand of choice in countries with very stringent grid requirements, such as Europe, Japan, and Australia.

 

 

 

Huawei launched its smart PV industrial and commercial relaunch of 150K string inverters in October 2023, and the SUN2000-150K-MG0-ZH string inverter is an industrial and commercial high-power inverter developed on the new V6 platform.

 

 

 

According to Chaodian Intelligence, the players on the list are all veteran manufacturers who have been deeply cultivating the market for many years, but the newcomers in the industry, represented by Megger-Renewal, have performed very prominently, and are working hard to actively rush into the list.

 

 

 

As one of the most growing enterprises in the energy storage inverter track, Meggergy will be on the list of the top ten global energy storage small power PCS shipments in 2022, and will be recognized as "Asia's top ten energy storage inverter" brand.

 

 

 

According to public data, in 2022, the sales of MegaRenewal exceeded 350 million yuan, of which the overseas market accounted for 90%, the inverter products are exported to 22 countries around the world, and currently in the United States and household storage and industrial and commercial energy storage customers to carry out in-depth cooperation. The 5K intelligent hybrid inverter launched by the company in the first quarter of 2023 has become a popular hit in the market.