2024 Top 20 Global Photovoltaic Inverter Brands Revealed by PVBL

PVTIME – Renewable energy capacity additions reached a significant milestone in 2023, with an increase of almost 50% to nearly 510GW, mainly contributed by solar PV manufacturers around the world.

On June 11-12 2024, the CPC 9th Century Photovoltaic Conference and PVBL 12th Global Photovoltaic Brand Rankings Announcement Ceremony were jointly held by Century New Energy Network, PVTIME and Photovoltaic Brand Lab (PVBL) in Shanghai City, China.

The conference brought together solar energy leaders, entrepreneurs and heads of investment institutions. Based on the Duel Carbon targets, PV-related topics such as industrial development trend, technological innovation and integration of solar power storage were discussed, with the aim of promoting the coordinated progress of upstream and downstream industrial chains, as well as promoting the brand building and technological innovation of the photovoltaic industry.

On the first day of the conference, PVBL’s annual ranking of the Top 20 Global Photovoltaic Inverter Brands was announced.

Preferential policies promoted the inverter market growth in 2023. Most of the major inverter companies won a large amount of orders and expanded their capacity with high shipment volume.  

Sungrow and Huawei tied for first place in the list with outstanding performance. Sungrow achieved revenue of 27.65 billion yuan in 2023, up 61% year on year, and net profit of 9.4 billion yuan, with shipments of 130 GW. Meanwhile, Huawei’s revenue reached 52.607 billion yuan, a new high compared to its revenue of 50.8 billion yuan in 2022.

After years of competition, the inverter industry has become quite stable. The overall ranking of the list has not changed much, as most of the leading inverter manufacturers have developed their respective core products, including central inverters, string inverters, micro inverters and energy storage, in a balanced manner.

Launched in 2012, the PVBL annual report is the only data research report in China supported by a multidimensional evaluation system. The multidimensional scoring system accurately reflects consumers’ attitudes towards brands and provides companies with insights into the effectiveness of their brand positioning strategies.

To calculate a company’s corporate brand rating, the Photovoltaic Brand Lab combines 10 years of data collected by Century New Energy Network and its web-based operations with the evaluation criteria.

The maximum achievable Corporate Brand Rating is 1000 and is calculated after companies have gone through the comprehensive evaluation system, which includes the assessment of five primary and ten secondary indicators. The primary indicators are sales, research and development, outgoing shipments, impact and service. Secondary indicators include brand design, brand popularity, brand reputation, brand loyalty, product quality, service quality, marketing promotion, social responsibility, industry impact and societal impact.

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