Sungrow, Huawei and Zhuzhou Inverter rank top three! Winning bids for photovoltaic inverters in the first half of the year!

In the first half of this year, as prices in the photovoltaic industry chain fell, suppressed domestic demand was suddenly released, and central state-owned enterprises launched bidding projects of more than ten gigawatts at a time.

In the hot market, new changes have also occurred in the inverter industry. For example, the shortage of IGBT in previous years is being alleviated, and domestic substitution is also continuing to rise. Inverter products are becoming more refined and intelligent, and are moving towards the integration of photovoltaic and energy storage.

According to statistics from the International Energy Network/Photovoltaic Headlines (PV-2005), in the first half of 2023, the number of bidding projects in photovoltaic inverter bidding projects reached 244, with a total capacity of 92.08GW.

In the first half of the year, the top four rankings of photovoltaic inverters

International Energy Network/PV Headlines (PV-2005) has been paying close attention to the inverter bidding market dynamics for a long time, analyzing the performance of various companies based on the bidding market situation, and gaining a glimpse of the latest developments in the industry landscape.

From the perspective of the entire bidding market, among the 92.08GW inverter bidding projects in the first half of 2023, there were 41.09GW of centralized procurement projects whose winning bidders and winning shares failed to be determined, and 50.99GW had determined the winning bidders and winning shares.

In terms of enterprises, 70 inverter manufacturers or agents won the bid in the first half of 2023. Among the top ten enterprises, Sungrow and Huawei continued to perform strongly, ranking first and second. Zhuzhou Conversion continued its dark horse performance since last year, ranking third, and TBEA ranked fourth. Among the top ten enterprises, Sungrow, Huawei, Zhuzhou Conversion, TBEA, Sineng Electric, Hopewind Electric, KSTAR, and Kehua Data all have confirmed winning capacity of more than 1GW.

List of PV inverter companies' winning bids in the first half of 2023! (Top 10)

In addition, companies with distributed inverters as their main products, such as GoodWe, Ginlong Technology, Chint Power Supply, Growatt, Sofar New Energy, and AISWEI, are also rising strongly. These companies have frequently won bids for distributed inverter procurement projects of central enterprises this year and achieved good results.

In terms of centralized inverters, 20.37GW of inverter bidding projects were finalized in the first half of 2023, and 11 inverter companies won the bid. Since most centralized inverter procurement projects come from centralized procurement projects of central state-owned enterprises, many projects have failed to determine the winning shares of the winning companies.

Among the winning bidders whose bid capacity has been determined, Zhuzhou Converter, TBEA, Sineng Electric, Sungrow Power Supply and Kehua Data rank in the top five.

List of the winning capacity of centralized inverters of photovoltaic inverter companies in the first half of 2023! (Top five)

String inverters have been the focus of the bidding market in recent years. According to statistics from the International Energy Network/Photovoltaic Headlines (PV-2005), in the first half of this year, 69.73GW of inverter bidding projects were finalized and 40 inverter companies won the bid.

Among them, 39.49GW has confirmed the winners and the winning capacity. Among the companies that have confirmed the winning capacity, Huawei, Sungrow Power Supply, Zhuzhou Converter, Hopewind Electric, KSTAR, Sineng Electric, Kehua Data, TBEA, GoodWe, and Sofar New Energy ranked in the top ten.

List of winning bids for string inverters of photovoltaic inverter companies in the first half of 2023! (Top 10)

In recent years, the inverter market has gradually become more sophisticated, and almost all inverter manufacturers will launch exclusive inverter products for household, industrial and commercial, and large power stations. At the same time, as the vane of the bidding market, central state-owned enterprises will also put forward corresponding inverter power and voltage requirements in the bidding of inverters.

International Energy Network/Photovoltaic Headlines (PV-2005) According to the bidding requirements of central enterprises, string inverters are divided into two categories: one is 150kW and below products, which are mostly used in household and industrial and commercial distributed projects; the other is 150kW and above products, many of which are used in large ground power stations.

There are 35 bidding projects (bid sections) for small power inverters below 150kW, with a capacity of 11.76GW, and 29 companies have won the bid.

Among them, KSTAR, Zhuzhou Converter, Sungrow Power Supply, GoodWe, Jinlong Technology, Sanyan New Energy, Xuji Relay, INVT, Hopewind Electric, and Growatt ranked in the top ten.

List of the winning bids for small-power string inverters of photovoltaic inverter companies in the first half of 2023! (Top 10)

The rated capacity of high-power string inverters above 150kW is 55.76GW, and 22 companies have won the bid.

Among them, 32.42GW have determined the winners and winning capacities. The top ten companies are Sungrow Power Supply, Huawei, Zhuzhou Converter, Hopewind Electric, Sineng Electric, Kehua Data, TBEA, Ruijie Technology, KSTAR, and Shouhang New Energy.

List of winning bids for high-power string inverters of photovoltaic inverter companies in the first half of 2023! (Top 10)

Four major trends in the photovoltaic inverter bidding market

International Energy Network/PV Headlines (PV-2005) has been paying close attention to the PV inverter bidding market for a long time and found that the bidding market in 2023 showed the following major trends:

1

Central enterprises accounted for 95.23% of the purchases

Throughout 2023, central energy enterprises represented by the "Five Big and Six Small" and central enterprises such as CNPC, Sinopec, China Power Construction, China Energy Engineering, State Grid, China Southern Power Grid, and China Coal Group dominated the inverter bidding market. The total capacity of inverter procurement projects bid in the first half of the year reached 87.69GW, accounting for 95.23% of the total bid capacity in the first half of the year.

Central enterprises' photovoltaic inverter calibration capacity list in the first half of 2023! (Central enterprises)

2

Centralized procurement accounts for 71.82%

In 2022, due to the rapid rise in component prices, many centralized projects of central energy enterprises were forced to delay construction. Many inverter bidding projects were also stalled. Since the beginning of 2023, the price of the photovoltaic industry chain has dropped significantly, and many stalled projects have been started one after another, and the suppressed market demand has been quickly released.

Other central SOEs outside the five major and six small enterprises have also increased their efforts in the development and investment of new energy. The most obvious examples are PetroChina, Sinopec and China Coal Group. These traditional energy companies have launched gigawatt-level inverter bidding projects.

For central state-owned enterprises, centralized procurement is not only conducive to project management, but also can save bidding costs. Therefore, this bidding method has become the main bidding method for central state-owned enterprises.

According to statistics from the International Energy Network/PV Headlines (PV-2005), the total capacity of bidding projects through centralized procurement or framework procurement in the first half of 2023 is 66.13GW, accounting for 71.82%. Among them, China Power Construction, State Power Investment Corporation, China National Nuclear Corporation, Huaneng, Huadian, and PetroChina have all launched large-scale inverter centralized procurement bidding.

3

String inverters account for 76%

According to statistics from the International Energy Network/PV Headlines (PV-2005), in the first half of 2023, string inverters continued to increase their market share in bidding. Both central enterprises and local state-owned enterprises prefer string inverters when bidding for inverter projects. Among the projects with clear equipment procurement requirements, the total capacity of string inverters is 69.73GW, accounting for 76%; the rated capacity of centralized inverters is 20.37GW, accounting for 22%, and the remaining 1.98GW inverter bidding projects have no published procurement requirements.

4

High-power inverters account for 80%

As the "brain" of the photovoltaic system, the inverter has gradually developed towards refinement and intelligence this year. Both inverter manufacturers and bidding units match the corresponding inverters for different application scenarios.

According to statistics from the International Energy Network/PV Headlines (PV-2005), in the first half of 2023, among the 69.73GW string inverter bidding projects, 11.76GW of inverter procurement projects were 150KW and below, accounting for 17%, and 55.76GW of inverter procurement projects were above 150KW, accounting for 80%. The remaining 2.21GW did not specify equipment requirements.

Top five photovoltaic inverters!

Sungrow Power Supply is strong, Hopewind Electric becomes the dark horse in the first half of the year

In 2023, 70 photovoltaic inverter and related companies competed for the 92.08GW inverter bidding market. Among them, Sungrow Power Supply and Huawei are still strong, while Zhuzhou Converter, TBEA, Sineng Electric, and Kehua Data are stable.

Sungrow won the bid for 55 projects (bid sections)

The winning bid capacity is 12.37GW

In the first half of 2023, Sungrow won bids for 55 projects (bid sections) with a confirmed bid capacity of 12.37GW. The bidders for these 55 projects (bid sections) are 10 central enterprises including Huaneng, State Power Investment, China Coal Group, China National Nuclear Corporation, Power Construction, Energy Construction, State Grid, Huadian, PetroChina, Three Gorges, and 9 local enterprises.