Annual list! 193GW of PV inverters won the bid! Huawei, Sungrow, Zhuzhou Converter, TBEA, Sineng, Kehua, Hopewind, KSTAR, Longyuan Electric, GoodWe and others ranked in the top 10!

The photovoltaic inverter market has experienced several twists and turns in 2023. The high inventory in the European market has frustrated the performance of many photovoltaic inverter companies that rely on overseas markets. At the same time, the domestic market continues to be hot. As of November 2023, the newly installed photovoltaic capacity is 163.88GW, a year-on-year increase of 149.40%. The annual photovoltaic installed capacity in my country is expected to exceed 180GW.

As domestic photovoltaic installations are booming, major photovoltaic inverter manufacturers are paying more attention to the domestic bidding market. According to statistics from the International Energy Network/Photovoltaic Headlines (PV-2005), in 2023, the number of bidding projects for photovoltaic inverters reached 676, with a total capacity of 193.22GW, and as many as 150 companies won the bid.

2023, the top 7 photovoltaic inverter rankings

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

Looking at the entire bidding market, among the 193.22GW photovoltaic inverter bidding projects in 2023, there are 77.78GW of centralized procurement projects whose specific shares have not been determined, and 116.15GW have determined the winners and winning shares.

In terms of enterprises, 150 photovoltaic inverter manufacturers or agents will win bids in 2023. Among the top ten enterprises, Huawei and Sungrow Power Supply Co., Ltd. still performed strongly, ranking first and second; Zhuzhou Power Conversion Co., Ltd. performed well, ranking third, catching up with the top two; TBEA ranked fourth. Among the top ten enterprises, Huawei, Sungrow Power Supply Co., Ltd., Zhuzhou Power Conversion Co., Ltd., TBEA, Sineng Electric, Kehua Data, Hopewind Electric, KSTAR, Longyuan Electric, and GoodWe all have confirmed winning bids of more than 1GW.

2023 PV Inverter Enterprises Winning Bid Capacity List! (Top Ten)

In addition, Sofar New Energy, Rifeng Electric, Jinlong Technology, Chint Power Supply, Growatt, AISWEI and other companies are also rising rapidly. These companies have frequently won bids for photovoltaic inverter procurement projects of central state-owned enterprises this year, which has had an impact on the entire photovoltaic inverter industry.

What is particularly noteworthy is that most of these companies have been shortlisted for large-scale centralized procurement projects of central state-owned enterprises. Taking Chint Power as an example, in 2023, it was shortlisted for Package 3 of China Power Construction Corporation's 2023 photovoltaic inverter centralized procurement project, Package 2 of China National Nuclear Corporation (Nanjing) Energy Development Co., Ltd.'s 2023 inverter framework procurement, and Package 2 and Package 3 of PetroChina's 2023 Group photovoltaic inverter centralized procurement project, as well as China Railway Group's 2023 inverter centralized procurement project. In terms of winning bid power, most of the shortlisted projects are projects in the power range below 300kW. It can be seen that in the subdivided fields, each company has its own advantages, which allows it to gain a foothold in the bidding market.

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In terms of centralized photovoltaic inverters, 38.22GW of photovoltaic inverter bidding projects were finalized in 2023, and 19 companies won the bid. Since most centralized photovoltaic 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, Sungrow Power Supply, Sineng Electric and Kehua Data rank in the top five.

2023 PV Inverter Enterprise Centralized Inverter Winning Capacity List! (Top Ten)

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), this year, 147.13GW of photovoltaic inverter bidding projects were finalized, and 91 photovoltaic inverter companies won the bid.

Among them, 83.7GW has confirmed the winners and the winning capacity. Among the companies that have confirmed the winning capacity, Huawei, Sungrow Power Supply, Zhuzhou Converter, Sineng Electric, TBEA, Hopewind Electric, Kehua Data, Longyuan Electric, KSTAR, and GoodWe rank in the top ten.

2023 PV Inverter Enterprises' String Inverter Winning Capacity List! (Top Ten)

In recent years, the photovoltaic inverter market has gradually become more refined, and the bidding market should show a stronger trend of segmentation.

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 72 bidding projects (bid sections) for small-power photovoltaic inverters below 150kW, with a capacity of 16.48GW. 44 companies have won the bid.

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

2023 PV Inverter Enterprises Small Power String Inverter Winning Capacity List! (Top Ten)

The rated capacity of high-power string inverters above 150kW is 118.25GW, and 39 companies have won the bid.

Among them, 73.23GW have determined the winners and winning capacities. The top ten companies are Huawei, Sungrow Power Supply, TBEA, Zhuzhou Converter, Sineng Electric, Kehua Data, Hopewind Electric, Longyuan Electric, Rifeng Electric, and Kstar.

2023 PV Inverter Enterprises High-Power String Inverter Winning Capacity List! (Top Ten)

As the main force in the development of photovoltaic power stations, the bidding projects of photovoltaic inverters by central enterprises are of indicative significance. According to statistics from the International Energy Network/Photovoltaic Headlines (PV-2005), in 2023, 583 photovoltaic inverter projects were awarded by central enterprises with a capacity of 181.4GW. Among them, 107.84GW projects have determined the winning bidders and the winning capacity, and 116 enterprises have won the bid.

The top ten companies are Huawei, Sungrow Power Supply, Zhuzhou Converter, TBEA, Sineng Electric, Hopewind Electric, Kehua Data, Kstar, Longyuan Electric, and GoodWe.

2023 Central Enterprise Photovoltaic Inverter Procurement Winning Bid Capacity List! (Top Ten)

In addition to state-owned enterprises, in 2023, other companies also had 93 photovoltaic inverter bidding projects bid, with a total capacity of 11.82GW, and 54 companies won the bid.

Six 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:

The scale of bidding hits a record high

According to statistics from the International Energy Network/PV Headlines (PV-2005), in 2021, about 35GW of PV inverter projects were calibrated; in 2022, the scale of calibrated projects increased to 115.98GW. The annual calibrated capacity in 2023 is 193.22GW.

In 2022, 89 companies or agents won the bid; in 2023, 150 companies or agents won the bid, and the competition among companies became more intense.

Central enterprises accounted for 93.88% of the purchases

In 2023, 25 central enterprises, including the "five big and six small" central enterprises, including China Power Construction, China Energy Engineering, PetroChina, Sinopec, China Home Grid, China Southern Power Grid, China Coal Group, and China Green Development, dominated the PV inverter bidding market. The total capacity of PV inverter procurement projects bid throughout the year reached 181.4GW, accounting for 93.88% of the total bid capacity in 2023.

2023 Central Enterprises' Photovoltaic Inverter Calibration Capacity List! (Central Enterprises with Calibration Capacity of 1000MW or More)

Centralized procurement accounts for 63.41%

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 bid-for projects through centralized procurement or framework procurement in 2023 will be 122.52GW, accounting for 63.41%. Among them, China Power Construction, State Power Investment Corporation, State Energy Group, China National Nuclear Corporation, Huaneng, Huadian, Three Gorges, CNPC, and China Coal Group have all launched large-scale centralized procurement bidding for photovoltaic inverters.

String inverters account for 76.15%

According to statistics from the International Energy Network/PV Headlines (PV-2005), in 2023, string inverters will continue to increase their market share in bidding. Both central enterprises and local state-owned enterprises prefer string inverters when bidding for photovoltaic inverter projects. Among the projects with clear equipment procurement requirements, the total capacity of string inverters is 147.13GW, accounting for 76.15%; the rated capacity of centralized inverters is 39.12GW, accounting for 20.25%, and the remaining 6.97GW photovoltaic inverter bidding projects have no published procurement requirements.