Sungrow emerges as leading solar inverter suppliers in India; Mercom

21 May 2024 CW Team

In 2023, Sungrow, FIMER India (ABB), Sineng Electric, TBEA Energy India, and Ginlong (Solis) Technologies emerged as the leading solar inverter suppliers in India, as per Mercom Research's India Solar Market Leaderboard 2024. Sungrow maintained its position as the top supplier with a 32% market share, experiencing a remarkable 113% year-over-year growth in inverter shipments. FIMER India secured second place with a doubling of its shipments, driven by rising demand for central inverters. Sineng Electric ranked third despite a shipment increase of over 50% year-over-year. Central inverters surpassed string inverters in supply, constituting 55% of the total inverter supply, with Sungrow, FIMER India, and Sineng Electric dominating this segment. Conversely, string inverters accounted for 45% of the supply, with TBEA Energy India leading the market. Mercom's report also highlighted notable shifts in market share rankings, with TBEA Energy India and SolaX Power entering into the top ten lists. The resurgence of central inverters was attributed to their cost-effectiveness and reliability, fuelling their popularity among developers for utility-scale solar projects slated for commissioning in 2024.

(Source: Mercom India)

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