Besides Huawei, another Chinese giant of inverter, Sungrow, edged out Germany’s SMA in terms of MW, to be the new leading inverter manufacturer with the volumes of 8.2GW shipments.
Germany’s SMA Solar Technology AG (SMA), the global well-known PV inverter manufacturer, had provided the downstream power stations with PV inverters of 7.3GW in total in 2015, 43.7% up compared to that in 2014, according to SMA’s annual report 2015.
However, with the shipments of PV inverters of 8.2GW in total, the Chinese inverter giant, Sungrow Power Supply Co., Ltd. (Sungrow) successfully nudged SMA with more 0.9GW.
According to its 2015annual report, the total revenue of Sungrow in 2015 was about USD712.2 million (RMB4.6 billion), up 51.79% YoY and the net profit was USD68.12 million (RMB440 million), up 56.04% YoY.
Sungrow attributed its increasing revenue to the business expansion on the domestic and overseas markets through its main products, which helped increase Sungrow’s operating scale and economic benefit rapidly.
In the meanwhile, its BT/EPC business of PV stations had received the revenues in the light of the schedule of the contracted project, which as well increased Sungrow’s revenue.
Founded in 1997, Sungrow was the first manufacturer to have R&Ds and to commercialize string inverters. Currently, the MW volume of Sungrow products is over 3GW in the power stations among the world.
Compared with most of the Chinese manufacturing enterprises, Sungrow spent a lot on R&Ds and launched three to five leading new products every year. The power range of Sungrow PV inverters covers from 2kW-2.5MW.
However, Sungrow always remains low-key and composed to the public. Cao Renxian, founder and CEO of Sungrow, who used to teach in Hefei University of Technology, seldom appears in front of the public media, whose family controls the wealth of market value over USD1 billion.
In fact, 8.2GW shipments from Sungrow should be attributed to the growing PV market in China and overseas, according to officials from Sungrow.
Among the MV of 8.2GW provided to the global PV market from Sungrow, the domestic shipment accounted for 85.7% of the total shipment while the MV of 1.17GW was shipped to the overseas market. It was the first time for Sungrow to beat the German giant SMA.
That Sungrow had the most shipment in 2015 is to be expected, according to analyst CCM. It is not easy to survive in the turbulent PV industry and there are not many enterprises to focus on one specific area like Sungrow. In the past 20 years since its foundation, Sungrow has always focused on the R&D and application on inverters.
As the most constant inverter manufacturer, the inverter shipment of Sungrow has already captured over 30% of the market share in the China market.
Thanks to the growing China’s PV market, the demand of inverters globally increased 33% in 2015. The market share of the global top ten PV inverter manufacturers have increased to 75% and the total MW shipments hit the highest since 2010.
Though SMA keeps losing market share in MW shipments, its total revenue of PV inverters still ranked the first around the world, according to GTM Research, a US research company.
Huawei, Sungrow’s biggest rival in China, had surprising performance in the beginning of 2015. Huawei became a new star in the PV market thanks to central inverters, a different product from Sungrow’s string inverters.
Among the top ten inverter enterprises in the world, four of them are Chinese enterprises and the domestic shipments of Huawei and Sungrow accounted for over 70% of the total shipment in the China market.
In fact, as for the international giants like SMA, ABB, Omron, Chinese inverter manufacturers are just winning temporarily in terms of shipments.
lost the “shipment” champion, however, SMA still ranked the first in terms of
sales volume, with the sales volume of Euro999.6 million, up 24% YoY.
CCM is the leading market intelligence provider for China’s agriculture, chemicals, food & ingredients and life science markets. Founded in 2001, CCM offers a range of data and content solutions, from price and trade data to industry newsletters and customized market research reports. Our clients include Monsanto, DuPont, Shell, Bayer, and Syngenta.