Sungrow Power Supply (Sungrow), FIMER India (ABB), Sineng Electric, TBEA Energy India, and Ginlong (Solis) Technologies were the leading inverter suppliers in India for the calendar year (CY) 2023, according to Mercom’s recently released India Solar Market Leaderboard 2024.

Sungrow was the top solar inverter supplier in CY 2023, garnering a 32% market share. FIMER India and Sineng Electric followed with 17% and 16%, respectively. TBEA Energy India and Ginlong (Solis) Technologies ranked fourth and fifth, accounting for 12% and 5% of the total market share, respectively.

Sungrow, the top solar inverter supplier in CY 2022, held the position in 2023, with an inverter shipment growth of nearly 113% YoY.

Sungrow has one of the world’s largest inverter facilities, with a global annual production capacity of 305 GW, including 25 GW outside China. The company’s Indian manufacturing facility has completed five years of manufacturing and expanded to a yearly production capacity of 10 GW.

FIMER India climbed to second place in CY 2023. The company’s inverter shipments nearly doubled YoY due to mounting demand for central inverters for the large pipeline of utility-scale solar projects scheduled for commissioning in 2024.

Sineng Electric was third in 2023 despite a shipment increase of over 50% YoY.

The company’s three manufacturing facilities in Wuxi and Wuzhong in China and Bangalore, India, have a total annual production capacity of 50 GW. Sineng Electric also has an in-house testing center.

Central Inverters

Central inverters accounted for 55% of the total inverter supply in CY 2023, surpassing string inverters after two years.

Sungrow (46%), FIMER India (29%), and Sineng Electric (20%) were the top suppliers, accounting for 95% of the market share. Central inverters have recently regained popularity among developers due to their low cost and high reliability.

String Inverters

String inverters accounted for 45% of the total inverter supply in India.

TBEA Energy India had the highest market share, accounting for 21%, followed by Sungrow with 15% and Sineng Electric with 10%. The top three suppliers accounted for 47% of the string inverter supplied in CY 2023.

Mercom’s India Solar Market Leaderboard report evaluates the industry leaders’ market share and shipment rankings across the Indian solar supply chain. The report revealed significant shifts in market share rankings in 2023, with two new players (TBEA Energy India and SolaX Power) joining the top ten list.

For the detailed and comprehensive report, click here. Also, our Market Share Tracker gives quarterly insights into solar market competitors and their growth rates.