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					</table><a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow Power Supply (Sungrow),</a> <a href="https://www.fimer.com/" target="_blank" rel="noopener">FIMER India (ABB)</a>, <a href="https://en.si-neng.com/" target="_blank" rel="noopener">Sineng Electric</a>, <a href="https://www.tbeaindia.com/" target="_blank" rel="noopener">TBEA Energy India</a>, and <a href="https://www.solisinverters.com/in" target="_blank" rel="noopener">Ginlong (Solis) Technologies</a> were the leading inverter suppliers in India for the calendar year (CY) 2023, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024.</a>
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.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66396 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023.png" alt="Leading solar inverter suppliers in India 2023" width="891" height="587" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023.png 891w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023-300x198.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023-768x506.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023-650x428.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023-624x411.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023-600x395.png 600w" sizes="(max-width: 891px) 100vw, 891px" /></a>
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&#8217;s largest inverter facilities, with a global annual production capacity of 305 GW, including 25 GW outside China. The company&#8217;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&#8217;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&#8217;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.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66398 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023.png" alt="Leading solar central inverter suppliers in India 2023" width="892" height="552" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023.png 892w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023-300x186.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023-768x475.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023-650x402.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023-624x386.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023-600x371.png 600w" sizes="(max-width: 892px) 100vw, 892px" /></a>
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.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66397 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023.png" alt="Leading solar string inverter suppliers in India 2023" width="945" height="566" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023.png 945w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023-300x180.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023-768x460.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023-650x389.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023-624x374.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023-600x359.png 600w" sizes="(max-width: 945px) 100vw, 945px" /></a>
Mercom&#8217;s India Solar Market Leaderboard report evaluates the industry leaders&#8217; 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 (<a href="https://www.tbeaindia.com/" target="_blank" rel="noopener">TBEA Energy India</a> and <a href="https://www.solaxpower.com/" target="_blank" rel="noopener">SolaX Power</a>) joining the top ten list.
For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">here</a>. Also, our <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a> gives quarterly insights into solar market competitors and their growth rates.

Sungrow, FIMER, Sineng Electric Lead Solar Inverter Supply in 2023

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					</table><a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow</a>, <a href="https://en.si-neng.com/" target="_blank" rel="noopener">Sineng Electric</a>, <a href="https://www.fimer.com/" target="_blank" rel="noopener">FIMER India</a>, <a href="https://www.ginlong.com/global" target="_blank" rel="noopener">Ginlong (Solis) Technologies</a>, and <a href="https://www.sofarsolar.com/" target="_blank" rel="noopener">SOFARSOLAR</a> were the leading solar inverter suppliers in India in the first half (1H) of the calendar year (CY) 2022, according to Mercom&#8217;s recently released <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2022-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2022</a>.
The report provides insights into the industry leaders&#8217; market share and shipment rankings across the Indian solar supply chain.
Sungrow was the top solar inverter supplier in 1H 2022 and is also the leading solar inverter company cumulatively.
Sungrow <a href="https://mercomindia.com/daily-news-wrap-up-sungrow-10-gw-solar-inverter-manufacturing/" target="_blank" rel="noopener">inaugurated</a> a 10 GW solar inverter manufacturing facility in New Delhi earlier this year. The company also has a 3 GW facility in Bangalore. Sungrow has over 269 GW of solar inverters installed worldwide.
In September, Sungrow surpassed 14 GW inverter shipments to the Indian market. Sungrow’s inverters are in many key projects, including the 400 MW project in Bhadla Solar Park of Rajasthan, the 250 MW Ayana Project in Andhra Pradesh, and the 70 MW Kayamkulam floating solar project.
Sungrow, Sineng Electric, and FIMER India accounted for 68% of the market share in 1H 2022.
<a href="https://mercomindia.com/wp-content/uploads/2022/11/Leading-Inverter-Suppliers-in-India-1H-2022-Jan-June.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-44808 size-full" src="https://mercomindia.com/wp-content/uploads/2022/11/Leading-Inverter-Suppliers-in-India-1H-2022-Jan-June.png" alt="Leading Inverter Suppliers in India 1H 2022 (Jan-June)" width="618" height="420" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Leading-Inverter-Suppliers-in-India-1H-2022-Jan-June.png 618w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Leading-Inverter-Suppliers-in-India-1H-2022-Jan-June-300x204.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Leading-Inverter-Suppliers-in-India-1H-2022-Jan-June-600x408.png 600w" sizes="(max-width: 618px) 100vw, 618px" /></a>String Inverters
Sungrow, Solis, SOFARSOLAR, <a href="https://www.ginverter.com/" target="_blank" rel="noopener">Growatt</a>, and <a href="https://en.goodwe.com/" target="_blank" rel="noopener">GoodWe</a> were the top solar string inverter suppliers, accounting for 94% of the market share.
Solis has supplied its 255 kW three-phase string inverter to NTPC’s 30 MW Rihand solar project in Uttar Pradesh. Entering India with a focus on residential and C&amp;I markets, the company plans to capture a greater share of the utility-scale solar market.
Growatt unveiled its X Series solar inverters with 0.75-253kW power capacity range. Growatt’s X Series inverter features a higher power density and a higher input string current of up to 22.5A that makes it compatible with high power modules. It can be used in residential, commercial and industrial, and large-scale solar projects.
<a href="https://mercomindia.com/wp-content/uploads/2022/11/Leading-Solar-String-Inverter-Suppliers-in-India-1H-2022-Jan-June.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-44809 size-full" src="https://mercomindia.com/wp-content/uploads/2022/11/Leading-Solar-String-Inverter-Suppliers-in-India-1H-2022-Jan-June.png" alt="Leading Solar String Inverter Suppliers in India 1H 2022 (Jan-June)" width="623" height="382" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Leading-Solar-String-Inverter-Suppliers-in-India-1H-2022-Jan-June.png 623w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Leading-Solar-String-Inverter-Suppliers-in-India-1H-2022-Jan-June-300x184.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Leading-Solar-String-Inverter-Suppliers-in-India-1H-2022-Jan-June-600x368.png 600w" sizes="(max-width: 623px) 100vw, 623px" /></a>Central Inverters
Sineng Electric, Sungrow, FIMER India, and <a href="https://www.tmeic.com/" target="_blank" rel="noopener">TMEIC</a> were the top solar central inverter suppliers. Central inverters represented the majority of solar inverters supplied during the period.
Sineng Electric supplied its flagship 3.125MW central inverter solution to the 200 MW Raghanesda Solar Park in Banaskantha District of Gujarat. The inverter solution is tailored for 1500V solar project. It is suitable for the arid environment as there is no derating up to 50℃. The 3.125MW central inverter solution is also used at the 300 MW Pokhran Solar Park.
As of June, GoodWe announced that it had shipped over 2 GW of solar inverter shipments to India.
FIMER supplied its 1MVA inverters to the Integrated Solar Energy Project in Modhera, Gujarat. This project features a 6 MW grid connect system with 6MVA inverters and an 18 MWh battery energy storage system.
<a href="https://mercomindia.com/wp-content/uploads/2022/11/Leading-Solar-Central-Inverter-Suppliers-in-India-1H-2022-Jan-June.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-44817 size-full" src="https://mercomindia.com/wp-content/uploads/2022/11/Leading-Solar-Central-Inverter-Suppliers-in-India-1H-2022-Jan-June.png" alt="Leading Solar Central Inverter Suppliers in India 1H 2022 (Jan-June)" width="623" height="413" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Leading-Solar-Central-Inverter-Suppliers-in-India-1H-2022-Jan-June.png 623w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Leading-Solar-Central-Inverter-Suppliers-in-India-1H-2022-Jan-June-300x199.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Leading-Solar-Central-Inverter-Suppliers-in-India-1H-2022-Jan-June-600x398.png 600w" sizes="(max-width: 623px) 100vw, 623px" /></a>In February this year, the Ministry of New and Renewable Energy <a href="https://mercomindia.com/deadline-for-bis-certification-extended-june-2022/" target="_blank" rel="noopener">extended</a> the deadline for self-certification of solar PV inverters under the Bureau of Indian Standards until June 30, 2022. The extension was granted after the industry sought more time for compliance, considering the testing issues and the test labs&#8217; level of preparation.
A complete list of the solar inverter suppliers and their market share is available through Mercom&#8217;s <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener">India Solar Market Share Tracker</a>.

Sungrow, Sineng, FIMER, Solis Top Solar Inverter Companies in 1H 2022

Switzerland-headquartered <a href="https://new.abb.com/indian-subcontinent" target="_blank" rel="noopener noreferrer">ABB</a> and Italian company FIMER have signed an agreement under which FIMER will acquire ABB’s solar inverter business. The transaction is expected to enhance the prospects of the solar inverter business and enable ABB to focus its core business portfolio on other growth markets, the company announced in a media statement.
With this, ABB expects to take an after-tax non-operational charge of approximately $430 million in the second quarter of 2019, with the half-year results of 2019 being impacted accordingly. Around 75% of this charge is represented by cash outflows ABB will pay to FIMER from the deal closing date through the year 2025.
In addition, ABB expects nearly $40 million of carve-out related separation costs starting in the second half of 2019.
In India, there are over 30 inverter suppliers meeting the demands of the rapidly growing solar market. <a href="https://mercomindia.com/abb-sungrow-huawei-top-solar-inverter/" target="_blank" rel="noopener noreferrer">Mercom recently reported</a> that ABB was the top supplier of <a href="https://mercomindia.com/2018-market-leaders-indias-solar-industry/">solar inverters</a> to the Indian market for the calendar year 2018 as well as cumulatively. Even in 2017, <a href="https://mercomindia.com/abb-sungrow-huawei-inverter/" target="_blank" rel="noopener noreferrer">ABB had emerged</a> as the market leader in this segment.
This acquisition includes the solar inverter business from Power-One which was acquired by ABB’s Discrete Automation and Motion division in 2013. The business offers a comprehensive portfolio of products, systems, and services for different types of solar installations. It is currently within ABB’s electrification business and has achieved revenues of approximately $290 million in 2018.
According to ABB’s statement, both the companies will ensure a smooth transition for the customers and employees and FIMER will honor all the existing warranties and ABB will compensate FIMER for taking over its business and liabilities.
When contacted, an ABB executive refused to comment on the acquisition. However, the executive added, “We are a global firm and such decisions are made considering the global market, and not just a particular region.”
After the closing of the transaction, ABB expects the operational earnings before interest, taxes, and amortization (EBITA) margin of its electrification business to be impacted positively by slightly more than 50 basis points, supporting the business’ progress towards its target margin corridor of 15-19%.
The completion of this acquisition process is expected in the first quarter of 2020, subject to certain conditions like the completion of the carve-out and prior consultation with the employee representative bodies.
Tarak Mehta, President of ABB&#8217;s Electrification business, commented on this development saying, “The divestment is in line with our strategy of ongoing systematic portfolio management to strengthen competitiveness, focus on the quality of revenue and higher growth segments. Solar is a well-established and key focus for FIMER and as such we believe them to be a very good owner for ABB’s solar inverter business. The combination of the portfolios under FIMER will support further sales growth. Through our intelligent low- and medium-voltage offering, ABB will continue to integrate solar power into a range of smart solutions including smart buildings, energy storage, and electric vehicle charging.”
Filippo Carzaniga, Chief Executive Officer of FIMER, said, “We are glad to announce this further step in our development as FIMER’s focus on the solar business will be greatly enhanced by this integration. Our commitment to positively influence the energy market will be realized through the development of new product platforms and innovative digital technologies. We will continue the excellent job carried out by ABB in recent years, combining precious resources, knowledge, and expertise in Italy and worldwide. With a strengthened portfolio, we are better placed to shape the future of this increasingly strategic business.”
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Image credit: ABB

ABB to Quit Solar Inverter Business, FIMER to Take Over

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