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Expansions by Sungrow to Drive 2013 PV Revenue Growth

One of the key takeaways from the recent NPD Solarbuzz China PV Conference was from the presentation by leading solar PV inverter producer Sungrow Power, when the company’s Vice President, Zheng Guibiao indicated that revenue expectations for 2013 had reached CNY 2 billion ($326.8 million).

According to our China BOS research, Sungrow was the largest supplier of inverters in the Chinese market during 2012, and it is likely to increase its share in 2013. However, Sungrow’s estimate of CNY 2 billion in revenues this year is also being driven by contributions from domestic EPC business and by expanding into overseas markets. Mr. Zheng also emphasized the importance of enhancing service, support, and technical know-how, in order to meet the requirements of domestic utilities and commercial developers. In fact, this was a theme at echoed by presentations given by both GCL and Merchants New Energy.

In 2012 the top 10 inverter companies in China accounted for 82% of the total market. However, during his presentation in July, Mr. Zheng indicated that only six inverter companies had been strongly participating in the tendering and bidding stages during the first half of 2013.

Chinese inverter brands are seeing increasing deployment outside China. Revenues derived specifically from overseas inverter sales during 1H’13 by Sungrow are expected to exceed CNY 75 million. In addition to Japanese and U.S. markets, emerging PV regions are also being targeted by tier 1 Chinese inverter suppliers. For example, the market in Thailand had been dominated by inverter supplier SMA. Recently however, an increasing number of Chinese manufacturers have been setting up local sales & service teams.