Spanish solar inverter manufacturing company, Power Electronics, announced that it has been ranked as the leading company in shipments of solar inverters for utility-scale photovoltaic plants in North America and Latin America, according to the Global solar PV tracker market shares and shipment trends 2019 report published by Wood Mackenzie Power & Renewables in March.
The report, which shows the market share of international manufacturing companies, reveals that Power Electronics accounted for 31% of the North American market of solar inverters, doubling the percentage of its main competitors.
It also shows that the company registered almost double the shipments made in 2017, jumping from 18% to 31% market share from 2017 to 2018.
Power Electronics distributed 3,628 MWac in 2018, more than twice the previous year, 1,684 MWac, leading a market that grew by 21% year-over-year and becoming more concentrated among the top five inverter vendors in the U.S. and Canada that accounted for 73% of the market, up from 61% in 2017.
The report shows that Power Electronics leads in PV inverter shipments in Latin America with a market share of 20%, and it has grown three points over the previous year, jumping from 17% to 20% of the total orders placed during the year.
The report’s data reveals Power Electronics has positioned itself among the five largest manufacturers of solar inverters in the world. With 6% of the world shipments, the company is in fourth position, with an exponential growth of 118% year-over-year, growing from 3% market share in 2017 to 6% market share, more than doubling its shipments.
Source: Press Release by Power Electronics. Photo Credit: Power Electronics.