Sungrow Revenue Jumps 48.3% in 2020; Global Market Share Reaches 27%

Global inverter solution supplier for renewable Sungrow has reported a surge of 48.3 per cent in its revenue to USD 2.956 billion in 2020, as against US 1.864 billion a year earlier.

Furthermore, the net income attributable to shareholders of the company increased by 119 per cent to USD 298.9 million during 2020, as compared to USD 127.6 million in 2019.

During the year, the company’s basic EPS too grew by 119.7 per cent to USD 20.54 cents, while its cash flow from operations rose by 24.5 per cent to USD 473.6 million.

In the year 2020, the inverter supplier shipped over 35 GW of photovoltaic (PV) inverters, accelerating its global market share to 27 per cent.

Sungrow said in a statement that, its market share in Australia for the residential segment has increased to 24 per cent, and has been leading the local market share in Brazil since last two years.

Moreover, the company has predicted an even more prosperous future in Europe as it is establishing local channels.

In addition, over 800 MWh of energy storage systems were shipped by the company worldwide in 2020, and the deployment is expected to show a high growth trend, it added.

Moreover, the inverter manufacturer has expanded its annual production capacity to 90 GW, including 10 GW of India manufacturing based on a global growing demand.

The company is also planning to setup another factory outside China in the near future. 

As of December 2020, the company’s accumulative shipments exceeded 154 GW.

Meanwhile, the company also joined RE100 and has pledged to switch to 100 per cent renewable energy for its electricity requirements by 2028.