GREATER NOIDA, India, Sept. 29, 2022 /PRNewswire/ -- Sungrow, the global leading inverter and energy storage system supplier for renewables, announced that it has surpassed 14GW inverter shipments in the Indian market. It takes Sungrow less than one year to complete this achievement as the 10GW record was only made in November 2021. Fast-increasing shipment indicates Sungrow's steady expansion and the market-dominating position in India. Currently, the REI 2022 is taking place in India; Sungrow's announcement of the 14GW+ shipment record will inject more confidence into this country's RE industry.
The development of India's renewable energy industry is stunning. The policy supports, combined with the vibrate private investing market as well as technological progress make India remain the leader within the global renewable industry. As of May 2022, the total renewable energy capacity in India stood at 159.95 GW, reporting an increase of about 109.4% compared to 2014, the year when Sungrow entered this market. Over the past eight years, Sungrow has shipped over 14GW of inverters cumulatively to India, which were applied in many benchmark projects including the 400MW PV plant in the Bhadla Solar Park, Rajasthan, the 250MW Ayana Plant in Andhra Pradesh, India's largest floating PV plant of 70MW in Kayamkulam etc. Their deliveries satisfy the huge demand for clean electricity driven by rapid growth in the economy and population size and increase the national adoption of green energy. In addition, Sungrow also broke several records in terms of shipments over the past few years. It was ranked as the Top 1 inverter supplier in 2021 by JMK Research and Mercom, with over 30% market share. In the first two quarters of 2022, Sungrow continued to be the Top 1 inverter supplier, according to the calculations of Bridge to India and JMK Research respectively.
Sungrow's grand shipment record and large market share truly demonstrate that it seized the opportunity created by the boomed market, and followed the market trend to provide the most-wanted solutions. Besides, all these milestones are also constructed on Sungrow's keen, localized teamwork, comprehensive services and proactive expansion strategies, in which building a 10GW-capacity local factory is one of the greatest. This factory was founded in 2017 and was just expanded to 10GW capacity in March 2022. It is the only company in India which can manufacture all types of inverter equipment and it also creates enormous opportunities for investment attraction and employment. Such strategic significance means Sungrow can reach its global customers with higher efficiency and less lead time, and be able to set more benchmarks for the industry. This step gets the appreciation and recognition of Mr Bhagwanth Khuba, the Minister of State for New and Renewable Energy, Govt. of India.
The renewable energy industry is gaining momentum for even more rapid development as the government ambitiously targets to realize 175GW renewable energy installations by 2022 and set an even higher goal of 500 GW by 2030. Sungrow is poised to provide state-of-the-art solutions such as the well-received 1+X modular inverter, SG320HX for large-scale projects, SG125CX-P2 and SG33CX-P2 for the emerging C&I segment, and the innovative liquid-cooled ESS ST2752UX (PowerTitan) to serve the upcoming demand for energy storage. The comprehensive product portfolio has just been exhibited during the REI 2022, gaining massive attention from the industry. In the future, Sungrow looks forward to creating more records, setting the benchmark in the RE industry and helping quicken this country's pace of energy transition for its Net-Zero Goal by 2070.
Sungrow Power Supply Co., Ltd. ("Sungrow") is the world's most bankable inverter brand with over 269 GW installed worldwide as of June 2022. Founded in 1997 by Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial & industrial, and residential applications, as well as internationally recognized floating PV plant solutions, NEV driving solutions, EV charging solutions and renewable hydrogen production systems. With a strong 25-year track record in the PV space, Sungrow products power over 150 countries worldwide. Learn more about Sungrow by visiting www.sungrowpower.com.