India abdicates its position as the third-largest photovoltaic market, Huawei sits firmly on the top

According to the renewable energy statistics of the International Renewable Energy Agency (IRENA), Vietnam’s installed photovoltaic capacity will exceed 10GW in 2020, surpassing India and Japan to become the world’s top three photovoltaic markets, second only to China and the United States.

In the ranking of new photovoltaic installations in 2019, China took the top spot with absolute advantage. The United States ranked second, followed by India and Japan. India has introduced many policies for the development of the photovoltaic industry in recent years. While Japan is an established photovoltaic powerhouse. Although Vietnam is ranked fifth, it is not easy to catch up with India and Japan.

The reasons for the significant increase in Vietnam’s market position are: India’s installed capacity has plummeted due to the COVID-19. According to data, from January to September 2020, India’s newly installed photovoltaic capacity will be approximately 2.32GW, even if the fourth quarter is added, the total installed capacity The volume will not exceed 4GW, which is far from the performance of the installed capacity of 7.3GW in 2019; Japan’s performance has always been stable and continues to be around 7GW.

With the substantial growth of rooftop photovoltaic projects in Vietnam, the overall installed capacity has skyrocketed and become the world’s third-largest photovoltaic market. This has also prompted Chinese photovoltaic companies to make some changes when deploying overseas markets. However, in the field of photovoltaic inverters, it does not hinder Huawei’s position.

According to the latest data, Huawei has the highest market share of photovoltaic inverters in Vietnam, with sales of nearly 800 million yuan. In India, the third-largest photovoltaic market in the world last year, Huawei still had the highest market share, with a market share of up to 20%, leading the second-ranked TMEIC (Toshiba Mitsubishi Electric Industrial Systems Co., Ltd.) by three percentage points.

Therefore, even if the installed capacity of India plummets, Huawei still ranks first in the Vietnamese photovoltaic inverter market. What is even more surprising is that companies such as Sungrow Power Supply and Shangneng Electric have also gained a lot in Vietnam.

In addition, according to 2019 data, Huawei’s photovoltaic inverters also rank first in the market share of Japan, Europe, and Latin America, leading Chinese companies to continuously expand overseas markets.