Ginlong Technologies (Stock Code: 300763.SZ) now is China’s number three exporter of photovoltaic inverters, behind competitors Huawei and Sungrow, according to Chinese-based newsletter EnergyTrend. Despite a contracting market globally that is challenging companies throughout the industry, Ginlong continues to increase year-over-year sales, market share, and export volumes of its Solis string inverter portfolio. China’s overall PV inverter export volume grew for a third year in a row during the first half of the year, despite a 10 percent year-over-year decline in inverter sales worldwide. Import/export customs data shows Chinese companies shipped inverters valued at $1.3 billion during the first six months of 2019. The country’s 20 largest inverter manufacturers accounted for nearly half that export volume, while the top five alone accounted for 36 percent of total export value. Solis’s third place position is a testament to its winning expansion strategy that focuses on local service excellence. A new report from Wood Mackenzie notes that vendors worldwide are focusing their inverter strategies on expanding their service scope and building out internet-of-things platforms. Some companies are opting instead to exit the inverter industry as profit margins thin under increasing price pressure. China’s market in particular had been roiled in 2018 with an abrupt change in the feed-in tariff to competitive bidding subsidy structure for new utility-scale solar power stations. The shift prompted Ginlong and other Chinese vendors to pursue international markets more aggressively, increasing price pressures in the U.S. and beyond. According to Chinese customs data, half of the country’s inverter exports went to just the top five countries — the Netherlands, United States, Vietnam, India and Germany. While the Dutch and U.S. markets have changed positions, German and South Korean markets remained firmly in place, leaving a decline in exports to Vietnam. Emerging markets and thriving demand in Europe create key targets for growth opportunities over the next few years.
Chinese PV Inverter Exports Grow Despite 10% Decline in Global Sales-Solis Inverters Rank 3rd in Country Exports
As the markets for Chinese goods grow, PV technologies continue to evolve. Although European and U.S.-based companies historically have dominated electronics, including global PV inverter manufacturing, price pressures are causing some to withdraw from the space, creating new development opportunities for Chinese manufacturers. To take advantage of this, Ginlong is pursuing a global strategy that includes creating strategic global office locations in the U.S., Europe, Australia, India, Brazil , Mexico and etc. Presented under the Solis brand, Ginlong’s innovative string inverter technology is optimized for each regional market, servicing and supporting its customers with its team of local experts. Combining a global reach with a local focus allows Ginlong to bring cost-effective solutions to residential, commercial, and utility-scale markets, delivering value and reliability at every level of the solar supply chain. While Ginlong is expanding its reach, other PV inverter giants are shifting their priorities in new directions. Schneider Electric, based in France, has discontinued its string inverter product line entirely, while German giant Siemens appears to be regrouping with the purchase of KACO new energy’s string inverter line. ABB Group based in Zurich has sold its inverter business to an Italian company that plans to integrate it into its overall solar offerings. In contrast, Ginlong’s one-stop-shop string inverter portfolio offers residential, commercial and utility-scale markets reliable, bankable, and cost-effective solutions to meet the needs of today’s local PV markets.