Sungrow 2021 Results Deliver Strong Growth, Claims 30% Market Share

Leading Inverter and energy storage solution provider major Sungrow has released its annual report 2021, reporting a strong revenue increase  and growth across both its renewable and storage businesses.

Financials in 2021

• The revenue increased by 25.15% to $3.74 billion (2020: $2.956 billion).
• The net income attributable to shareholders of a listed company came to $244.8 million, a drop of 19.01%.
• The CFFO (cash flow from operations) declined by 153.1% to $-254.1 million.
• The investment in research and development was $179.9 million, an increase of 44%. In addition, over 2,700 personnel were assigned to the R&D team, and annual patent applications increased by 24.5% to around 2,000.

During the year,  Sungrow introduced the SG350HX inverter, with power outputs exceeding 300 kW; the “1+X” modular inverter, which features easy modularization and significantly streamlines O&M; the liquid cooled energy storage system, which garnered gigawatt-hours of orders since its debut. The inverter marks the continued rise of string inverters into Central Inverter category, with ever higher ability to handle higher outputs efficiently.

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Sungrow had over 47 GW of PV inverters shipped in 2021 increasing its global market share to 30%. The Company made an impact in the  distributed generation market with over 50,000 string inverters delivered last year.

The energy storage division also increased in revenue by 168.51% to $486.5 million. Notably, the Company had over 3 GWh of energy storage systems shipped globally in 2021.

Global footprint and manufacturing

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The report shows that approximately 40% of Sungrow’s revenue comes from markets outside of China, where its headquarters are based. Further, the Company has supplied its product solutions to over 150 countries.

In terms of manufacturing, Sungrow owns the industry’s largest industrial park. In 2021, the Company expanded its India factory production capacity to 10 GW annually and established its Thailand factory with a 10 GW annual production capacity. These two manufacturing facilities outside of China further facilitate its step toward global manufacturing.

Sungrow has over 224 GW of cumulative installations now , generating 315,200 GWh of clean electricity per year.