Solis Cements its Position as 3rd Largest Global Inverter Manufacturer
09:35 | 04/07/2023
27th June 2023, Ningbo, China: Ginlong Solis Technologies (the company), one of the most experienced inverter producers in the world, has been ranked the world's 3rd largest inverter manufacturer for the second consecutive year in S&P Global's annual market tracker.
The 2022 rankings, issued earlier this week by the world's foremost provider of credit ratings, market benchmarks and industry analytics, recognized Solis as the world's number three overall by MW shipped. This follows extensive market discussions, data analysis, and cross-checking by S&P Global with independent sources such as solar demand forecasts and audited financial reports.
This latest success builds on a string of awards and accolades for Solis over the last 18 months. Only last week the company was presented the “top inverter brand 2023” seal for Belgium by the respected global market research organization, EUPD; having recently gained the same seal for the Netherlands and South Africa. This marks the eighth year running in which Solis has been recognized by EUPD, based on 100,000 interviews across more than 50 countries.
Reflecting on the company's performance in 2022 and beyond, Sandy Woodward, Solis General Manager Europe, and South Africa, said: “I am delighted that such a prestigious organization as S&P Global has rated Solis so highly for another year, and that we have maintained our position as the world's third largest inverter manufacturer. I'm particularly proud of our progress during 2022 in the energy storage inverter segment, in which Solis achieved year-on-year growth of more than 500 percent; accounting for 18 percent of our total operating revenue.
“This remarkable expansion can be attributed first and foremost to our dedicated team of more than 4500 people across more than 200 countries, but also to our high brand recognition, strong channel competitiveness, and deep commitment to R&D.”
In 2022, the company's R&D expenditure increased significantly by 74 percent, reaching a total investment of USD 45 million. Solis currently boasts an annual production capacity of 40GW, which is scheduled to double to 80GW in July 2023.