Huawei and Sungrow retained the top two positions for the 10th consecutive year, together accounting for 55% of the global market. Both companies achieved their highest ever market shares in 2024, said Joseph Shangraw, research associate at Wood Mackenzie.
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By region, Asia Pacific accounted for the largest market share of 52. By type, the vehicle inverter segment is projected to grow at the highest rate from 2025 to 2030.
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The global fire protection market for energy storage is booming, projected to reach $1. Learn about key drivers, trends, restraints, and leading companies shaping this crucial sector for renewable energy safety.
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The market is segmented by application (industrial, automotive and transportation, electric, manufacturing) and type (fossil fuels, battery, hydrogen), with battery-based systems currently dominating the market share due to their maturity and cost-effectiveness, but hydrogen.
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