HEFEI, China, March 29, 2024 /PRNewswire/ — Sungrow, a global leading PV inverter and energy storage system supplier, has emerged as one of the standout companies on the 2024 Fortune Asia Future 30 list. The list, which recognizes the most promising companies in Asia Pacific, is a testament to Sungrow’s commitment to innovation, sustainability, and exceptional performance in the renewable energy industry.
Against the backdrop of lingering macroeconomic uncertainties and potential geopolitical shocks in the Asia-Pacific region, the inaugural Fortune Asia Future 30 shines a spotlight on the region’s vibrant corporate stars. In collaboration with Boston Consulting Group, Fortune has identified high-potential Asian companies using a dynamic index that quantifies their long-term growth prospects[1].
The retrospective analysis shows that the revenue growth of the top 30 Asian companies in the future is significantly better than their peers. From the first half of 2020 to the first half of 2023, the average annual compound growth rate of these companies’ revenue was 51%, while the average growth rate of the top 500 companies ranked by S&P Pan Asia BMI was 6%. Past performance does not guarantee future success, but the top 30 Asian companies in the future can achieve value creation growth[2].
Sungrow’s ascendance onto the list is a testament to its innovation, technological prowess, and commitment to sustainability. With a commendable 27-year history in the renewable energy sector, Sungrow holds a significant position in both the PV inverter and energy storage markets. A report issued by WoodMackenzie in October 2023 highlighted Sungrow’s dominance in the energy storage market, accounting for 16% of the global market share in terms of shipment (MWh)[3], and in 2023, Sungrow has achieved remarkable shipments of energy storage systems, exceeding 10GWh worldwide. Furthermore, S&P Commodity Insights ranked Sungrow as the top PV inverter supplier globally in 2022, delivering a commendable 77GWac of PV inverters[4].
As the world increasingly turns to clean energy solutions, Sungrow’s leadership position in the renewable energy sector positions it well to capitalize on the growing demand. Its inclusion in the Fortune Asia Future 30 list is not just an honor but also a strong indicator of the company’s bright future and its potential to shape the energy landscape globally.
About Sungrow
Sungrow Power Supply Co., Ltd. (“Sungrow”) is a global leading PV inverter and ESS supplier with over 500 GW of power electronics equipment installed worldwide as of December 2023. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and ESS for utility-scale, commercial & industrial, and residential applications, as well as internationally recognized floating PV plant solutions, NEV driving solutions, EV charging solutions and renewable hydrogen production systems. With a strong 27-year track record in the PV space, Sungrow products power over 170 countries worldwide. More information, visit: www.sungrowpower.com.
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