Growatt is a leading manufacturer of solar inverters, with a global presence and a strong reputation for quality and reliability. They have been steadily increasing their market share in Australia, from 10.4% in 2019 to leading the residential sector with a massive market share of 18.9% despite the fierce competition from SAJ and Solis in the value category and Fronius and Sungrow at the premium end of the market. How is this possible? And what does it mean for the Australian solar industry?
Today, we will examine the factors that have contributed to Growatt’s success in Australia in 2023, and the challenges and opportunities that lie ahead.
So what are the reasons behind Growatt’s impressive growth in Australia?
One of the main factors is price. Growatt offers some of the most cost effective inverters in the market, with prices ranging from $600 to $2,000 depending on the model and capacity which is crazy good value for any inverter with a 97%-99% efficiency rating AND full wifi monitoring capabilities in-built. This makes Growatt an attractive option for price-sensitive customers who are looking for a low-cost solar solution.
Another factor is quality. Growatt reports that their inverters have a high reliability and performance, with a failure rate of less than 0.5%. Growatt also boasts proudly that its inverters have passed various certifications and tests, such as the Clean Energy Council’s approval, the IEC 62109 safety standard, and the AS/NZS 4777 grid connection standard. They also offer a class leading 10-year warranty for their inverters, which is longer than some of its competitors.
A third factor is service. Growatt has invested heavily in building its local presence and support network in Australia. Growatt has established offices in Sydney, Melbourne, Brisbane, Perth and Adelaide, and has hired local engineers and technicians to provide installation, maintenance and repair services. Growatt also has a dedicated Australian based customer service team that can handle inquiries and complaints via phone, email or online chat.
These factors have helped Growatt gain a loyal customer base and a positive reputation in Australia. Even with all of this support, there are some minor challenges and risks that could threaten its future growth and success in the world’s most complicated solar industry here in Australia.
The biggest challenge I see them facing is simply the fact Growatt is currently thriving in a complex and dynamic regulatory environment in Australia, where different states and territories have different rules and requirements for solar installations and grid connections.
These rules and requirements may change over time, depending on the policies and priorities of the governments and regulators. For example, some states may impose stricter standards or limits on solar exports or battery storage, which could affect the compatibility or profitability of Growatt’s inverters simply because their predominant focus has currently been on grid connected inverters.
Whilst this year they have improved their offerings in the hybrid space, because batteries are still not offering good financial sense for most Australian homes it may take away their advantage they have over the competition currently.
This challenge could undermine Growatt’s dominance in the residential value for performance market in Australia. They need to be proactive and future thinking in addressing these future issues whilst continuing to demonstrate their commitment to quality, service and responsibility for the everyday Aussie looking to combat the ever rising cost of living expenses.
In conclusion, Growatt has achieved remarkable growth and success in Australia by offering low-cost, high-quality and well-supported inverters to its customers. Their recent success has been nothing short of mind-blowing and I have 0 issues recommending them to anyone who wants great connectivity features and a highly efficient inverter, without breaking the bank.
