Huawei Technologies, China’s largest network equipment supplier, saw revenues grow 17% to $21.5 billion (£13 billion) in 2009.

The company forecast that its contract sales will rise to $36 billion (£23 billion) in 2010, up from $30 billion (£19 billion) last year, hinting at a return in appetite for telecommunications network equipment.

Huawei’s 2009 revenue growth was significantly slower than the 43% increase it posted in 2008, but seen in the context of last year’s challenging economic conditions, it demonstrates the company’s rising fortunes both at home and abroad.

Figures published by the research organisation Dell’Oro in November 2009 highlighted the full extent of Shenzen-based Huawei’s emergence as a global player in the industry, as it more than doubled its worldwide mobile network equipment market share to 20%, overtaking Nokia Siemens as the planet’s second biggest supplier behind Sweden’s Ericsson.

In December, Huawei was chosen to provide modems and infrastructure for 4G mobile communications services in Sweden and Norway, deals that would normally have been awarded to Ericsson. In the same month, Huawei was also selected by O2 to pilot 4G technology in the Berkshire town of Slough.