Development status of solar microinverter industry: Global solar inverter market is growing rapidly


 

Development status of solar micro inverter industry: Global solar inverter market is growing rapidly

1. Overview of global inverter industry development

(1) Market demand situation

From the demand side, the growth of the inverter industry is mainly driven by the global demand for new photovoltaic installations, the demand for replacement of existing inverters, and the demand for energy storage inverter installations brought about by the explosion of the electrochemical energy storage market. In 2022, the global photovoltaic market demand will maintain rapid growth, and the world's newly installed photovoltaic capacity will be approximately 230GW, a year-on-year increase of 35.3%. The market demand for photovoltaic inverters in the newly installed capacity market also maintains a growing trend. As the cumulative installed photovoltaic capacity gradually increases, the replacement of inverters in existing projects has gradually become an important part of market demand. As electrical equipment, the service life of an inverter is about 10-15 years, which means that photovoltaic power stations built ten years ago have gradually entered a period of technical renovation of their stock, and the demand for inverter replacement in the entire photovoltaic market is continuing to grow. . In addition, with the rapid increase in the penetration rate of renewable energy sources such as wind and solar, the demand for energy storage supporting equipment is accelerating. As the core unit of electrochemical energy storage systems, energy storage inverters will highlight higher demand growth driven by the growth of energy storage installed capacity.

 

From the perspective of demand product types, the current photovoltaic inverter market is still dominated by string inverters and centralized inverters, with solar micro inverters accounting for a relatively small proportion. The selection principles of string inverters and micro-inverters for industrial, commercial and household distributed applications, and centralized inverters for large-scale ground and water surface photovoltaic power plants are still followed globally. It is expected that with the continuous advancement of large-scale base projects around the world, the demand for centralized inverters will continue to increase.

 

The development of the photovoltaic inverter industry will be exciting in 2022. Many old brands are expanding their production capacity and business territory, while new brands are seizing the opportunity to enter IPOs. According to predictions by relevant institutions, the global photovoltaic inverter market may reach 500GW by 2025.

 

(2) Market competition situation

From the perspective of product prices, with the steady growth of demand in the traditional photovoltaic market, competition among inverter companies in the traditional market has intensified. At the same time, overseas emerging markets are experiencing rapid development. Chinese inverter manufacturers are accelerating their overseas expansion. More and more Chinese companies with cost advantages are participating in the competition in emerging markets. The global competition of photovoltaic inverters is becoming increasingly fierce. fierce. As inverter products are gradually upgraded and technology continues to advance, the manufacturing cost of inverters will be diluted, and the cost will gradually show a downward trend.

From the perspective of market competition, in recent years, domestic inverter companies have worked hard to expand overseas channels and accelerate overseas layout. Since product quality is basically equivalent to that of overseas companies, and labor and manufacturing costs are lower than overseas companies, domestic inverter companies have a competitive advantage. More obvious.

 

From the perspective of competition trends, distributed markets such as industrial and commercial, household and microgrids have broad development prospects, especially the optical storage market will become a new growth point. At present, household string, micro-inverter, and energy storage inverters are gradually introduced into domestic IGBTs. With the improvement of domestic IGBT production capacity, the tight supply problem of household inverters has been alleviated, and a fully competitive pattern has emerged.

 

2. Overview of the development of my country’s inverter industry

(1) Competition in the inverter market

In 2022, benefiting from the substantial growth in installed capacity in my country's distributed market, China's photovoltaic inverter market will develop to be dominated by string inverters, and the proportion of centralized and distributed inverters will further shrink. Among them, string inverters will The proportion of inverters increased to more than 78%, while the proportion of centralized inverters was about 20%, and the market share of distributed inverters decreased slightly. In addition, with the changes in new domestic safety standards, the proportion of solar micro inverters will increase to a certain extent. However, due to price factors, the overall share will not change much. Its market is still concentrated in the Americas, Australia and parts of Europe. Affected by various factors such as changes in application scenarios and technological progress, there is great uncertainty in the changes in the market share of different types of inverters in the future.

 

(2) Inverter export situation

In 2022, even in the context of chip supply shortages, sharp price increases in the main photovoltaic industry chain, and fluctuations in supply and demand, China's inverter exports will still increase significantly, showing strong resilience. Overall, due to high electricity prices and energy shortage overseas, and our country's photovoltaic companies have the vast majority of the world's production capacity, the overseas photovoltaic market volume and price will eventually increase in 2022, especially the European photovoltaic market, which will grow by more than 150%. The Indian market is growing steadily, and emerging markets such as Brazil and South Africa are developing beyond expectations, bringing new growth momentum to Chinese inverter companies. Chinese inverter products still dominate the global inverter market, and their market share is still on a steady upward trend. At the same time, domestic inverter companies continue to shift their business focus to overseas markets, and their overseas shipments have increased significantly. And as domestic photovoltaic companies expand their power plant development business and EPC business overseas, the export of inverters has also increased significantly. On the other hand, as the international competitive landscape intensifies, foreign trade barriers and the evolution of this policy to support foreign local manufacturing industries may have an impact on my country's photovoltaic manufacturing industry in the future.

 

Invertechs (Xiamen) Technology Co., Ltd. is a large-scale manufacturing technology company including R&D, design, production, sales and services department, specializing in development of advanced micro inverters.

 

 

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