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Your location: Home > Related Articles > The Battle of Inverters! Photovoltaic and energy storage industries grow to create a market worth billions

The Battle of Inverters! Photovoltaic and energy storage industries grow to create a market worth billions

Author:QINSUN Released in:2024-02 Click:41

The latest news shows that Canadian solar micro inverter manufacturer Sparq Systems has announced its entry into the Indian manufacturing industry, planning to adopt a third-party contract manufacturing base model to manufacture its micro inverters in India.

Inverters are the core equipment in photovoltaic and wind power generation. With the adjustment of the global energy structure and the prosperity of the renewable and clean energy markets, the inverter market is on the rise. To briefly introduce, the main function of an inverter is to convert the direct current generated by renewable energy equipment into alternating current, in order to facilitate grid connection. Currently, in the fields of photovoltaic and wind power generation, the demand for inverters has skyrocketed, and the energy storage industry also has a significant demand for inverters.

According to S&PGglobal's forecast, the global shipment of photovoltaic inverters will increase to 381.4GW in 2023, while the shipment of photovoltaic inverters in China will increase to 152.6GW. The market size will grow by more than 52% in 2022, exceeding 13 billion yuan. Meanwhile, the market size of energy storage inverters in China will reach nearly 6 billion yuan in 2022, and is expected to exceed 10.4 billion yuan in 2023. Its rapid growth rate is impressive.

As far as China is concerned, the photovoltaic inverter industry has formed a relatively concentrated pattern, and the market share of domestic inverters is constantly increasing. In 2022, Sungrow Power and Huawei occupied the top two positions in the global photovoltaic inverter market. According to statistics from the International Energy Network, in the first half of 2023, more than 90GW of photovoltaic inverter projects were tendered, highlighting the prosperous development of the domestic photovoltaic inverter industry.

On the other hand, the growth trend of the energy storage inverter industry is also optimistic. Upstream electronic components, structural components and auxiliary materials, midstream Chinese inverters, string inverters, distributed inverters, micro inverters, downstream photovoltaic power stations, and distributed photovoltaic power generation are all developing well. Among them, the breakthrough in self-sufficiency rate of semiconductor devices with IGBT as the main electronic component has become crucial. The top companies in the entire industry include Shangneng Electric, Kehua Shuneng, Sunshine Power, Shenghong Shares, Xuji Electric, and so on.

In 2023, the inverter market has its ups and downs, and looking at the performance of top companies throughout the year, the game results are still relatively optimistic. The new industrial and commercial photovoltaic product 150K inverter launched by Huawei Intelligent Photovoltaics, the 1+X modular inverter solution provided by Sunshine Power for Brazil, and the new high-power series inverter brought by Chint Power have all caused huge market reactions.

Of course, the inverter market faces many challenges. Not to mention the fierce market competition, the technology and price impact involved in electronic components and raw materials are global. Counting the future development trend of the inverter market, on the one hand, the energy storage market has become a new focus for high probability events, and on the other hand, the intelligent and customized development characteristics of inverters are becoming increasingly evident.

This is not difficult to understand. Firstly, the integration of light and energy storage is a major trend. Secondly, the energy storage industry is the intersection of all energy markets, and its market development potential is immeasurable. So the digitization of inverters is also a matter of time in the wave of cutting-edge technologies such as the Internet of Things and big data. As for customization, as the only way to compete with differentiation, it is inevitable to become popular with the core of meeting personalized and special needs.

Finally, it is worth noting that even in the inverter industry, even though many are connected to the environmental protection industry, it is still necessary to pay attention to the environmental protection and greening of its own development.

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