The Battle of Inverters: Photovoltaic and Energy Storage Industries Grow to Create a Billion-Dollar Market

インバータ are the core equipment in photovoltaic and wind power generation. With the global energy structure adjustment 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 to facilitate grid connection. In 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 381.4 GW in 2023, while the shipment of photovoltaic inverters in China will increase to 152.6 GW. The market 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 global photovoltaic inverter market positions. According to statistics from the International Energy Network, in the first half of 2023, more than 90 GW of photovoltaic inverter projects were tendered, highlighting the prosperous development of the domestic photovoltaic 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, microinverters, downstream photovoltaic power stations, and distributed photovoltaic power generation are all developing well. Among them, the breakthrough in the 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 easy 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, digitizing 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.

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