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Global PV inverter market to grow 23% this year

Posted: 27 Jul 2012 ?? ?Print Version ?Bookmark and Share

Keywords:IMS Research? PV inverter market? photovoltaic?

According to the latest report from IMS Research, the global photovoltaic (PV) inverter market is seen to grow by 23 percent this year and hit nearly 32GW. However, the report, The World Market for PV Inverters forecasted that industry revenues will grow by just three percent to hit $7 billion due to pricing declines.

In addition, shipments are forecast to grow by almost 25 percent in IMS Research's mid-case scenario. "In 2012, suppliers will continue to see high shipment growth but may struggle to see top- and bottom-line growth," said Ash Sharma, director of the IMS Research PV practice. "Inverter prices will see another double-digit drop in 2012, partly driven by product mix change, and shifts in demand to lower cost countries, but also standard price erosion as major markets stagnate."

The analysis found that in 2011, global inverter shipments grew by more than 12 percent, despite the excess inventory overhang from the prior year, and reached 27GW, but the European market shrank considerably. Europe's dominance of the PV inverter market is predicted to continue to wane due to its two biggest markets, Germany and Italy, facing significant reductions in their annual installations. "Europe's share of PV inverter shipments and revenues was over 80 percent in 2010. However, we forecast this to fall to less than 40 percent in 2016 and revenues not to return to 2011 levels in the next five years. This in itself presents a huge challenge to suppliers, which are mainly European, with the majority of their facilities and customers located in that region," added Sharma.

Analysis showed that while the European outlook is not so bright, the global picture for PV inverter suppliers looks somewhat better; highlighting the fragmenting nature of the industry that now needs to look to emerging markets for future growth. Global shipments are predicted to continue growing at a double-digit rate over the next five years, with revenues exceeding $9 billion by 2016.

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