In 2013, the global solar PV inverter market faced significant challenges as revenue was projected to drop by 5% to $6.7 billion, according to the latest "2013 Global PV Inverter Market" report from IMS Research. Despite an increase in shipments to 34.2 GW, the average price of inverters fell by 11%, putting pressure on suppliers who had to deal with shrinking margins and fierce competition. However, there were still growth opportunities in certain markets that could help the industry recover in 2014, potentially leading to double-digit growth.
The decline in prices affected all power segments, with three-phase string inverters expected to see a drop of 15–20%. This year proved to be one of the most challenging for inverter manufacturers due to various factors, including intense price competition and shifting demand patterns. While several major mergers and acquisitions took place, the market remained fragmented, with top ten suppliers capturing only 57% of global revenue in 2012, rising to 66% in 2013.
Cormac Gilligan, a market analyst at IHS Solar Inverter, noted that the industry is still highly divided. As demand dropped in key regions like Europe, the Middle East, and North Africa—once responsible for 82% of global inverter shipments—the market became more competitive, especially for large suppliers. The shift in demand from Europe to China intensified price pressures, with China becoming the largest inverter market in 2013. Prices there were already low, and the dominance of central inverters pushed them even lower, reaching an estimated $0.09 per watt.
The growing demand for high-power inverters also contributed to the overall price decline, as these units are typically sold at a lower cost per watt. With many large-scale utility projects emerging in countries like China, the U.S., and India, the shipment of three-phase high-power inverters increased from 41% to 46% in 2013, further pressuring global average prices.
Japan, despite being dominated by domestic suppliers, showed strong potential for high-power inverters, with the market for 250kW and above inverters expected to grow from $50 million in 2012 to $290 million in 2013. However, this growth was seen as temporary, with the market likely to slow after initial project completions.
In the U.S., the low-power string inverter market experienced rapid growth, with revenue doubling to over $100 million in 2013. Customers increasingly preferred inverters that were easy to install, offered long warranties, and could be mounted on walls to save space. These preferences drove the adoption of three-phase string inverters.
Innovation remained a key focus for manufacturers, as they sought ways to reduce costs while improving performance. Many companies introduced new models with advanced features and efficient designs, helping customers cut labor and maintenance costs. High-voltage inverters (1000Vdc or higher) became more popular, despite their higher upfront cost, as they reduced balance-of-system expenses and improved energy output.
While 2013 was another tough year for inverter suppliers, there were still promising opportunities in major markets such as the U.S., Japan, and China. Looking ahead, the market was expected to rebound in 2014, with revenue projected to rise by 11% to $7.3 billion, offering some relief to industry players.
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