In 2013, the global solar PV inverter market faced a challenging year, with revenue projected to drop by 5% to $6.7 billion, according to the latest 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, which could lead to a recovery in 2014 and potentially double-digit growth.
The decline in prices affected all power segments, with three-phase string inverters expected to see a drop of 15% to 20%. This was driven by several factors, including shifting demand from Europe to China, where the market is dominated by low-cost central inverters. In 2013, China became the largest market for inverter shipments, with prices expected to fall further to $0.09 per watt.
Although the industry remained fragmented, large suppliers continued to compete aggressively for market share. The top ten inverter companies accounted for 57% of the market in 2012, rising to 66% in 2013. Meanwhile, regional shifts in demand led to increased price competition, especially in emerging markets.
In Japan, high-power inverters showed strong growth potential, with demand for 250kW and above inverters expected to jump from $50 million to $290 million in 2013. While domestic suppliers currently dominate the market, Western companies are beginning to gain traction due to rising demand for central inverters.
In the U.S., the low-power string inverter market saw significant growth, with revenue doubling to over $100 million in 2013. Customers were increasingly looking for efficient, easy-to-install solutions, including wall-mounted inverters that maximize space and offer long-term warranties.
Innovation remained a key focus for manufacturers, with many introducing advanced designs and features to reduce costs and improve performance. Higher DC voltage ratings, such as 1000V or more, helped lower balance-of-system costs and improve energy output, even though the initial investment was higher.
Despite the challenges, 2013 was not entirely bleak. Major markets like the U.S., Japan, and China still offered growth opportunities. By 2014, inverter revenue was expected to rebound, reaching $7.3 billion—a 11% increase—that would provide some relief to suppliers navigating a tough but evolving market.
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