IHS says the photovoltaic inverter market has entered a period of growth after years of decline.
According to Cormac Gilligan, a senior analyst at IHS, revenue from PV inverter sales will increase from $6.6 billion in 2014 to $7.5 billion in 2018. Global inverter unit shipments will increase to nearly 70 GW in 2018 due to strong growth in China, Japan and other emerging markets.
However, average global inverter prices are forecast to decrease by 9% each year, declining to $0.11/W in 2018 from $0.17/W in 2013. This will keep price pressures on the inverter manufacturers.
Three-phase, low-power inverters less than 36 kW will account for the majority of revenue, IHS says, representing 34% of the market in 2018.
‘Low-power inverters are gaining traction in commercial- and utility-scale installations globally, particularly in China, the U.S. and other key markets,’ Gilligan says.