Global Solar Inverter Markets13 Oct 2011 • by Natalie Aster
New York – The last decade witnessed an unprecedented boom in the Photovoltaic industry, leading to a rise in renewable energy generation the world over. Rising crude oil prices and growing environmental awareness prompted many economies to develop a cleaner alternative source of energy. Among renewable energy industries, the PV industry has been one of the fastest growing industries in the last decade with large scale installations in developed and developing economies. Since 2000, cumulative PV installations have grown at a CAGR of 35% reaching 40 GW in 2010, and we estimate the market to touch 400 GW by 2020. The majority of the installations are centered in EU countries with Germany, Italy, Czech Republic, Spain, France, Belgium and Greece constituting the major share. A series of restrictions by the governments and curtailing of subsidies to offset the growing budget deficits are likely to impact future growth in EU markets. In the next decade SBI expect a shift in PV growth markets to the non-EU countries of North America (US and Canada) and Asia, led by China and India.
PV components production and shipments grew in perfect correlation with the PV industry growth. The unsustainable industry growth of the last decade resulted in a widening supply and demand gap and rising prices. Technological changes and the emergence of disruptive technologies coupled with capacity expansions of major players led to falling prices of PV components.
The report on the PV component market has a detailed analysis on PV cells, modules, wafers, polysilicon and inverters. The main focus of the study “Global Solar Inverter Markets” by SBI is on PV inverters, which is currently valued between $5.5- 5.8 Billion and we estimate the market to touch $7.5 Billion in 2015.
Global Solar Inverter Markets
Date: October 2011
Price: US$ 4,950.00
Report Sample Abstract
Most of the big new entrants have launched inverters in the range from 100 – 500 KW targeting large industrial and commercial applications. ABB, Advanced Energy and Siemens launched inverters of varying power ranges suitable for up to 2 MW PV installations. Low cost manufacturing, product efficiency, reliability, better product lines and use of innovative technologies will determine the future of many players. We expect a high level of consolidation through mega buy out deals and mergers and acquisitions in the PV industry.
China will emerge as the major production and shipment hub replacing EU and North America, as they are well poised to meet the varying industry demands through their low cost mass manufacturing capabilities.
Changing tide, 2010 and beyond
PV industry witnessed a high growth market in the last decade with many big ticket investments and capacity addition driven by government subsidies and budgetary support. The generous FiT schemes and other governmental support resulted in an unsustainable growth with many countries like Germany, Italy, Czech Republic and Greece doubling their PV installations. The severe economic hardships due to the recession of 2008, forced many EU countries to announce budget cuts, installation caps and slashing of FiT rates. High growth markets of Germany, France, Italy, Spain and Czech Republic had put a ceiling on yearly installations restricting the future growth of PV industry.
A high growth, policy driven PV market is unlikely to continue beyond 2010 and the growth witnessed during 2008-10 period is implausible until 2015. Anticipating continued boom, many manufacturers have plans to increase their production capacity. Currently the channel inventory is estimated at 4 GW and coupled with a weaker demand in 2011-12 will down cast the surplus production capacity.
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