Global Solar Inverter Markets

Date: October 22, 2011
Pages: 170
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Global Solar Inverter Markets
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 we 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.

Our report on the PV component market has a detailed analysis on PV cells, modules, wafers, polysilicon and inverters. The main focus of the study 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. This market research report also provides information on historical developments in PV inverter markets as well as on growth, size, volume of business and general trends in technological developments.
CHAPTER 1 EXECUTIVE SUMMARY

Micro-inverters
Power optimizers
  Advantages of Micro-inverters and power optimizers
Wafers
Polysilicon
PV Cells/Modules
  Table 1-1 Inverter Production Capacity 2011 (in MW)
Emerging Market Analysis
  China
  Figure 1-1 China PV Installations 2006 - 2015 (MW)
  India
Rest of Asia
  Malaysia
  South Korea
  Rest of Asia
  Latin America & MENA (Middle East and North Africa)
Supply Demand Scenario
  Figure 1-2 Polysilicon Spot Price Trends 2008 - 2015 ($/Kg)
Polysilicon
Modules
  Figure 1-3 Average Selling Price Trends, Modules 2008 - 2015 ($/Kg)
  Inverters
Photovoltaic Market Assessment
  Table 1-2 Year on Year PV Installed Capacity, Major Countries and Rest of the world 2008-2010 (in MW)
  Table 1-3 Cumulate PV Installed Capacity, Major Countries and Rest of the World 2008-2010 (in MW)
Growth Country Market Beyond 2010
  Figure 1-4 Cumulative PV Installed Capacity of Growing Markets outside EU as of 2010 (in %)
Growth Country Market Scenario
  USA
Figure 1-5 Forecasted (Cumulative) PV Installations in US 2011 - 2015 (in MW)
Canada
  Figure 1-6 Forecasted (Cumulative) PV Installations in Canada 2011 - 2015 (in MW)
Japan
  Figure 1-7 Forecasted (Cumulative) PV Installations in Japan 2011 - 2015 (in MW)
  Australia
  Figure 1-8 Forecasted (Cumulative) PV Installations in Australia 2011 - 2015 (in MW)
  China
  Figure 1-9 Forecasted (Cumulative) PV Installations in China 2011 - 2015 (in MW)
  India
European Union Market
  Table 1-4 Modest Forecasted Installations, Country wise, EU 2008 - 2015 (in MW)
  Table 1-5 Accelerated Forecasted Installations, by Country, EU 2008 - 2015 (in MW)
Global Market Development
  Figure 1-10 PV Inverter Production Growth 2006-2010 (in MW)
Micro Inverters and Optimizers
  Figure 1-11 PV Micro Inverter Shipments 2010-2015 (in MW)
Module Level Power Management Solutions
Market Trends
  Political Support
  PV cost reductions
Risks to industry growth
North American PV Market - USA
  Table 1-6 PV Components production capacity, USA 2011 (in MW)
  Figure 1-12 US PV Inverter Market 2010 - 2015 (in MW)
  Figure 1-13 US PV Inverter Market (Residential) 2010 - 2015 (in MW)
European Union Market
  Germany
  Italy
  Czech Republic
  France
  Belgium
  Spain
  Greece
Changing tide, 2010 and beyond
  Figure 1-14 Cumulate PV cell and module installed capacity 2006-2010 (in GW)
  Figure 1-15 Cumulate PV cell and module shipments 2006-2010 (in GW)
  Figure 1-16 PV shipments of leading players 2010 (in MW)
  US Market Analysis
China PV Production
Polysilicon demand and supply scenario
  Figure 1-17 Polysilicon production share 2011 (MT)
Regulatory Environment
PV Subsidy Programs
  Germany
  Italy
  Table 1-7 Fourth Conta Energia (2011 - 12) Budget cost and Cumulative Installations
  North America
  Asian Countries
Customer Requirements
Value offerings
  Owning and Operation cost
  Asset Utilization
Technology Trends
Emerging Technologies
  Concentrator PV Technologies (CPV)
  Building Integrated Photovoltaics (BIPV)
Competitive profiles
  Table 1-8 SMA Solar Technology AG
Corporate Background
Product and Brand Portfolio
  Table 1-9 SMA’s Product and Brand portfolio of PV components
Performance
  Figure 1-18 Annual Revenues of SMA Technology AG, 2006-2010 (in million euros)
  Figure 1-19 Inverter Sales of SMA Technology AG, 2006-2010 (in MW)
Company News
  Acquisitions
  Outlook
  Personnel Changes

CHAPTER 2 PHOTOVOLTAIC COMPONENTS - INDUSTRY, MARKETS AND TRENDS

Photovoltaic inverters
Micro-inverters
Power optimizers
  Advantages of Micro-inverters and power optimizers
  Islanding
Wafers
Polysilicon
PV Cells/Modules
Cost Breakout
  Table 2-1 Inverter Production Capacity 2011 (in MW)
Emerging Market Analysis
  China
  Figure 2-2 China PV Installations 2006 - 2015 (MW)
  Figure 2-3 China PV Cell Production 2005 - 2010 (MW)
  Figure 2-4 China Solar Inverter Shipments 2010-2015 (in GW)
  India
  Figure 2-5 India Solar Insolation Levels
Rest of Asia
  Malaysia
  South Korea
  Rest of Asia
Latin America & MENA (Middle East and North Africa)
Supply Demand Scenario
Polysilicon
Modules
  Figure 2-6 Polysilicon Spot Price Trends 2008 - 2015 ($/Kg)
  Figure 2-7 Average Selling Price Trends, Modules 2008 - 2015 ($/Kg) 57
Inverters
  Demand Landscape

CHAPTER 3 PV INDUSTRY AND INVERTER MARKETS

Photovoltaic Market Assessment
  Table 3-1 Cost of Solar Electricity Generation 2010 - 2030 (in USD/W)
  Table 3-2 Module and cell efficiency (in %)
  Source: International Energy Agency [IEA], Photovoltaic Power Systems Program.
  Table 3-3 Year on Year PV Installed Capacity, Major Countries and Rest of the world 2008-2010 (in MW)
  Table 3-4 Cumulate PV Installed Capacity, Major Countries and Rest of the world 2008-2010 (in MW)
  Figure 3-1 Cumulate PV Installed Capacity, Major Countries and Rest of the world 2008-2010 (in MW)
Growth Country Market Beyond 2010
  Figure 3-2 Cumulative PV Installed Capacity of Growing Markets outside EU as of 2010 (in %)
Growth Country Market Scenario
  USA
  Figure 3-3 Forecasted (Cumulative) PV Installations in US 2011 - 2015 (in MW)
  Canada
  Figure 3-4 Forecasted (Cumulative) PV Installations in Canada 2011 - 2015 (in MW)
  Japan
  Figure 3-5 Forecasted (Cumulative) PV Installations in Japan 2011 - 2015 (in MW)
  Australia
Figure 3-6 Forecasted (Cumulative) PV Installations in Australia 2011 - 2015 (in MW)
  China
Figure 3-7 Forecasted (Cumulative) PV Installations in China 2011 - 2015 (in MW)
  India
European Union Market
EU Market Beyond 2010
  Figure 3-8 Cumulative PV installations break up, EU (Cumulative) 2010
  Figure 3-9 Forecasted Cumulative Installations, EU (Modest and Accelerated Scenario) 2011 - 2015 (in MW)
  Table 3-5 Modest Forecasted Installations, Country wise, EU 2008 - 2015 (in MW)
  Table 3-6 Accelerated Forecasted Installations, by Country, EU 2008 - 2015 (in MW)
  Table 3-7 NREAP Targets and Percentage Share 2015 - 2020 (in MW)
World Market Beyond 2010
  Table 3-8 World Market 2011 - 2015 (in MW)
  Figure 3-10 Share of EU, Based on Modest Growth 2010 - 2015 (in %)
  Figure 3-11 Current and Forecasted Share of World Market in PV Installations (Cumulative) 2010 V/s 2015 (in %)
  Figure 3-12 PV Inverter Production Growth 2006-2010 (in MW)
  Table 3-9 Inverter Supply and Demand 2009 - 2011 (in GW)
Global Market Development
  Figure 3-13 PV Inverter Market Size 2009-2011 (USD Bn)
Micro Inverters and Optimizers
  Figure 3-14 PV Micro Inverter Shipments 2010-2015 (in MW)
  Figure 3-15 Forecasted PV Inverter Shipments, Modest & Accelerated Scenario 2011 - 2015 (in GW units)
  Figure 3-16 PV Inverter Shipments - annual growth under moderate scenario 2010 - 2015 (in GW units)
Module Level Power Management Solutions
  Table 3-10 Average Selling Price Forecast for MLPM 2010 - 2015 (in US$/Watt)
  Figure 3-17 PV Revenue Growth 2005 - 2010 (in USD Billions)
Market Trends
  Figure 3-18 PV Inverter Growth Projections 2015 - 2020 (in GW)
  Political Support
  PV cost reductions
Risks to industry growth
  Table 3-11 Efficiency Road Map 2020 & 2030/50 (in %)
  Figure 3-19 Average Selling Price Forecast for MLPM 2010 - 2015 (in US$/Watt)
Geographic Analysis
  Table 3-12 Average Growth Rate, Forecasted Capacity and IEA road map comparison 2011 - 2020 (in %)
  Figure 3-20 Cumulative PV growth under Moderate and Accelerated Scenarios 2011 - 2020 (in GW)
North American PV Market - USA
  Table 3-13 PV Components production capacity, USA 2011 (in MW)
  Figure 3-21 US PV Inverter Market 2010 - 2015 (in MW)
  Figure 3-22 US PV Inverter Market (Residential) 2010 - 2015 (in MW) 90
European Union Market
Germany
  Figure 3-23 PV Installations, Germany (Modest & Accelerated Scenario) 2010 - 2015 (in GW)
  Figure 3-24 PV Inverter Production, Germany 2011 - 2015 (in GW)
  Figure 3-25 PV Installations break out by wattage, Germany 2010
Italy
  Figure 3-26 PV Installations, Italy (Modest & Accelerated Scenario) 2010 - 2015 (in GW)
  Table 3-13 Conto Energia IV Highlights 2011 - 12
Czech Republic
France
Belgium
Spain
Greece
Table 3-14 PV Installations, Rest of EU 2008 - 2010 (in GW)

CHAPTER 4 PV INVERTER AND COMPONENTS (CELL AND MODULES) INDUSTRY TRENDS

PV Inverters Industry Overview
Changing tide, 2010 and beyond
PV Inverter Components
PV cells
Modules
Thin films
Production and Shipment Trends of PV Components (Cells & Modules)
  Figure 4-1 Cumulate PV cell and module installed capacity 2006-2010 (in GW)
  Figure 4-2 Cumulate PV cell and module shipments 2006-2010 (in GW)
  Figure 4-3 PV shipments of leading players 2010 (in MW)
  Figure 4-4 Price trends of PV modules and cells 2008 - 2011 (USD/watt)
US and China Market Analysis, PV components
  US Market Analysis
  Figure 4-5 PV cell and module shipments 2005-2020
China PV Production
Polysilicon demand and supply scenario
  Figure 4-8 Price trends of Polysilicon 2008 - 2011 (USD/Kg)
  Figure 4-9 Polysilicon production share 2011 (MT)
Regulatory Environment
PV Subsidy Programs
  Germany
  Italy
  North America
  Asian Countries
Customer Requirements
Value offerings
  Owning and Operation cost
  Asset Utilization
  System Yield
Other Requirements
Technology Trends
Thin Films
Crystalline Silicon (c-Si)
  Table 4 - 4 c-Si efficiency trends
Emerging Technologies
  Concentrator PV Technologies (CPV)
  Building Integrated Photovoltaics (BIPV)
  Disruptive Technologies
  Monitoring Systems

CHAPTER 5 COMPETITIVE PROFILES

SMA Solar Technology AG
Corporate Background
Product and Brand Portfolio
  Table 5-1 SMA’s Product and Brand portfolio of PV components
Performance
  Figure 5-1 Annual Revenues of SMA Technology AG, 2006-2010 (in million euros)
  Figure 5-2 Inverter Sales of SMA Technology AG, 2006-2010 (in MW)
Company News
  Acquisitions
  Outlook
  Personnel Changes

KACO NEW ENERGY, INC.

Corporate Background
Product and Brand Portfolio
  Table 5-2 KACO’s Product and Brand portfolio of PV components
Company News
  Partnerships
  Outlook

POWER - ONE

Corporate Background
Product and Brand Portfolio
  Table 5-3 Power-One Product and Brand portfolio of PV components
Performance
  Figure 5-3 Sales revenue trend of Power-One, 2008-2010 (in $ Mn)
Company News
  Acquisitions
  Outlook
  Personnel Changes

DANFOSS SOLAR

Corporate Background
Product and Brand Portfolio
  Table 5-4 Danfoss Product and Brand portfolio of PV components
Performance
  Figure 5-4 Sales revenue trend of Danfoss, 2007-2010 (in DKK Mn)
  Outlook
  Personnel Changes

ADVANCED ENERGY

Corporate Background
Product and Brand Portfolio
  Table 5-5 Advanced Energy Product and Brand portfolio of PV components
Performance
  Figure 5-5 Sales revenue trend of Advanced Energy, 2008-2010 (in $ Mn)
Company News
  Acquisitions and Diversification
  Outlook
  Personnel Changes

SUNTECH POWER

Corporate Background
Product and Brand Portfolio
  Table 5-6 Suntech Power Product and Brand portfolio of PV components
Performance
  Figure 5-6 Sales revenue trend of Suntech Power, 2007-2011E (in $ Mn)
  Figure 5-7 PV Shipments of Suntech Power, 2007-2011E (in MW)
Company News
  Joint Ventures and Partnerships
  Outlook
  Personnel Changes

FIRST SOLAR

Corporate Background
Product and Brand Portfolio
  Table 5-7 First Solar Product and Brand portfolio of PV components
Performance
  Figure 5-8 Sales revenue trend of First Solar 2007-2011E (in $ Bn)
  Figure 5-9 Growth in production capacity, First Solar 2005-2012E (in MW)
  Figure 5-10 Decreasing manufacturing cost, First Solar 2006-2010 (in $/watt)
Company News
  Acquisitions
  Outlook
  Personnel Changes

JA SOLAR

Corporate Background
Product and Brand Portfolio
  Table 5-8 JA Solar Product and Brand portfolio of PV components
Performance
  Figure 5-11 Sales revenue trend of JA Solar 2006-2010 (in RMB mn)
Company News
  Acquisitions
  Outlook
  Personnel Changes

TRINA SOLAR

Corporate Background
Product and Brand Portfolio
  Table 5-9 Trina Solar Product and Brand portfolio of PV components 160
Performance
  Figure 5-12 Sales revenue trend of Trina Solar 2006-2010 (in $ Bn)
Company News
  Partnerships
  Outlook
  Personnel Changes

YINGLI SOLAR

Corporate Background
Product and Brand Portfolio
  Table 5-10 Yingli Solar Product and Brand portfolio of PV components
Performance
  Figure 5-13 Sales revenue trend of Yingli Solar 2007-2010 (in $ Bn)
Company News
  Joint Ventures
  Outlook

SATCON

Corporate Background
Product and Brand Portfolio
  Table 5-11 Satcon Solar Product and Brand portfolio of PV components
Performance
  Figure 5-14 Sales revenue trend of Satcon 2006-2010 (in $ Mn)
Company News
  Partnerships
  Outlook
  Personnel Changes

SUNPOWER

Corporate Background
Product and Brand Portfolio
  Table 5-12 Sunpower Solar Product and Brand portfolio of PV components
Performance
  Figure 5-15 Sales revenue trend of Sunpower Corporation 2006-2010 (in $ Bn)
Company News
  Acquisitions
  Outlook
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