Standing on the trend of photovoltaic energy storage, it is expected that the global inverter market will exceed 100 billion by 2025

Due to the sharp rise in energy costs and electricity prices abroad, the demand for household photovoltaic + storage systems has shown explosive growth. At the same time, with the continued favorable policies and the accelerated entry of many giants, the concept of "photovoltaic storage integration" has significantly heated up, and the market space for inverters has also been expanding. It is estimated that the global inverter space will reach 186.5 billion yuan in 2025.

As the global photovoltaic and energy storage markets are booming, the inverter, which plays the role of the "heart" of the photovoltaic energy storage power station, has naturally been praised. In the photovoltaic energy storage industry chain, the inverter is an important key point.

An inverter is a converter that converts DC power into constant frequency and voltage or frequency-modulated and voltage-modulated AC power (usually 220V, 50Hz sine wave), and is widely used in electric machinery, washing machines, range hoods, air conditioners, home theaters, lighting, etc. As the global solar energy storage market maintains a high growth trend, the inverter market demand is strong.

Industry insiders analyzed that inverters assist in power conversion to achieve the basic function of power conversion. Facing the two high-growth demand scenarios of photovoltaics and energy storage, it is estimated that the global inverter market will reach 186.5 billion yuan in 2025. Facing the market development trend, Huawei, Suntech Power Supply, GoodWe, Payne Technology, Ginlong Technology, Growatt, AP Energy Technology, Homai Technology, Sineng Electric and other companies have made layouts and achieved good results.

As a "newcomer" in the photovoltaic field, Huawei only entered the photovoltaic inverter market in 2013. However, relying on its accurate judgment of market trends, it became the fifth in the world in 2014, and became the world's largest photovoltaic inverter manufacturer in 2015. Together with Sungrow Power Supply, it defeated SMA and firmly held the first and second place positions.

According to the 2021 global photovoltaic inverter shipment rankings released by global research firm IHS Markit, Sungrow topped the list with nearly 48GW of shipments in 2021. In 2021, Ginlong Technology, which had been "overcoming all obstacles" all the way, overtook SMA and took the top three places with Sungrow and Huawei.

In order to meet the high market demand for inverters, companies are also accelerating their pace of expansion. It is reported that GoodWe recently announced that it plans to raise 2.54 billion yuan to build a 4.5GWh energy storage battery and grid-connected, energy storage inverter project; Sineng Electric released 8~28kW household inverter models in November last year, and started mass production in March this year and sold them domestically.

With the advancement of "carbon peak, carbon neutrality" and large-scale base projects, domestic photovoltaic power station development has ushered in a construction peak during the "14th Five-Year Plan" period, and the scale of photovoltaic installed capacity and energy storage installed capacity is bound to expand further. Inverters used for current conversion devices undoubtedly have huge development potential, and the vigorous downstream market demand will also be released.