September solar energy storage inverter export data released! Inverter market competition intensifies

Recently, the General Administration of Customs released the import and export data of inverters in September 2023. In September 2023, the domestic export value of photovoltaic storage inverters was US$650 million, a year-on-year decrease of 33% and a month-on-month decrease of 6%; the number of photovoltaic storage inverters exported in September was 3.91 million units, a year-on-year decrease of 23% and a month-on-month decrease of 3%.

Combined with the latest export data, the overall performance of September's export data is good despite the increase in unstable factors. The short-term rhythm of energy storage is affected by the digestion of European photovoltaic inventory, but the medium- and long-term demand direction is still upward.

Inverter export data: amount, quantity, average price

According to data from the General Administration of Customs, the export value, export quantity, and average export price of solar-storage inverters in September 2023 were:

In September 2023, the domestic export value of photovoltaic storage inverters was US$650 million, a year-on-year decrease of 33% and a month-on-month decrease of 6%;

The number of solar-storage inverters exported in September was 3.91 million units, down 23% year-on-year and down 3% month-on-month.

The average export price of photovoltaic energy storage inverters was US$165.4, down 13% year-on-year and 4% month-on-month.

From January to September 2023, the export value, export quantity and export average price of solar energy storage inverters are as follows:

From January to September 2023, the cumulative export of domestic photovoltaic storage inverters was US$8.25 billion, a year-on-year increase of 39%;

From January to September, the cumulative export volume of solar energy storage inverters reached 40.92 million units, up 24% year-on-year;

The average price of exported solar-storage inverters from January to September was US$201.7, up 19% year-on-year.

Figure: Monthly export value of solar-storage inverters (US$ billion)

Figure: Monthly export price of solar-storage inverters (US dollars per unit)

Export region: In September, the export value of solar-storage inverters in Europe accounted for 48%

According to the data from the General Administration of Customs, by September 2023, by region:

In September, the export value of solar-storage inverters to Europe was US$311 million, down 44% year-on-year and 19% month-on-month, with the export value accounting for 48%;

In September, the export value of photovoltaic storage inverters to South Africa was US$18 million, down 54% year-on-year and up 11% month-on-month, accounting for 3% of the export value;

In September, the export value of solar-storage inverters to Brazil was US$27 million, down 72% year-on-year and 33% month-on-month, accounting for 4% of the total export value.

In September, the export value of solar-storage inverters to the United States was US$26 million, down 48% year-on-year and 1% month-on-month, and the export value accounted for 4%;

Australia/India/Japan accounted for 4%/3%/2% of the export value in September respectively.

Figure: Domestic PV-storage inverter export value share by region in September 2023

According to the data from the General Administration of Customs, the exporting countries from January to September 2023 are:

According to the data from the General Administration of Customs, exports to Europe from January to September 2023 reached US$4.966 billion, accounting for 60%;

South Africa/Brazil/the United States/Australia accounted for 6%/5%/3%/2% respectively.

Figure: Cumulative share of domestic solar-storage inverter exports by region from January to September 2023

Market observation: Inverter market competition intensifies

European market: In recent months, inverter inventory in Europe has become a concern. In the third quarter, Europe's overall import volume slowed down, and the inventory of photovoltaic energy storage inverters and the lower-than-expected installation rate temporarily affected the shipment of some domestic inverter companies to Europe.

According to the data in September, the month-on-month growth rate of European export trade volume turned from negative to positive compared with August, indicating that after three months of inventory digestion, inventory has gradually returned to normal levels and overseas shipments have improved. As Europe's destocking demand improves, it is expected that the growth rate of European regional exports will gradually recover.

Americas market: In September, the demand in the Americas market grew steadily. In the trillion-dollar energy storage track, inverter companies are a force that cannot be ignored. Following Europe, many global inverter companies are extending their tentacles to the United States, and domestic inverter companies are also accelerating their layout to enter the US market. However, product certification in the US market is more difficult, and US standard certification takes at least half a year, and the progress is slow. It is understood that the current active manufacturers of US standard inverters are mainly Magreno, Suori, Oxford, etc., but strong companies such as Siemens and Homax have gradually entered the market.

Mexico and Brazil are also hot markets for photovoltaic power in the Americas this year. Driven by renewable energy targets and growing energy demand, there is ample potential for photovoltaic development, and energy storage development will also keep pace.

African market: African countries are gradually accelerating their layout of the photovoltaic industry due to energy and power issues. The market demand for photovoltaic inverters and energy storage inverter products has been released accordingly. Chinese companies can pay close attention to the emerging photovoltaic market in Africa.