Rongkai Chuanyi

30

2011

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11

The domestic market for photovoltaic inverters boasts vast prospects!

Source:

Recently, the solar power generation industry has continued to enjoy strong market favor. We believe that solar power generation costs will achieve grid parity within the next three to five years, which will trigger an explosive surge in demand for solar power and, in turn, drive substantial growth in the PV inverter market. A PV inverter is a modular device that uses power electronics to convert direct current into alternating current, serving as a critical link between photovoltaic power generation and the grid. We contend that the PV inverter segment represents the last large-scale, largely untapped goldmine in the photovoltaic industry. According to our estimates, the current market size for PV inverters stands at approximately RMB 43 billion, with projections...
　　Recently, the solar power generation industry has continued to enjoy strong market favor. We believe that solar power generation costs will achieve grid parity within the next three to five years, which will trigger an explosive surge in demand for solar power and, in turn, drive substantial growth in the PV inverter market.
　　A photovoltaic inverter is a modular power electronic device that converts direct current into alternating current, serving as a critical interface between photovoltaic power generation and the grid.
　　We believe that photovoltaic inverters represent the last large-scale, largely untapped gold mine in the PV industry. According to our estimates, the current market size for PV inverters is approximately RMB 43 billion; by 2015, even accounting for declining unit prices, the market is expected to exceed RMB 100 billion, making it one of the few PV component sub-sectors capable of surpassing RMB 100 billion in size. The ultimate winner in this competitive landscape is poised to become a major player with revenues exceeding RMB 10 billion.
　　According to available information, the global photovoltaic inverter market is currently dominated by major players such as SMA. SMA, which entered the market earliest, holds a commanding 40% share and is the undisputed industry leader, while the top four manufacturers collectively account for more than 60% of the market. At present, domestic Chinese companies hold only a relatively small share of the PV inverter market, around 5%.
　　In fact, from an industry perspective, photovoltaic inverters are a sector that is particularly well-suited to thriving in China, primarily for the following reasons: First, China is already the world’s largest battery manufacturing base, giving it an inherent market advantage. Second, Chinese companies enjoy a significant cost advantage; our estimates suggest that the production cost of domestically made inverters could be as low as 40% of that of imported models. In addition, Chinese firms have a solid technological foundation. At their core, photovoltaic inverters are power electronics products, and domestic enterprises boast highly competitive manufacturing experience and technical expertise in this field.

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