According to a new report from Pike Research, the market for inverters for renewable energy applications totalled $7 billion in 2014. That figure will more than double over the next 4 years, surpassing $19 billion in 2017.
Inverters companies must increase functionality, reduce cost, and differentiate themselves from the growing competition.
Over the next several years, Europe will continue to be the leading market for renewable energy inverters, accounting for 43% of all renewable energy inverter capacity installed through 2017, led by solar photovoltaic (PV) inverters. Meanwhile, 72 GW of renewable energy inverters will be installed in the Asia-Pacific region, compared to North America’s 66 GW. In all, nearly 290 GW of vendor-supplied inverter capacity will be installed worldwide across four primary technologies: solar PV, small wind power, stationary fuel cells and vehicle-to-grid (V2G) enabled vehicles – between 2013 and 2017.
The PV industry rarely remains static for long. Since PV became a mainstream technology, the industry had done everything – grown, declined, changed – at a frantic pace. The solar inverter market is no exception to this, and has also been subject to major changes since it became a billion-dollar industry over seven years ago. In 2013, the PV invertermarket was characterised by big declines in pricing, a radical change in the regional make-up of the industry and some big shifts in top-ten supplier rankings.