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Global PV inverter market to return to growth in 2012 and will exceed USD7bn

July 25, 2012 // Paul Buckley

Global PV inverter market to return to growth in 2012 and will exceed USD7bn

The global photovoltaic (PV) inverter market is predicted to grow by 23 percent in 2012 and hit almost 32 GW according to the 5th edition of IMS Research’s annual report on this industry.

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The market analysts report entitled The World Market for PV Inverters provides a more sobering outlook for industry revenues which are forecast to grow by three percent in 2012 to hit $7 billion for the first time.

According to the report, the global PV inverter market shrank marginally in terms of revenues in 2011, but is predicted to return to growth in 2012. Shipments are forecast to grow by almost 25 percent in IMS Researchs mid-case scenario; however pricing declines will see revenues grow by just 3 percent this year. In 2012, suppliers will continue to see high shipment growth but may struggle to see top- and bottom-line growth, commented Ash Sharma, director of the IMS Research PV practice. Inverter prices will see another double-digit drop in 2012, partly driven by product mix change, and shifts in demand to lower cost countries, but also standard price erosion as major markets stagnate.

The analysis found that in 2011, global inverter shipments grew by more than 12 percent, despite the excess inventory overhang from the prior year, and reached 27 GW, but the European market shrank considerably. Europes dominance of the PV inverter market is predicted to continue to wane due to its two biggest markets, Germany and Italy, facing significant reductions in their annual installations. Europes share of PV inverter shipments and revenues was over 80 percent in 2010; however we forecast this to fall to less than 40 percent in 2016 and revenues not to return to 2011 levels in the next five years. This in itself presents a huge challenge to suppliers, which are mainly European, with the majority of their facilities and customers located in that region, commented Sharma.
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