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According to a report, global PV inverter shipments experienced a 22% annual growth due to strong demand from markets like Europe, India and Latin America.
According to Wood Mackenzie, this resulted in a 2 percentage point increase in the market share of top 10 global solar photovoltaic inverter vendors to 82% in 2021 compared to 2020.
”Global PV inverter shipments grew 22 per cent to 225,386 MWac (mega-watt, alternating current) in 2021 compared to 2020. This is mainly driven by strong growth in markets in Europe, India, and Latin America where government support increased to meet decarbonisation goals,” the research firm said.
In terms of geographic reach, Asia Pacific consumed over half or 116,064 MWac of the global solar PV inverter shipments in 2021. In terms of geographic reach, Asia Pacific consumed over half or 116,064 MWac of the global solar PV inverter shipments in 2021.
Shipments to China, India and Australia accounted for the increase in demand, with Huawei and Sungrow maintaining its dominance in the region.
Europe took up 23 per cent of the global market with 50,770 MWac inverter shipments. The market increased its inverter shipment capacity by over 17,000 MWac in 2021 from 2020, with a 52 per cent year-on-year (y-o-y) growth.
Demand growth in Germany, Italy and Netherlands, and Poland’s ambitious target of 7,300 MWac of solar PV by 2030 contributed to the significant increase. The US, however, saw a minor reduction of 360 MWac in inverter shipment in 2021 from 2020, and accounted for 14 per cent of the global market share.
Supply chain constraints, record-level raw material costs and rising costs for developers contributed to the slight year-on-year dip.
Wood Mackenzie research analyst Annie Rabi Bernard said: ”Despite soaring raw material prices, supply chain challenges and delayed constructions, global PV inverter shipments continue to rise. Leading vendors have become bigger, and the top players continue to consolidate market share in 2021.”