PV inverter market grew 17.4 percent last year to USD$2.8 billion, says IMS Research; predictions are this will change however

The company’s recently published report ‘The World Market for PV Inverters – 2010’ has revealed huge demand for PV inverters, fuelled by uncertainty around several European countries incentive schemes, led to more than one million inverters being shipped for the first time last year. This 35 percent increase in shipments, it says, was primarily driven by Germany, which consumed over 4.2 GW of inverters and generated revenues of USD$1.4 billion.

IMS Research analyst Tom Haddon commented: “Several European markets recorded growth above all expectations including Germany, Italy and Czech Republic in 2009. These three markets combined generated close to USD$2 billion in 2009 (€1.5 billion) and are predicted to continue to drive high growth for the PV inverter market in 2010.” He added: “High demand was seen for almost every inverter type and size, with single-phase inverters contributing most to the industry’s growth in 2009. However we expect this to change in 2010.”

Strong demand is projected to characterize the PV industry this year, continues the company, as uncertainty regarding incentives continues. Its analysis of the PV industry has produced a projected market size of 14.6 GW in 2010. However, it says that growth of almost 70 percent per year is unlikely to be sustainable in the long term and it is forecast that next year, new installations will be roughly the same. As such, PV inverter revenues will grow to around USD$4.5 billion.

The company also found that SMA Solar Technology retained its position as the world’s largest solar inverter supplier, with a market share of more than 37 percent; however, due to extreme shortages and supply issues, it predicts many inverter suppliers are in a position to both gain and lose major market share this year.