Global energy storage inverter market to hit 4.5 GW in 2020 - IHS Markit
The IHS Markit Energy Storage Inverter (PCS) Report
More than 900 MW of energy storage grid-tied inverters were shipped worldwide in 2015 and the market is tipped for rapid growth over the next five years, according to a report by IHS Markit.
Global shipments of energy storage inverters are expected to expand at a compound annual growth rate of 38% to 4.5 GW in 2020.
Parker-Hannifin Corp (NYSE:PH) of the US and BYD Co Ltd (HKG:1211) of China were the leading suppliers thanks to sales to utility-scale projects.
The sub-100-kW inverters segment is considered to be highly competitive with about half of the shipments coming from firms with a global market share of less than 5%. The large-scale energy storage inverter market, on the other hand, is much more concentrated, with three manufacturers -- BYD, Parker Hannifin and Woojin Industrials -- accounting for half of the market, said IHS Markit senior analyst Isabella Ni.
SMA Solar Technology AG (ETR:S92) of Germany was the leading supplier in the sub-100-kW segment.
According to the analyst firm, almost 40% of inverter shipments between 2016 and 2020 will have a power rating between 100 kW and 999 kW as these inverters are used widely in the utility-scale segment and increasingly in the commercial segment, where systems are getting bigger.
Prices for energy storage inverters are projected to decline by an average of 13% per year from 2016 to 2020.