IHS Markit expects global energy storage inverter shipments to surge at a compound annual growth rate of 38 percent

IHS Markit forecasts the global energy storage inverter market to surge at a compound annual growth rate of 38 percent
IHS Markit forecasts the global energy storage inverter market to surge at a compound annual growth rate (CAGR) of 38 percent

As the energy storage market rises, and as prices for storage continue to fall, more than 900 megawatts of energy storage grid-tied inverters were shipped globally in 2015, according to IHS Markit.

The global energy storage inverter shipment is forecast to surge at a compound annual growth rate of 38 percent, to 4.5 gigawatts in 2020. Prices for energy storage inverters will continue to fall an average of 13 percent per year, from 2016 to 2020, expects to IHS Markit.

“The energy storage market hinges on cost-efficient and flexible inverters,” said Isabella Ni, senior analyst, IHS Markit.

“Recent inverter launches have the ability to distribute power flows between the network, the batteries, the load centers and generation assets.”

Products with a power rating less than one megawatt will capture 70 percent of cumulative grid-tied energy storage inverter shipments between 2016 and 2020.

 

Parker Hannifin, BYD and SMA lead the market

In particular, nearly 40 percent of inverter shipments during the forecast period will have a power rating between 100 kilowatts and 999 kilowatts, as these products are utilized extensively in the utility-scale market, as well as playing a growing role in the commercial segment where average system sizes are quickly increasing.

Parker Hannifin (Cleveland, OH, U.S.) and BYD (Shenzhen, China) led the market, supported by shipments to utility-scale energy storage projects, according to IHS. SMA topped the providers of sub-100 kilowatt energy storage inverters segment.  

“The sub-100 kilowatt inverters segment is highly competitive, about half of the shipments came from companies with a global market share of less than 5 percent,” Ni said.

“The large-scale energy storage inverter market, by comparison, is much more concentrated, with three manufacturers BYD, Parker Hannifin and Woojin Industrials representing half of the market.”

 

2016-10-04 | Courtesy: IHS Markit | solarserver.com © Heindl Server GmbH

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