Global PV inverter shipments see 22 pc annual growth on rising demand in markets like India, Europe

Global PV inverter shipments registered a 22 per cent annual growth in 2021, on the back of strong demand in markets like Europe, India, and Latin America, a report said Friday.This led to an increase in market share of the global top 10 solar photovoltaic PV inverter vendors by 2 percentage points to 82 per cent in 2021, compared to 2020, Wood Mackenzie said.Global PV inverter shipments grew 22 per cent to 225,386 MWac mega-watt, alternating current in 2021 compared to 2020.

Global PV inverter shipments registered a 22 percent annual growth in 2021, on the back of strong demand in markets like Europe, India, and Latin America, a report said Friday.

This led to an increase in market share of the global top 10 solar photovoltaic (PV) inverter vendors by 2 percentage points to 82 percent in 2021, compared to 2020, Wood Mackenzie said.

''Global PV inverter shipments grew 22 percent 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 decarbonization 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.

Shipments to China, India, and Australia accounted for the increase in demand, with Huawei and Sungrow maintaining their dominance in the region.

Europe took up 23 percent 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 percent year-on-year (y-o-y) growth.

Demand growth in Germany, Italy, the 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 percent 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.''