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In the recently released Energy Storage Inverter (PCS) Report 2018, IHS Markit published its findings and forecasts
for fast-growing industries.
Overall, Germany-based SMA Solar Technologies led the way in shipping nearly 400 megawatts in 2017, about 200 megawatts
more than its closest rival, South Korea's Destin Power.
Germany's WS Tech ranked third, followed by Tesla and General Electric
in the United States.
A Chinese manufacturer made it into the top ten: Sungrow ranked sixth
.
The report predicts that energy storage inverter shipments will increase by more than 50% this year to 3 GW, while revenue is nearly $400 million
.
Cormac Gilligan, research manager for solar and energy storage at IHS Markit, explained that South Korea currently has a 25 percent market share, with the U.
S.
accounting for 14 percent and China 13 percent
.
Looking ahead, Gilligan said grid-connected energy storage inverter shipments are expected to grow at a compound annual growth rate of 25%, reaching nearly 7 GW by 2022, while revenue will reach about $600 million
.
On the industry side, he said he expects these ratios to remain very similar, with utility meters accounting for more than half of sales, followed by commercial and residential meters
.
According to the report, the rapid development of renewable energy is the main factor
contributing to the surge in demand for energy storage.
IHS Markit believes that in the coming years, there will be an increasing use of higher average power ratings, such as meters above 1 MW, and more DC-coupled or hybrid inverters that can handle solar and energy storage
in residential applications.
Gilligan said the AC-coupling solution remains the preferred solution
for retrofitting.
However, during the forecast period, large DC-coupled inverters are expected to be increasingly installed in front-end markets such as the US and China as energy storage increasingly coexists
with solar energy.
However, on the other hand, the competitive landscape in the energy storage inverter segment remains "highly volatile"
due to the wide geographical distribution of storage devices and the increasing number of new suppliers entering the market.
As a result, Gilligan said the number of mergers, acquisitions and exits will continue to increase
.
"Other leading suppliers, such as Dynapower, are working with certain suppliers such as SMA and Raychem to help them sell DC-coupled inverters
in markets such as the US and India.
"
In the recently released Energy Storage Inverter (PCS) Report 2018, IHS Markit published its findings and forecasts
for fast-growing industries.
Overall, Germany-based SMA Solar Technologies led the way in shipping nearly 400 megawatts in 2017, about 200 megawatts
more than its closest rival, South Korea's Destin Power.
Germany's WS Tech ranked third, followed by Tesla and General Electric
in the United States.
A Chinese manufacturer made it into the top ten: Sungrow ranked sixth
.
The report predicts that energy storage inverter shipments will increase by more than 50% this year to 3 GW, while revenue is nearly $400 million
.
Cormac Gilligan, research manager for solar and energy storage at IHS Markit, explained that South Korea currently has a 25 percent market share, with the U.
S.
accounting for 14 percent and China 13 percent
.
Looking ahead, Gilligan said grid-connected energy storage inverter shipments are expected to grow at a compound annual growth rate of 25%, reaching nearly 7 GW by 2022, while revenue will reach about $600 million
.
On the industry side, he said he expects these ratios to remain very similar, with utility meters accounting for more than half of sales, followed by commercial and residential meters
.
According to the report, the rapid development of renewable energy is the main factor
contributing to the surge in demand for energy storage.
IHS Markit believes that in the coming years, there will be an increasing use of higher average power ratings, such as meters above 1 MW, and more DC-coupled or hybrid inverters that can handle solar and energy storage
in residential applications.
Gilligan said the AC-coupling solution remains the preferred solution
for retrofitting.
However, during the forecast period, large DC-coupled inverters are expected to be increasingly installed in front-end markets such as the US and China as energy storage increasingly coexists
with solar energy.
However, on the other hand, the competitive landscape in the energy storage inverter segment remains "highly volatile"
due to the wide geographical distribution of storage devices and the increasing number of new suppliers entering the market.
As a result, Gilligan said the number of mergers, acquisitions and exits will continue to increase
.
"Other leading suppliers, such as Dynapower, are working with certain suppliers such as SMA and Raychem to help them sell DC-coupled inverters
in markets such as the US and India.
"
