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The Market for Inverters for Renewable Energy Applications Will Reach $19 Billion by 2017

One part power electronics and one part information and communications technology, inverters play a significant role in large-scale and distributed renewable energy generation. They have the potential to enable homeowners and utilities alike to realize the full benefits of distributed and centralized renewable energy systems. The inverter industry is entering a dynamic point in its history and undergoing an intense period of technological innovation, but also a period of turmoil for the industry. According to a new report from Pike Research, a part of Navigant’s Energy Practice, the market for inverters for renewable energy applications totaled $7.2 billion in 2011. That figure will more than double over the next 5 years, surpassing $19 billion in 2017, the market intelligence practice forecasts.
“We have already witnessed the deleterious effect of falling solar photovoltaic (PV) module prices on all but the most efficient manufacturers,” said research analyst Dexter Gauntlett. “In order to avoid a similar fate, inverter companies must increase functionality, reduce cost, and differentiate themselves from the growing competition. Incumbent inverter manufacturers SMA, Fronius, Satcon, Power-One, KACO new energy, and Ingeteam have the advantages of size and market reach, but disruptive technological innovation by well-funded startups and early-stage companies like Enphase and SolarBridge is rapidly changing the face of the industry.”
Over the next several years, Europe will continue to be the leading market for renewable energy inverters, accounting for 43% of all renewable energy inverter capacity installed through 2017, led by solar PV inverters. Meanwhile, 72 gigawatts (GW) of renewable energy inverters will be installed in the Asia Pacific region, compared to North America’s 66 GW. In all, nearly 290 GW of vendor-supplied inverter capacity will be installed worldwide across four primary technologies – solar PV, small wind power, stationary fuel cells, and vehicle-to-grid (V2G) enabled vehicles – between 2012 and 2017.
The report, “Inverters for Renewable Energy Applications”, analyzes the global market opportunity for inverters in four key industry sectors: solar PV, stationary fuel cells, small wind, and V2G enabled electric vehicles. The report explores the key market drivers in each sector, along with an examination of technology issues and the evolving competitive landscape. Global market forecasts for inverter revenue and capacity are provided through 2017, segmented by application area and world region. An Executive Summary of the report is available for free download on the Pike Research website.
Contact: Richard Martin
The information contained in this press release concerning the report “Inverters for Renewable Energy Applications” is a summary and reflects Pike Research’s current expectations based on market data and trend analysis. Pike Research’s market predictions and expectations are inherently uncertain and actual results may differ materially. Please refer to the full Pike Research report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used by Pike Research to create the report. Neither Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.


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