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In-depth analysis and forecast of China's photovoltaic inverter industry in 2021

Apr 01, 2021

In-depth analysis and forecast of China's photovoltaic inverter industry in 2021

2021 China's photovoltaic inverter industry market in-depth research analysis and forecast: investment strategy, market size, analysis of key competitors, analysis of output value and output, analysis of demand

(1) Overview of the classification of photovoltaic inverters: photovoltaic inverters are the core equipment of photovoltaic power generation systems. The direct current generated by photovoltaic modules needs to pass through the inverter to be converted into alternating current and used for household appliances or grid-connected power generation. Photovoltaic inverters can generally be divided into three categories according to technical routes and power levels, namely, centralized inverters, string inverters and micro inverters. The specific situation is described as follows:

① Centralized inverter: The centralized inverter corresponds to the aforementioned centralized photovoltaic power generation system. The inverter method is to connect a large number of parallel photovoltaic strings to the DC input terminal of the same centralized inverter, and after completing the maximum power point tracking, they are connected to the grid through the inverter. The single capacity of the centralized inverter is usually above 500kW, the single power is high, the cost is low, and the grid adjustability is good. However, it is required to have a good match between the photovoltaic strings. Once it appears cloudy, partially shaded, or a single group String failures will affect the efficiency and power capacity of the entire photovoltaic power generation system.

The maximum power point tracking voltage range of the centralized inverter is narrow, the component configuration flexibility is low, and the power generation time is short. It is mainly suitable for centralized large-scale ground photovoltaic power plants with uniform illumination.

② String inverter: String inverter corresponds to the aforementioned distributed photovoltaic power generation system. It carries out individual maximum power point tracking for several strings of photovoltaic modules, and then merges them into the AC grid after passing through the inverter unit. A string inverter can have multiple maximum power point tracking modules. The monomer capacity is generally below 100kW.

Compared with the centralized inverter, the mismatch of voltage and current between the strings connected with different maximum power point tracking modules is allowed. Therefore, compared with the centralized inverter, the overall power generation efficiency is higher, and the power generation scale is also higher. It is more suitable for distributed power generation systems. However, because the number of components connected in series is still large, the conversion efficiency, flexibility, and controllability of the system are not as good as micro-inverters, and the safety is also weaker than micro-inverters.

③Micro-inverter: Micro-inverter, also called "component-level inverter", is mainly used in distributed scenarios with a smaller power generation scale, and is a typical application of component-level power electronics technology in photovoltaic power generation systems. Its core feature is that each micro-inverter generally only corresponds to a small number of photovoltaic modules, which can fine-tune and monitor the output power of each photovoltaic module, and realize the individual maximum power point tracking of each photovoltaic module, and then go through the reverse After the transformation, it is merged into the AC grid.

The single capacity of a micro-inverter is generally below 5kW, and its advantage is that it can perform independent maximum power tracking control for each component, and improve the overall efficiency in the case of partial shading or component performance differences. On average, the system conversion efficiency of micro-inverters can reach more than 90%, which is generally higher than that of centralized and string inverters. In addition, the micro-inverter only has a DC voltage of several tens of volts, which greatly reduces potential safety hazards. However, because it is a component-level inverter, the cost is relatively higher than that of a centralized inverter and a string inverter.

Comparative analysis of technical indicators of three types of inverters

(2) Market analysis of the global photovoltaic inverter industry: Since 2010, the global shipment of photovoltaic inverters has basically been in a state of rapid growth. According to the statistics of the "Competition Strategy Research and Investment Prospect Forecast Report of China's Photovoltaic Inverter Market from 2021-2027" published by China Financial Enterprise Trust International Consulting, the overall market size of global photovoltaic inverters will reach approximately 136GW in 2020 , And will maintain an average growth rate of more than 20% in the next few years. By 2025, the global photovoltaic inverter new and replacement market is expected to reach a 400GW market.

Analysis of the overall scale of the global photovoltaic inverter market from 2020 to 2025

In the global market, each region is Asia Pacific, Europe, America, Latin America, Middle East, Africa and others in order of market share. Among them, the Asia-Pacific core markets include China, Japan, India and so on. The situation of the global market by region is as follows:

Analysis of the proportion of global photovoltaic inverter products in different regions in 2020

(3) Market analysis of the domestic photovoltaic inverter industry: Thanks to factors such as a complete domestic industrial chain, adequate policy support, relatively cheap and high-quality high-quality labor, and sufficient competition, domestic photovoltaic manufacturers have been in the global market in the past ten years. Growing rapidly in China. According to the statistics of China International Finance Corporation, the shipment volume of domestic inverter manufacturers has increased from about 10GW in 2012 to about 75GW in 2019, and the proportion has also increased from about 25% in 2012 to about 60% in 2019. At the same time, leading domestic manufacturers have obvious advantages in overseas markets and continue to expand. Centralized and string inverter manufacturers Huawei, Sungrow, Sunneng Electric, Growatt, Jinlang Technology and other companies have global market shares. The overall situation continues to expand.

(4) Micro-inverter market analysis: The main application scenarios of micro-inverters are low-power, component-level distributed photovoltaic power generation scenarios. Because of its component-level monitoring capability and no single point of failure, micro-inverters are generally superior to string inverters and string inverters in important areas related to user experience, such as conversion efficiency, visibility, safety, reliability, and convenience. Centralized inverter. Thanks to better product performance and user experience, although the overall cost of micro inverters is higher than string inverters and centralized inverters, they are more popular with end customers in the distributed power generation system market.

With the continuous evolution of the photovoltaic industry in terms of market and technology, the era of photovoltaic grid parity is gradually coming, and the business logic of the industrial chain is gradually changing. Distributed photovoltaics are gradually becoming an important growth point for the subsequent photovoltaic market. In the past, in order to reduce construction costs, the construction of large-scale photovoltaic power plants led by the government was the mainstream direction of the industry. At present, due to the gradual reduction of high-quality land resources for the construction of large-scale power stations, the difficulty and cost of construction of intensive large-scale photovoltaic power stations continue to increase, and the profit margin continues to decrease.

On the other hand, as the cost of photovoltaic construction continues to decrease with technological development, parity has been gradually realized in many countries around the world, and it is expected to be realized in most countries around the world in the next five years. The application of photovoltaic power generation in distributed application scenarios has gradually changed from the past "environmental behavior" to "income-generating behavior", which can bring stable power generation income to every household.

Therefore, distributed photovoltaic power generation systems will become an important new market for the photovoltaic power generation industry in the next ten years. As the optimal solution for small-scale, component-level distributed power generation systems, micro-inverters have clear growth expectations.

According to the "Consultation Report on Development Prospects and Investment Strategy Forecasts of China's Micro-inverter Industry from 2021-2027" statistics show that the current global market of micro-inverters in 2019 has reached approximately US$3 billion, and 20% will be reported in the next few years. The annual growth rate will increase to approximately 13 billion U.S. dollars by 2027.

The micro-inverter market can be further subdivided according to application scenarios and sales areas. In terms of application scenarios, micro-inverters can be used in residential user scenarios as well as small-scale industrial and commercial scenarios. However, due to the high cost of the aforementioned micro-inverters, they have advantages in user experience and are therefore more popular in the residential user market. Advantage.

In terms of sales area, North America and Europe are currently the top two markets for microinverters. These two markets have mature policies and strong user payment capabilities. At present, they have formed an echelon competition pattern. Enphase, the main manufacturer in the field of microinverters, Companies such as other companies have a large market share in the market. At the same time, Asia, the Middle East, and Latin America are important growth forces in the microinverter market. Due to relatively low policy maturity and weak user payment capabilities, the cost is Domestic manufacturers with obvious advantages have certain advantages in these markets.