Photovoltaic inverter is one of the core components of the photovoltaic power generation system, and its role is to convert the direct current emitted by the solar cell into alternating current that meets the power quality requirements of the power grid. With the vigorous development of global renewable energy, the overall scale of the photovoltaic inverter market is also showing a rapid growth trend, and the industry has broad market prospects.
First, the industrial chain
The upstream of China's photovoltaic inverters is all kinds of raw materials, including electronic components, structural parts and other auxiliary materials; The midstream is divided into different types of PV inverters, which can be divided into centralized inverters, string inverters, distributed inverters, and microinverters; Downstream are different application areas.
Image source: China Business Industry Research Institute
2. Upstream analysis
1.IGBT
(1) Market size
IGBTs are one of the fastest-growing power semiconductor devices at present. YOLE data shows that the global IGBT market size will be about $7.1 billion in 2023, benefiting from the significant increase in demand in the fields of new energy vehicles, new energy, and industrial control, and the global IGBT market size is expected to reach $8.4 billion in 2026. China is the world's largest IGBT market, accounting for about 40% of the global IGBT market, and it is expected that the size of China's IGBT market will reach 52.2 billion yuan by 2025.
Data source: Yole, China Business Industry Research Institute
(2) Competitive landscape
Due to its superior performance and wide range of applications, IGBT devices play an important role in many fields such as power electronics, electric vehicles, high-speed railways, renewable energy, industrial control, and home appliances. At present, the market share of the top three manufacturers in the global IGBT device industry has reached 53%, and Infineon ranks first in the market share of 29%; Fuji Electric's market share is 15%; Mitsubishi has a 9% market share.
Data source: Omdia, China Business Industry Research Institute
IGBT modules are used in high-power inverters, electric welding machines, new energy vehicles, centralized photovoltaic and other fields. According to the data, the top three manufacturers in the global IGBT module industry occupy 56% of the market share, and Infineon has a market share of 33%.
Data source: Omdia, China Business Industry Research Institute
2.PCB
In the past two decades, with the advantages of Asia, especially China, in terms of labor, resources, policies, and industrial agglomeration, the global electronics manufacturing capacity has shifted to China and South Korea and other Asian regions. According to the "2024-2029 China Printed Circuit Board (PCB) Industry Development Trend and Forecast Report" released by the China Business Industry Research Institute, the size of China's PCB market will reach 307.816 billion yuan in 2022, a year-on-year increase of 2.56%, and about 309.663 billion yuan in 2023. Analysts at the China Business Industry Research Institute predict that the size of China's PCB market will further grow to 346.902 billion yuan in 2024.
Source: Prismark, China Business Industry Research Institute
As the mainland PCB industry is mainly concentrated in the field of low-end manufacturing, there are fewer high-performance manufacturing fields, the manufacturing threshold is not high, and the market concentration is low, CR5 is 33.9%, and Pengding Holdings has the largest market share, reaching 12.4%. Dongshan Precision, Jianding Technology, Shennan Circuit, and Huatong accounted for 7.5%, 4.9%, 4.8%, and 4.4% respectively.
Data source: CPCA, China Business Industry Research Institute
3. Capacitors
A capacitor is a component that stores electricity and electrical energy (electric potential energy). A conductivity system in which one conductor is surrounded by another conductor, or in which all the electric field lines emitted by one conductor terminate in another conductor, are called capacitors. According to the "2024-2028 China Capacitor Industry Research and Development Trend Forecast Report" released by the China Business Industry Research Institute, the size of China's capacitor market in 2023 will be about 132.153 billion yuan, a year-on-year increase of 5.72%. Analysts at the China Business Industry Research Institute predict that the size of China's capacitor market will grow to 138 billion yuan in 2024.
Data source: China Commercial Industry Research Institute
(2) Analysis of key enterprises
Capacitor companies are currently mainly distributed in Guangdong Province, with a total of 11. Jiangsu Province and Zhejiang Province have 9 and 7 respectively, ranking second and third.
Source: Compiled by China Business Industry Research Institute
3. Midstream analysis
1. Global shipments
With the rapid development of the global photovoltaic industry, as the core equipment of photovoltaic power generation system, the scale of photovoltaic inverter market is expanding rapidly. From the perspective of shipments, according to the data released by S&PGlobal, the total global PV inverter shipments will reach 326.6GW in 2022, an increase of 110.7GW over the previous year, with an annual growth rate of about 51.3%, and about 390GW in 2023. The growth trend of global PV inverter shipments is obvious, and analysts at the China Business Industry Research Institute predict that shipments will reach 444.5GW in 2024.
Data source: S&PGlobal, China Commercial Industry Research Institute
2. China shipments
With the improvement of photovoltaic economy and the promotion of energy conservation and emission reduction policies, the mainland photovoltaic industry continues to prosper, and many inverter companies have started the road of fixed increase and expansion, and the national photovoltaic inverter shipments have grown rapidly. According to the "2024-2029 China Photovoltaic Inverter Industry Market Prospect Forecast and Future Development Trend Report" released by the China Commercial Industry Research Institute, the total shipments of China's (inland) photovoltaic inverters will reach 131.7GW in 2022, an increase of about 60GW over the previous year, an annual increase of about 85%, and about 170GW of shipments in 2023. It is expected that China's PV inverter shipments will continue to grow rapidly in the future, and analysts at the China Commercial Industry Research Institute predict that the total shipments will exceed 200GW in 2024.
Source: S&P Global, China Business Industry Research Institute
3. Market structure
Benefiting from the substantial growth of installed capacity in the distributed market in mainland China, China's PV inverter market has developed into a cluster inverter-based, and the proportion of centralized and distributed inverters has further shrunk. Among them, the proportion of string inverters has increased to more than 78%, while the proportion of centralized inverters is about 20%, and the market share of distributed inverters has decreased slightly. Affected by various factors such as changes in application scenarios and technological progress, there is great uncertainty about the change of market share of different types of inverters in the future.
Data source: CPIA, China Business Industry Research Institute
4. The layout of the enterprise
The main manufacturers of photovoltaic inverters in China include Huawei, Sungrow, Jinlang Technology, AISWEI, GoodWe, Growatt and other manufacturers. With the increasing importance of energy and environmental protection in the world, the photovoltaic inverter industry will usher in a broader space for development. These key enterprises will continue to increase technology research and development and market expansion efforts, and continuously improve product performance and service quality to meet the needs of the market and customers. The details are shown in the figure:
5. Analysis of key enterprises
At present, China's photovoltaic inverter companies are mainly distributed in Guangdong Province and Jiangsu Province, with 16 and 13 respectively. Zhejiang Province has a total of 9, ranking third.
6. Enterprise heat distribution map
Fourth, downstream analysis
1. Cumulative installed capacity of photovoltaics
From a domestic point of view, the development of new energy represented by photovoltaic power generation in the mainland has achieved remarkable results, the installed capacity ranks first in the world, the proportion of power generation has increased steadily, the cost has fallen rapidly, and it has basically entered a new stage of parity and subsidy-free development, and the industry has broad space for future development. According to the "2024-2030 China Photovoltaic Cell Industry Market Prospect Forecast and Future Development Trend Research Report" released by the China Commercial Industry Research Institute, in 2023, the cumulative installed capacity of photovoltaic power generation in the country will be 609.49 million kilowatts, a year-on-year increase of 55.2%. From January to May 2024, the cumulative installed capacity of photovoltaic power generation in China was 690.98 million kilowatts, a year-on-year increase of 52.2%.
Data source: National Energy Administration, China Business Industry Research Institute
2. Photovoltaic power generation
According to the "2024-2030 China Photovoltaic Cell Industry Market Prospect Forecast and Future Development Trend Research Report" released by the China Commercial Industry Research Institute, in 2023, photovoltaic power generation will be 294 billion kWh, an increase of 17.2% year-on-year. From January to April 2024, photovoltaic power generation was 111.4 billion kWh, a year-on-year increase of 20.4%. Analysts at the China Business Industry Research Institute predict that China's photovoltaic power generation will reach 326 billion kilowatt hours in 2024.
Data source: National Energy Administration, China Business Industry Research Institute
For more information, please refer to the "Research Report on Market Prospects and Investment Opportunities of China's Photovoltaic Inverter Industry" released by China Commercial Industry Research Institute, and China Commercial Industry Research Institute also provides consulting services such as industrial big data, industrial intelligence, industry research reports, industry white papers, industry status certificates, feasibility study reports, industrial planning, industrial chain investment map, industrial investment guidelines, industrial chain investment investigation & promotion meeting, and "15th Five-Year Plan".