BYD & Parker Hannifin Lead Energy Storage Inverter Suppliers, Says IHS Markit
More than 900 MW of energy storage grid-tied inverters were shipped globally during 2015, according to new figures by IHS Markit, with Parker Hannifin and BYD leading the global market.
A new report from analytics firm IHS Markit earlier this month, Energy Storage Inverter (PCS) Report, analyzed the leading power conversion system (PCS) suppliers. The energy storage grid-tied inverter market has grown in time with growth in the larger energy storage market and the decrease in storage prices, shipping more than 900 MW during 2015. Further, IHS Markit predicts the global energy storage inverter market is expected to surge over the next few years, growing at a compound annual growth rate of 38%, reaching 4.5 GW in 2020, while prices for energy storage inverters will continue to fall an average of 13% per year from 2016 to 2020.
“The energy storage market hinges on cost-efficient and flexible inverters,” said Isabella Ni, senior analyst, IHS Markit. “Recent inverter launches have the ability to distribute power flows between the network, the batteries, the load centers and generation assets.”
Specifically, IHS Markit predicts that products with a power rating of less than 1 MW will capture 70% of cumulative grid-tied energy storage inverter shipments between 2016 and 2020. Further, nearly 40% of all inverter shipments by 2020 will have a power rating between 100 kilowatts and 999 kilowatts, “as these products are utilized extensively in the utility-scale market, as well as playing a growing role in the commercial segment where average system sizes are quickly increasing,” IHS Markit explains.
“The sub-100 kilowatt inverters segment is highly competitive, about half of the shipments came from companies with a global market share of less than 5 percent,” Ni said. “The large-scale energy storage inverter market, by comparison, is much more concentrated, with three manufacturers BYD, Parker Hannifin and Woojin Industrials representing half of the market.”
US-based Parker Hannifin and Chinese-based BYD led the market thanks to shipments to utility-scale projects, while Germany-based SMA topped the providers of inverters below the 100 kilowatt mark.
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Latest CleanTechnica.TV Video
CleanTechnica uses affiliate links. See our policy here.
