From the demand side, the growth of the inverter industry is mainly driven by the global demand for new photovoltaic installations, the replacement demand for existing inverters, and the demand for energy storage inverters brought about by the explosion of the electrochemical energy storage market. In 2022, the global photovoltaic market demand maintained rapid growth, with approximately 230GW of newly added photovoltaic installed capacity globally, a year-on-year increase of 35.3%. The market demand for photovoltaic inverters in the newly installed market has also maintained a growing trend. As the cumulative scale of photovoltaic installation gradually increases, the replacement of inverters for existing projects has gradually become an important component of market demand. As electrical equipment, the service life of inverters is around 10-15 years, which means that photovoltaic power stations built ten years ago have gradually entered the period of stock technology transformation, and the demand for inverter replacement in the entire photovoltaic market is continuously increasing. In addition, with the rapid increase in the penetration rate of renewable energy such as wind and solar energy, the demand for energy storage supporting facilities is accelerating. As the core unit of electrochemical energy storage systems, energy storage inverters will highlight higher demand growth driven by the growth of energy storage installed capacity.

From the perspective of product types required, the current photovoltaic inverter market is still dominated by string inverters and centralized inverters, with a relatively small proportion of distributed and micro inverters. On a global scale, the selection principle of distributed and optimized series inverters and micro inverters for industrial, commercial, and household use, as well as centralized inverters for large ground and surface photovoltaic power stations, is still followed. It is expected that with the continuous advancement of global large-scale base projects, the demand for centralized inverters will continue to increase.

The development of the photovoltaic inverter industry in 2023 is exciting, with many old brands expanding their production capacity and business landscape, while new brands seize the opportunity to enter IPOs. According to predictions from relevant institutions, the global photovoltaic inverter market space may reach 500GW by 2025