2009 remains cloudy for solar inverter market

WELLINGBOROUGH, UK: The global market for PV inverters is likely to fall by 27 percent this year to under $2 billion according to the latest analysis from IMS Research.

Despite the record growth seen in 2008, with the market growing by 95 percent to reach $2.5 billion, this year is set to be very different. IMS Research’s ongoing analysis of the market shows that in the first quarter of 2009 worldwide inverter shipments fell 45 percent compared to the previous year.

Research analyst and report co-author, Sam Wilkinson commented: “A sharp decrease in inverter shipments in 2009 is forecast due to four key factors: the restricted access to credit which has delayed major projects, the 500MW cap implemented by Spain’s Government, the particularly harsh winter in Europe which has delayed installations and the sudden drop in PV module prices.”

Wilkinson added: “We have seen falling module prices having an adverse affect on the market as suppliers have reduced prices so dramatically that end users are now waiting further in order to buy at the lowest possible price.”

Wilkinson continued, “Although this year the outlook for the market is not good, it is forecast to continue growing from 2010 onwards, exceeding $4 billion in the next five years.”