Reasons for the decline in PV inverter shipments
European inverter shipments will drop from 88 GWac to 83 GWac in 2025, continuing to decline below 75 GWac annually by 2032 due to persisting inventory challenges and reduced utility-scale capture prices in key markets like Spain. The downturn follows record shipments in 2024 and reflects market uncertainty across major. . Wood Mackenzie's latest analysis expects market uncertainty in China, Europe and the U. to cause two consecutive years of contraction in the global solar inverter market, forecasting a fall to 577 GWac this year and 523 GWac in 2026. Image: Lauri Veerde, Wikimedia Commons, CC BY-SA 4. (Illustrative Photo; Photo Credit: Roman Zaiets/Shutterstock. Following record-breaking inverter sales in 2024, there has. . [PDF Version]FAQS about Reasons for the decline in PV inverter shipments
Why are global PV inverter shipments rising?
This is mainly driven by strong growth in markets in Europe, India, and Latin America where government support increased to meet decarbonisation goals. Wood Mackenzie research analyst Annie Rabi Bernard said: “Despite soaring raw material prices, supply chain challenges and delayed constructions, global PV inverter shipments continue to rise.
Why are inverter shipments falling?
European inverter shipments are on track to drop from 88 GWac to 83 GWac this year, before falling beneath 75 GWac annually by 2032 due to reduced utility-scale capture prices and inventory challenges. In the U.S., the inverter market is expected to drop by 22% next year as Inflation Reduction Act tax credits are phased out.
Will China's solar inverter market decline 5% in 2025?
China's solar inverter market is set to decline 5% in 2025 to 304 GWac, representing the first annual decline in 2019. Nevertheless, the country is still expected to maintain its dominance in the global market, accounting for over 2.9 TWac of cumulative inverter demand through to 2034, according to Wood Mackenzie's forecasts.
Will the solar inverter market recover?
By the early 2030s, Wood Mackenzie is projecting the solar inverter market to recover and surpass the 2024 market size with electrification, AI demand growth and a cyclical repowering market set to provide a solid foundation for inverter demand.
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