The demand for photovoltaic inverters mainly comes from two parts: the demand for new installed capacity and the demand for stock replacement. With the rapid growth of demand in the photovoltaic industry and the acceleration of demand for stock replacement, we estimate that the market space for photovoltaic inverters in 2025 will reach 109 billion yuan.
Demand for new installed capacity: Benefiting from the impact of carbon neutrality policies, the reduction in the cost of superimposed photovoltaic kWh has ushered in an era of parity. We believe that the new installed capacity of photovoltaics around the world is still expected to maintain a high growth trend and is expected to reach 393GW by 2025. There is room for growth in the inverter industry broad.
Stock replacement demand: Considering that the life of photovoltaic inverters is generally about 10 years, the current replacement demand mainly comes from photovoltaic installations mainly distributed in Europe around 2010. Since 2013, my country’s photovoltaics have developed rapidly under the support of policies and have quickly become a global market. The installed capacity is the main force, so we believe that the replacement demand for photovoltaic inverters is expected to usher in a stage of rapid growth, which is expected to reach 35GW in 2025