IMS Research has released a report, which speculates that the global PV inverter market will double in size for 2008. Considering that the PV inverter market is still quite young and heavily depends on each country’s legislation, for the first time the market is expected to exceed $2 billion. Recent analysis shows the PV inverter market grew by 110% in the first nine months of 2008 with Europe accounting for 80% of worldwide revenue. Spain, Italy and Germany all saw excellent performances and high demand this year in the market.
Research Director Ash Sharma commented, “In the first half of the year Spain saw an incredible surge in demand in anticipation of a major feed-in tariff cut and new annual cap for 2009; however, this market has now almost stalled entirely.” Sharma added, “Italy now presents an excellent opportunity for PV growth and has recorded massive growth in the first three quarters, compensating for Spain’s demise.”