Japan and the US will be the two largest markets for PV inverters in 2015 and 2016, according to research by the consultancy firm IHS.
Despite China being the largest market for solar deployment, low prices mean it will account for 14% of inverter revenue in each of the next two years with many global suppliers opting out of the market.
IHS puts the global inverter market in 2015 and 2016 combined at US$13.2 billion. Japan is expected to continue to be the largest market by revenue capturing a quarter of the US$13.2 billion tally. The US represents 21% of this revenue during the two year period.
Despite interest from international firms in tapping into the high prices offered in the Japanese market, IHS said it continues to be dominated by domestic firms citing “a strong preference for local products and complex certification requirements”.
In the first three quarters of 2014, the three largest firms Omron, Tabuchi and TMEIC took 60% of the Japanese market. IHS does note that ABB and Schneider Electric have begun to gain traction in Japan.
Foreign firms are faring better in the US with Japan’s TMEIC and Yaskawa making the list of top ten inverter suppliers and Israel’s SolarEdge the fifth largest supplier.
