WoodMac: Solar inverter replacement market to reach 21GW by year-end

Facebook
Twitter
LinkedIn
Reddit
Email
According to market research firm, Wood Mackenzie, PV inverters nearing ‘end of life’ replacement are expected to total 21GW by the end of 2019. Image: SMA Solar

According to market research firm, Wood Mackenzie, PV inverters nearing ‘end of life’ replacement are expected to total 21GW by the end of 2019.

Historically, conventional string inverters should have a lifespan of around 10 years, while central inverters, used for utility-scale PV power plants can undergo major component replacements in half that time frame.
 
Wood Mackenzie said that total inverter replacement requirements are expected to account for 3.4% of the global inverter market, heading into 2020, while this would increase to 14% of the total cumulative capacity, over the next five years.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

By 2024, at total of 176GW of PV systems would have inverters older than ten years with replacement costs approaching US$1.2 billion out of a total O&M opportunity of US$9.4 billion.

By 2024, a total of 176GW of PV systems would have inverters older than ten years with replacement costs approaching US$1.2 billion out of a total O&M opportunity of US$9.4 billion. Current annual O&M plant costs were said to be almost US$4.5 billion.

However, inverter replacement costs represent only 12-13% of the average O&M cost when calculated for 50MW solar power system, according to Wood Mackenzie. Inverter cost reductions and slimmer margins for manufacturers have contributed to lowering inverter replacement costs.

Wood Mackenzie is forecasting that the global solar market in 2019 is expected to reach a new high of 114.5GW, an 18% increase from the previous year, while annual PV installations are forecasted to top out in the 120GW to 125GW range through 2024.

PV installations are forecasted to top out in the 120GW to 125GW range through 2024. Image: Wood Mackenzie

Currently, public listed inverter suppliers such as Sungrow Power Supply and SMA Solar Technology do not breakout shipments or revenue related to the emerging replacement market.

Read Next

August 10, 2026
Purvah Green Power has agreed to acquire six SPVs holding a combined 1.4GW of operational renewable energy capacity from ReNew Solar Power.
August 10, 2026
India’s SECI awarded 1GW to seven bidders under its RTC-TM tender, with Juniper securing the largest allocation.
August 10, 2026
News of two solar project developments in Poland, where Orlen acquired a 216MW hybrid project and Enefit Polska inaugurated a 45MW site.
August 10, 2026
ABO Energy has agreed to sell its Hungarian and Polish subsidiaries, including projects, solar assets and 38 employees, to PPC.
Premium
August 10, 2026
Trinasolar's APAC leaders discuss how battery incentives, C&I demand, and DC-coupled storage are reshaping Australia's rooftop solar market.
August 10, 2026
An independent review of the Australian Energy Market Operator (AEMO) has recommended 14 changes to the organisation's governance framework.

Upcoming Events

Solar Media Events
October 13, 2026
San Francisco Bay Area, USA
Solar Media Events
November 3, 2026
Málaga, Spain
Solar Media Events
November 24, 2026
Warsaw, Poland
Solar Media Events
February 2, 2027
London, UK
Solar Media Events
April 20, 2027
Istanbul, Türkiye