China's renewable energy industry continues to maintain its global leading position, with wind and solar power reaching a record high in 2022. According to Wang Dapeng, Deputy Director of the New and Renewable Energy Department of the National Energy Administration, the newly installed capacity of wind and solar power exceeded 125 million kilowatts in 2022, for the third consecutive year, making China the world leader in renewable energy.
One of the critical components of a solar power plant is the inverter, and as the industry continues to grow, the inverter market is also set for significant growth. Inverters are electronic devices that convert direct current to alternating current and have the ability to transform power and intelligent control. The market for inverters is currently divided into four categories: centralized, string, distributed, and micro-inverters.
Centralized solar inverters are suitable for large-scale ground power stations, while string solar inverters are suitable for distributed power generation. Distributed solar inverters have the advantages of centralized and string inverters and are characterized by dispersed MPPT tracking and centralized inversion. Finally, micro-inverters have higher operating efficiency and safety and are mainly used for household power generation.
The market competition for inverters is most intense in the string and micro-inverter categories, with many companies participating. The leading listed companies in this field include Sunshine Power, Sungrow Power Supply, and JinkoSolar.
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In January 2023, Chinese state-owned enterprises launched 15 inverter procurement projects with a total capacity of 17.36GW. Moreover, a new state-owned enterprise recently entered the inverter market, and its string solar inverters have been successfully connected to the grid at a 5.6MW distributed solar power generation project in Da'nanhu No.7 coal mine.
Domestic listed companies are also keeping pace with the market trend, with the inverter becoming one of the most eye-catching sub-sectors of the photovoltaic industry. According to iFind data from Tonghuashun, as of January 31, 2023, 35 listed companies in the photovoltaic industry chain have released their 2022 performance forecasts, with a total expected net profit growth of over 100 billion yuan.
It is anticipated that the photovoltaic inverter industry will continue to grow in 2023, driven by the surge in demand from distributed and centralized photovoltaic power plants.
Check out our selection of Inverters in our shop to see which ones meet your power needs. For more information, you can check these articles:
