Global storage inverter shipments reached 3 GW in 2018

In the recently released "2018 Energy Storage Inverter (PCS) Report", IHS Markit announced its findings and forecasts for the fast-growing industry. Overall, the German-based SMA Solar Technologies company is leading the way in terms of electricity shipments in 2017, nearly 400 megawatts, about 200 megawatts above its closest competitor, Destin Power Company of South Korea. Germany's WS Tech ranks third, followed by Tesla and General Electric in the United States. A Chinese manufacturer entered the top ten: Sunshine Power ranked sixth. The report predicts that this year's energy storage inverter shipments will increase by more than 50%, reaching 3 GW, and revenues will be nearly $400 million. Cormac Gilligan, IHS Markit's solar and energy storage research manager, explained that South Korea currently has a 25% market share, with the US accounting for 14% and China accounting for 13%.

Looking ahead, Gilligan said that it is expected that the grid-connected energy storage inverter shipments will grow at a compound annual growth rate of 25%, reaching nearly 7 GW by 2022, and revenue will reach about 600 million US dollars.