Led by the growing photovoltaic (PV) market, the outlook for inverters used in alternative energy is expected to remain strong, says the Darnell Group in its third-edition analysis of “Inverters for Alternative Energy Resources.” The worldwide inverter dollar market is projected to increase from $3.4 billion in 2009 to about $4.8 in 2014, a compound annual growth rate (CAGR) of 7.0%. The worldwide unit market is expected to grow at a somewhat faster pace, with a CAGR of 9.2% over the same period.
This report examines inverter applications in three categories: photovoltaics, small wind power and fuel cells. Given the current economic slowdown, the Darnell Group sees growth returning to normal within 24 months.
The PV segment is expected to be the single largest driver for the worldwide inverter market. According to the Electric Power Research Institute, by 2011 grid-connected PV systems are expected to account for more than 90% of new PV capacity. The PV industry is projected to see an increase in the number of larger commercial and industrial installations. The proliferation of these larger facilities will continue to fuel the need for larger and higher wattage inverter configurations. As a result, the average inverter size for this application will continue to increase.