Inverter: Domestic Enterprises Accelerate Overseas Expansion to Capture Global Market Share
According to statistics from Wood Mackenzie, global shipments of PV inverters have experienced rapid growth since 2016, increasing from 81.3GW to 225.4GW in 2021, with a compound annual growth rate of 22.62%. In 2022, the cost advantages of PV power generation have become even more prominent. The significant decline in polysilicon prices since 2023 has stimulated a rapid surge in new installation demand. Additionally, considering the 10 to 12 years lifespan of inverters within the 25-year service life of a PV power generation system, there is a need for inverter replacements, further driving shipment improvements. It is projected that by 2025, global PV inverter shipments will exceed 550GW, with a market value surpassing 100 billion yuan.
Film: POE Supply is Tight, and Anticipated Rise in N-Type Demand Will Boost POE Film Demand and Profits
The global demand for PV encapsulation film continued to rise in 2022. Based on the global annual installed capacity of 235GW and a capacity ratio of 1.3, the annual module demand reaches approximately 306GW. According to recent statistics from the China PV Industry Association, the film area required for every 1GW of modules has reduced to 9.2 million square meters, resulting in a need for approximately 2.8 billion square meters of PV film in 2022.
Since 2023, prices within the PV industry chain have continued to decline, leading to reduced investment costs for downstream power stations. This, coupled with an expected surge in customer demand for PV installations, is projected to drive global PV installed capacity to reach 355GW in 2023. As module production scheduling increases, along with the growing market penetration of N-type modules and bifacial glass, shipments of film and other auxiliary materials are expected to improve. Notably, the supply of POE film is currently tight, given its lower water filtration rate and higher chemical stability. As a result, the market share of POE and EPE film is anticipated to further increase, leading to improved production and profits through technological advancements. By 2025, global demand for PV film is expected to exceed 5.5 billion square feet, with a projected market share of 60 billion yuan.