The global PV industry is experiencing rapid growth, and within this sector, the market for PV inverters is also expanding quickly. Recently, the General Administration of Customs released import and export data for inverters in August 2023. Based on this data, it's evident that the export volume and value of domestic inverters continued to decrease compared to the previous year.
According to China’s General Administration of Customs data for August 2023, China exported 4,020,900 units of PV inverters, marking a year-on-year decline of 4.79%. The corresponding export revenue amounted to 690 million U.S. dollars, reflecting a significant year-on-year drop of 28.32%. This decline in exports can be attributed to several factors, including reduced demand in the international market, which may be temporary. It could also be influenced by exceptionally high demand during the same period in the previous year, inventory consumption in the European market, and decreased installation activity in overseas markets. Let’s now examine the export figures for inverters in August and take a closer look at the major export destinations.
Export Figures for Inverters in August 2023:
In August 2023, the export value of domestic PV and energy storage inverters totaled USD 690 million, representing a year-on-year decline of 28% and a month-on-month decrease of 10%. During this same period, 4.02 million units of PV and energy storage inverters were exported, showing a year-on-year decrease of 4.8% but a month-on-month increase of 3.1%. The average export price for PV and energy storage inverters stood at USD 172, marking a year-on-year decrease of 25% and a month-on-month decrease of 12%.
Cumulative Export Data for PV and Energy Storage Inverters (January to August 2023): From January to August 2023, as per the data provided by the General Administration of Customs, the total exports of domestic PV and energy storage inverters reached USD 7.61 billion, marking an impressive year-on-year growth of 52.5%. Over the same period, the cumulative export volume for PV and energy storage inverters reached 37.01 million units, reflecting a year-on-year increase of 23.6%. Additionally, during this January to August timeframe, the average export price for PV and energy storage inverters was USD 206, indicating a robust year-on-year growth of 23.4%.
Figure: Monthly Export Amount of PV and Energy Storage Inverters (in $100 million)
Inverter Export Statistics by Country (August Data):
Based on regional data from the General Administration of Customs, European exports of PV and energy storage inverters amounted to USD 382 million in August. This marked a substantial year-on-year drop of 32.8% and a month-on-month decrease of 13.7%, accounting for 55% of the total export value. Meanwhile, South Africa’s PV and energy storage inverter exports in August amounted to USD 160 million, reflecting a year-on-year decline of 54.5% and a month-on-month drop of 36%, making up 2% of the total export value.
In August, Brazil exported PV and energy storage inverters worth USD 400 million. Although this represented a significant year-on-year decrease of 47.9%, there was a noteworthy month-on-month increase of 49.5%. This accounted for 6% of the total export value. Exports of PV and energy storage inverters from the United States in August reached USD 260 million, indicating a year-on-year decrease of 41.2% but a month-on-month increase of 2.5%, comprising 4% of the total export value. Furthermore, the export values for Australia, India, and Japan in August stood at 3%, 3%, and 1%, respectively.
According to the data, the European region’s export value shows a declining trend, with major European PV markets like the Netherlands and Germany also experiencing continued declines. This suggests that Europe is still grappling with inventory pressure. Additionally, from July to August, due to European holidays, there was a slowdown in installation demand, leading to the PV installation sector entering the off-season and slower inventory consumption.
Inverter Exports by Country (August Data):
Based on the General Administration of Customs data encompassing exports from January to August in 2023, European exports reached a substantial 4.65 billion USD, comprising 61% of the total export value. Meanwhile, South Africa, Brazil, the USA, and Australia accounted for 6%, 5%, 3%, and 2% respectively.
The issue of inverter inventory in Europe has become a significant concern. As demand for depleting inventory in European regions diminishes, the growth rate of export volumes in the European region is expected to gradually rebound. In addition, African countries are accelerating the development of their photovoltaic industry due to energy and power sector influences. Consequently, there will be an increased market demand for photovoltaic inverters and energy storage inverters, making it a market Chinese enterprises should closely monitor.