The General Administration of Customs of China (GACC) recently released the import and export data for inverters in September 2023. In September 2023, the domestic exports of energy storage inverters amounted to $650 million, marking a 33% year-on-year decrease and a 6% month-on-month decline. The number of PV and energy storage inverters exported in September stood at 3.91 million units, down by 23% compared to the previous year and 3% on a month-to-month basis.
Despite various unstable factors, the September export data remains positive. In the short term, energy storage installations continue to be affected by the consumption of European PV inventory. However, in the medium and long term, the demand for installations is showing an upward trend.
Inverter Export Data: Amount, Volume, and Average Price
According to GACC data, the export figures for solar and energy storage inverters in September 2023 are as follows:
- Domestic exports of PV and energy storage inverters in September 2023 amounted to $650 million, marking a 33% year-on-year decrease and a 6% month-on-month decline.
- In September, the export of solar and energy storage inverters reached 3.91 million units, reflecting a 23% year-on-year decrease and a 3% month-on-month drop.
- The average export price of solar and energy storage inverters was $165.4, marking a 13% year-on-year decrease and a 4% month-on-month decline.
For the period from January to September 2023, the cumulative export figures for solar and energy storage inverters are as follows:
- The cumulative export amount of domestic solar and energy storage inverters reached $8.25 billion, marking a 39% year-on-year increase.
- During the same period, the cumulative export volume of domestic solar and energy storage inverters was 40.92 million units, reflecting a 24% year-on-year increase.
- From January to September, the average export price for optical storage inverters was $201.7, representing a 19% year-on-year increase.
Export Area: The export amount of solar and energy storage inverters to European area accounted for 48% of the total export value in September.
Based on data from the General Administration of Customs of China (GACC), let’s examine the export figures by region for September 2023:
- Exports of solar and energy storage inverters to Europe in September amounted to $311 million. This marked a 44% decrease compared to the previous year and a 19% drop on a month-to-month basis, contributing 48% to the total export value.
- Export amount of solar and energy storage inverters to South Africa in September reached $180 million. This showed a 54% year-on-year decrease but a notable 11% increase on a month-to-month basis, accounting for 3% of the total export value.
- Exports of solar and energy storage inverters to Brazil in September amounted to $270 million. Despite a substantial 72% year-on-year decrease and a 33% month-on-month drop, they still accounted for 4% of the total export value.
- Export amount of solar and energy storage inverters to the United States worth $260 million in September, with a 48% year-on-year decline and a slight 1% month-on-month decrease. This constituted 4% of the total export value.
- Australia, India, and Japan collectively represented 4%, 3%, and 2% of the total export value, respectively, for solar and energy storage inverters in September.
Export Amount of Domestic Inverters from Different Areas in September 2023
According to data from the General Administration of Customs of China (GACC), the total export amount to Europe for the period from January to September 2023 stood at $4.966 billion, representing a substantial 60% of the overall exports. During the same period, South Africa, Brazil, the USA, and Australia contributed 6%, 5%, 3%, and 2%, respectively, to the total export value.
Export Amount of Domestic Inverters from Different Areas from January to September 2023
Market Overview: Increased Competition in the Inverter Industry
European Market: In recent months, the European inverter market has faced a concerning issue—rising inventory levels. The growth rate of import volumes in Europe slowed down during the third quarter, mainly due to the high inventory of solar and energy storage inverters and lower-than-expected installation rates, which temporarily impacted shipments from domestic inverter companies to Europe.
However, in September, there was a positive shift in the growth rate of European export volumes compared to the negative trend in August. This change suggests that the inventory levels returned to normal after three months of destocking, resulting in improved overseas shipments. With the growing demand in Europe, it is anticipated that the growth rate of European regional export volumes will gradually recover.
September witnessed steady growth in the demand for inverter products in the Americas market. In the realm of energy storage, inverter companies are making a significant impact. Notably, many global inverter enterprises, in addition to their presence in Europe, are expanding their operations into the U.S. market. Domestic inverter companies are also quickening their efforts to establish a foothold in the U.S. market. However, it’s worth noting that obtaining product verification in the U.S. market is a more challenging process, typically taking at least six months to meet U.S. standards—a rather slow progression. Currently, several active manufacturers have achieved verification in the American inverter market, including Megarevo, SRNE, Oxford, and more. Leading enterprises such as Siemens and Hemai have also begun to enter this market.
Mexico and Brazil are emerging as hotspots in the Americas’ photovoltaic sector this year. Fueled by renewable energy goals and increasing energy demand, these countries hold significant potential for the development of the photovoltaic market, with their energy storage businesses expected to follow suit.
African countries are gradually accelerating their industrial deployment of solar due to energy and power challenges. As a result, there is a growing market demand for solar inverters and energy storage inverters. Chinese enterprises are advised to closely monitor the emerging PV markets in the African region.