Rapid growth of pv inverter industry
Rapid increase in installed photovoltaic capacity in the context of global carbon neutrality. Under the background of global carbon neutrality, photovoltaic installed capacity has increased rapidly. Reshaping the energy structure is an important way to achieve carbon neutrality.
By changing the energy structure, reducing the use of fossil energy and using renewable energy such as solar energy and wind energy, carbon dioxide emissions can be directly reduced. With the vigorous development of the photovoltaic power generation market, the shipments of pv inverter continue to rise. pv inverter batteries is an important component of photovoltaic system.
In the long run, according to research, the proportion of renewable energy generation will increase from 34.7% in 2019 to 90% in 2050, among them, photovoltaic and wind power accounted for 63%, and the global installed photovoltaic power generation capacity will increase from 760GW in 2020 to 14,000GW in 2050.
In the short term, the market scale of China, the United States, the European Union, etc. has maintained steady growth. The demand for new photovoltaic markets such as Vietnam, India, Brazil, and Australia has surged, and the reserve projects are sufficient, which will become a new growth point to drive the global photovoltaic market demand in the next 2-3 years. It is estimated that by 2025, the global PV installed capacity demand will reach 391GW, with a 5-year compound growth rate of over 20%.
It only accounts for 8%-10% of the total system cost, but directly affects power generation efficiency, operation stability and service life, and occupies an important position in the entire photovoltaic power generation system.
According to the “2020 Global PV Inverter Supplier Market Ranking”, in 2020, the global PV inverter shipments will increase to 185GW, a year-on-year increase of more than 40%. Among them, the Asia-Pacific region shipped 100.92GW, an increase of nearly 50% compared with 2019. China alone accounts for about 30% of global shipments.
Since the PV inverter shipments are completely related to the newly installed PV capacity, with the vigorous development of the PV power generation market in the future, the PV inverter shipments will increase significantly.
The demand for new replacement of pv inverter has grown steadily
The pv inverter replacement market has opened, and the market demand has further increased. The lifespan of photovoltaic modules is generally 25 years, while the early inverters, as electrical equipment, have a lifespan of only 10-15 years.
This means that early photovoltaic projects have entered the inverter technical transformation period. With the substantial increase in photovoltaic installed capacity around the world and the aging of original inverter equipment, the demand for pv inverter replacement will continue to grow.
It is predicted that the global inverter replacement demand will grow by about 10GW in 2021, with a growth rate of 25%. The European photovoltaic market started early, and the inverter replacement market has already opened. Germany, Italy and other countries account for more than 70% of the market demand in the EMEA region. It is expected that China, the United States, and India will also open up the inverter replacement market. The market demand for inverter replacement will grow steadily.
The energy storage system is an important foundation for the construction of a new power grid. With the continuous increase in the global installed capacity of wind and solar, the proportion of new energy in primary energy consumption is increasing. Due to the randomness and volatility of wind and solar power generation, when wind and solar power generation accounts for more than 30-40% in the future, the frequency, voltage, power angle stability limit and high cost of the large power grid system determine the ceiling of its consumption of new energy.
The energy storage system has the function of eliminating peaks and filling valleys, which can effectively smooth the output curve of wind power and photovoltaics, reduce the curtailment of wind and solar power, and ensure the stability of power grid operation. In March 2021, it was proposed to build a new power system with new energy as the main body. New energy + energy storage will be an important way of energy supply in the future.
Active global policies promote the development of the energy storage industry. From 2020 to 2021, the world has set off a climax of energy storage development. China, the United States and Europe will occupy the dominant position in the global energy storage market in 2020. The three together account for 86% of the total new operation scale in the world, and each of them has newly added operation scale. Both exceeded the gigawatt mark.
In terms of policy, the U.S. Department of Energy (DOE) released the “Energy Storage Grand Challenge Roadmap”, and the European Commission released the “2030 Battery Innovation Roadmap”, all of which systematically put forward strategic goals for future energy storage development.
China issued the “Guiding Opinions on Accelerating the Development of New Energy Storage”, and by 2025, the new energy storage will be transformed from the initial stage of commercialization to large-scale development, with an installed capacity of more than 30GW. In 2021, more than 300 policies related to energy storage will be introduced from the state to local governments, with unprecedented policy strength.
Top-level design and policy promotion have been carried out in regulating the management of the energy storage industry, promoting the establishment of a market mechanism suitable for the development of energy storage, exploring the formation of an energy storage price mechanism, and promoting the synergy between renewable energy and energy storage, which is conducive to the rapid development of the energy storage industry. Provides a strong policy guarantee.
Regional distribution of new electrochemical energy storage projects in the world
The cost reduction has helped the market-oriented development of energy storage. The cost of energy storage mainly includes system cost including battery, energy storage converter (PCS), energy management system (EMS), and EPC, development and grid connection cost.
Among them, the cost of electrochemical batteries accounts for 60% of the energy storage power station. With the gradual maturity of lithium inverter battery technology, the improvement of scale effect and the increase of battery life, the cost of battery has decreased year by year in the past five years. By 2025, the system cost will be reduced to 0.71 RMB/Wh, and the kWh cost will be 0.15 RMB/Wh, and the profitability of the energy storage system will be further improved. Here you can learn about energy storage lithium battery companies and products from TYCORUN ENERGY.
The new market of energy storage is about to explode, and the development space of energy storage inverter is broad. According to data, the global electrochemical energy storage market is expected to add 8.37GW in 2021, a year-on-year increase of 78%, and the cumulative installed capacity will be 22.6GW, with an annual growth rate of 58.7%. By the end of 2025, the cumulative application scale of the global electrochemical energy storage market will be 138.6GW, a 10-fold increase in five years, with a CAGR of 57.3% in 2021-2025.
China’s cumulative installed capacity in 2021 will reach 6.6GW, a year-on-year increase of 102.3%, and the newly installed capacity will be 3.4GW, a year-on-year growth rate of 114.5%. The compound growth rate from 2021 to 2025 will exceed 70%. In the context of the rapid growth of the energy storage market, the demand for energy storage inverters has exploded, and the development space is broad.
In 2025, the inverter market size is expected to be close to 100 billion. The demand for superimposed photovoltaic and energy storage is calculated based on the global newly installed photovoltaic capacity of 391 GW and the newly installed energy storage capacity of 47.8 GW in 2025. It is estimated that the new market size of pv inverters will reach 96.9 billion RMB in 2025, and the market space will grow rapidly.
Technology trends of pv inverter
The penetration rate of string inverters has increased, and the integration of photovoltaics and storage has become a trend. The pv inverter is the core component of the photovoltaic power generation system and occupies an important position in the photovoltaic system.
The main function of the pv inverter is to convert the variable direct current (DC) generated by photovoltaic modules into alternating current (AC) with power quality that meets the requirements of the standard, and then transmit it to the local load or connect to the grid, and has related protection functions.
pv inverter is mainly composed of power conversion module, microcomputer control module, EMI module, protection circuit, monitoring module, human-computer interaction module, etc. Its development process depends on the development of power electronics technology, semiconductor technology and modern control technology.
Energy storage system cost
The inverter is an important component of the photovoltaic system. It only accounts for 8-10% of the total system cost, but directly affects the power generation efficiency, operation stability and service life. It occupies an important position in the entire photovoltaic power generation system. The different scenarios include centralized pv inverters, string pv inverters, distributed pv inverters and micro pv inverters.
Centralized pv inverter
It is suitable for large-scale ground power stations in flat areas. For large-scale ground power stations, centralized and string inverters can be selected according to different terrains. For areas with relatively flat terrain, centralized inverters are still the main solution for large ground-based power stations.
The centralized inverter adopts centralized MPPT and centralized grid connection, which has more mature technology, lower initial investment cost, more friendly grid access and lower operation and maintenance cost. At present, centralized inverters are developing towards higher power, higher integration and higher voltage levels.
China’s mainstream centralized pv inverter manufacturers have launched 3.125 MW single-unit pv inverter and box-inverter integrated solutions. Compared with the 2.5MW solution, the 3.125MW solution can maximize system cost savings. A powerful guarantee for PV grid parity.
High-power string pv inverter
Suitable for ground power stations in hilly areas. With the increasing variety of power station types, higher challenges are presented to the power station system design. The main advantage of string inverter over centralized inverter is its multi-channel MPPT function, flexible configuration and high degree of intelligence. Once the inverter fails, the loss of power generation is smaller.
For hilly, mountainous and other areas, since the installation direction of photovoltaic modules will show different angles with the fluctuation of the terrain, it is prone to mismatch. The string inverter has multi-channel maximum power tracking (MPPT), which can ensure the maximum output power of each photovoltaic array, reduce the series mismatch loss caused by uneven ground, and thus increase the power generation. At present, the mainstream power of string high-power inverters has reached 250-350kW.
Distributed pv inverter
suitable for large-scale ground power stations. The function of the distributed inverter is between the centralized inverter and the string inverter. Multiple MPPT optimization functions are realized by pre-positioning multiple MPPT control optimizers, and then centralized power generation is connected to the grid. Through decentralized tracking, centralized The form of grid connection enhances the adaptability of the system grid, and the current market share of distributed inverters is small.
Cost composition of energy storage system
Small power string pv inverter
Suitable for distributed power stations. Distributed power stations include industrial and commercial distributed power stations and household distributed power stations. Industrial and commercial distributed photovoltaic projects are all kinds of distributed photovoltaic power generation projects that are developed locally, utilized nearby, and have a single-point grid-connected installed capacity of less than 6 MW. Household distributed mainly refers to small photovoltaic power stations that are mainly households. Built on residential roofs, usually the installed capacity of a single project does not exceed 5kW.
China’s household photovoltaic power plants have two modes: “self-generated and self-use, surplus power grid” and “full grid grid”. Compared with ground power stations, households have smaller installed capacity, so string inverters with lower power are often used.
Distributed power stations are prone to shadow shading. The multi-channel MPPT function of low-power string inverters can automatically achieve maximum power electrical tracking when partial shading of photovoltaic modules occurs, maintaining a high power generation.
Micro pv inverter
Suitable for small household photovoltaic power plants. Micro-inverter refers to the direct integration of grid-connected inverter with a single photovoltaic module, matching an inverter module with DC conversion function and maximum power point tracking for each photovoltaic module, and directly outputting the output at the end of each module. alternating current.
The advantage is that each component can be independently controlled by MPPT, which can greatly improve the overall efficiency, and at the same time, it can avoid the DC high voltage, poor low light effect, barrel effect, etc. of the centralized inverter, and minimize the series loss. distribution to increase photovoltaic power generation.
String inverters have gradually become the mainstream of the current market with multiple advantages. In 1995, when the inverter came out, it was mainly to cooperate with the small photovoltaic power station system at that time, so the early inverters were all string inverters.
In 2002, with the continuous increase of power station capacity, SMA launched the first centralized pv inverter for economic reasons, which was widely promoted in large-scale ground power stations. mainstream market.
In 2014, with the diversification of ground power station terrain types and the rise of distributed power stations, Huawei announced to develop the pv inverter business, focusing on string-type pv inverter products. The cost of inverters and centralized pv inverters continues to shrink, and the market share continues to increase.
In 2016, the inverters on the market were dominated by centralized pv inverters, with the centralized type accounting for 63% and the string type accounting for 32%. It increased to 68%, and the proportion of centralized pv inverters dropped to 29%. Various advantages have made string pv inverters occupy the mainstream market again.
Rapid growth of global energy storage capacity
String inverter advantages
(1) Wide range of application scenarios. The early large-scale ground-based power stations were mainly based on the application of centralized pv inverters. With the increasing diversification of power station types and the rapid development of industrial, commercial and household distributed photovoltaics, string pv inverters have brought market opportunities. Incremental growth and a wide range of application scenarios help the market share of string inverters to continue to increase.
(2) Technology continues to mature. Before 2016, string inverters below 60kW were the mainstream products. With the advancement of power electronics technology and heat dissipation technology, the single-unit power of string inverters showed an increasing trend. Major companies have successively launched 1500V, 225kW The above string inverters can effectively reduce the cable loss on the connecting cable from the inverter to the transformer by increasing the voltage and reducing the output current, which improves the quality and efficiency. The competitiveness of string inverters in ground-based power plants continues to increase.
(3) Costs drop rapidly. Compared with the centralized inverter, the main disadvantage of the string inverter is the large initial investment and high equipment cost. With the continuous maturity of technology, the cost per watt of string inverters has dropped rapidly in recent years, gradually approaching the cost of centralized inverters, further enhancing the market competitiveness of string inverters.
(4) Multi-channel MPPT has outstanding advantages, and higher power generation is favored by power station investors. The full name of MPPT is Maximum Power Point Tracking (Maximum Power Point Tracking) controller. Since PV modules are affected by factors such as external light intensity and environment, their output power is constantly changing. MPPT can detect the power generation voltage of PV modules in real time and track the highest power generation.
The string inverter first inverts and then fuses. Compared with the centralized inverter, it has a multi-channel MPPT tracking function, which can effectively ensure the highest output power of each photovoltaic array. Reduce mismatch losses, thereby ensuring higher power generation capacity of the power station, which is more and more favored by power station investors.
The price difference between strings and centralized inverters is shrinking
Energy storage plays an increasingly prominent role in new energy systems, and energy storage converters play a key role. Energy Storage System (ESS) is a system that can store electrical energy and supply power, with functions such as smooth transition, peak shaving and valley filling, frequency regulation and voltage regulation.
It can smooth the output of solar and wind power generation, and reduce the impact of randomness, intermittency and volatility on the power grid and users; charging during the valley price period and discharging during the peak price period can reduce the electricity bill of the user;
When the power grid is powered off, it can operate in an island to ensure uninterrupted power supply to users. The standard energy storage system includes battery system (energy storage battery and BMS), energy storage converter (PCS), thermal management system, fire protection system, data monitoring and analysis platform.
The energy storage converter (Power Control System, referred to as PCS) can control the charging and discharging process of the battery, perform AC-DC conversion, and can directly supply power to the AC load when there is no power grid. PCS consists of DC/AC bidirectional converter, control unit, etc.
The PCS controller receives the background control command through communication, and controls the converter to charge or discharge the battery according to the sign and size of the power command, so as to adjust the active power and reactive power of the grid. The PCS controller communicates with the BMS through the CAN interface to obtain the status information of the battery pack, which can realize the protective charging and discharging of the battery and ensure the safe operation of the battery.
Photovoltaic storage integration will become the future development trend of pv inverters. The solar-storage integrated smart inverter can realize the simultaneous connection of photovoltaic panels and energy storage batteries to the grid, and through the coordinated management of the panels and batteries, the grid-connected power generation with maximum power, and the power can be dispatched grid-connected power generation and off-grid. Runs three working modes. Photovoltaic-storage integrated pv inverters are adapted to the optical-storage system to effectively improve the utilization rate of power generation, which is the overall trend of the industry in the future.
China’s pv inverters have been replaced overseas, and second-tier enterprises have sprung up. The scale of photovoltaic installations has grown rapidly, and the global pv inverter market concentration has continued to increase. The period from 2012 to 2017 was a period of rapid increase in the newly installed PV capacity globally.
During this period, the market concentration of pv inverters has also continued to increase. The CR3 of the pv inverter market increased from 33% in 2012 to the highest of 48.6% in 2017, and the CR10 increased from 47.5% in 2012 to the highest of 76.1% in 2016.
From 2017 to 2019, due to China’s “531” policy, the global newly installed capacity began to slow down, and the global inverter market concentration remained stable. Affected by the global epidemic in 2020, Chinese companies have accelerated their overseas expansion, leading companies’ shipments have expanded, and industry concentration has increased again, with CR10 reaching 79.6%.
China Enterprise Energy Storage High-Power PCS Shipments (MW) in 2021
China’s photovoltaics came from behind, and the double-leading pattern of pv inverters was formed. The development of global photovoltaics originated in developed countries in Europe and the United States. Before 2010, China’s photovoltaic installed capacity accounted for less than 1% of the global installed capacity. In the early days, European and American countries almost monopolized the global pv inverter market.
Since 2010, with the substitution of Chinese-made raw materials in China’s photovoltaic industry and the launch of the “Golden Sun” project, China’s installed capacity has begun to increase rapidly, and Chinese inverter companies represented by Sungrow have begun to rise rapidly.
In 2013, Huawei announced its entry into the pv inverter industry, and quickly began to seize the global inverter market share, ranking first in the world in shipments in just two years. With the rise of Chinese pv inverter companies, Siemens, Schneider, ABB and other national companies have gradually launched the inverter market, and the market share of the old German inverter company SMA is also shrinking.
According to the data, in the global PV inverter shipment ranking in 2020, Huawei occupies the first place with a market share of 23%, followed by Sungrow with a market share of 19%.
Cost advantage + quality improvement, China’s pv inverters are accelerating overseas. In recent years, the technological maturity of pv inverters has been continuously improved, and the gap between product quality and performance and that of overseas inverter manufacturers has been narrowing. With the help of low-cost advantages, the penetration rate of China’s pv inverters in other countries’ markets has continued to accelerate.
Judging from the comparison of the unit price of pv inverters of global enterprises, the single watt price of Chinese pv inverter companies Sungrow, GoodWe and Growatt is about 0.3-0.4 RMB/W, and the price of SMA in other countries is 0.57 RMB/W. The prices of SolarEdge and Enphase, which are rooted in the US market, are 0.78 RMB/W and 2.20 RMB/W respectively, which is much higher than the price of PV inverters in China.
The global epidemic in 2020 has accelerated the export of Chinese inverters. According to data, the export value of China’s pv inverters in 2018-2021 will be 122/190/240/33.1 billion RMB respectively, a year-on-year increase of 21%/56%/26%/40 %, significantly higher than the growth rate of overseas PV installations.
In 2019, China’s pv inverter market share was 55%. At present, six of the world’s top ten pv inverter manufacturers are from China. In the future, as the recognition of China’s pv inverters in overseas markets increases, China’s pv inverter The inverter market share is expected to further increase, and China’s pv inverter market share is expected to increase to 75% by 2025.
The household pv inverter market is fiercely competitive, and second-tier companies are emerging. According to different application scenarios, the pv inverter market can be divided into the ground power station market and the household market.
Ground power station users tend to pay more attention to the supplier’s company scale, sales performance, company reputation, and past successful large-scale project experience when selecting pv inverters. Therefore, for second-tier manufacturers, the barriers to entry are relatively high.
The end customer group in the household inverter market determines its To C attributes, and more attention is paid to the product quality, service capabilities and brand value of pv inverter companies. The household market is relatively fragmented, which is why Provide sufficient entry space for second-line small pv inverter manufacturers.
Judging from the PV inverter shipment data from 2012 to 2020, second-tier companies have sprung up, and the competition among waist companies is fierce. In the future, with the continuous high growth of the household market in other countries and the promotion of the whole county photovoltaic roof plan in China, the profitability of enterprises with channel, brand and product competitiveness will be further improved.
The household energy storage market in other countries has opened up, and differentiated products have seized the blue ocean market. The penetration rate of household solar energy storage in other countries continues to increase. The main reason is that the increase in the price of natural gas has led to an increase in the cost of residential electricity consumption, and the cost competitiveness of household solar energy storage has become the best alternative power generation method;
Second, in the United States and Australia, the area is vast and sparsely populated. The residents are scattered and the power grid is aging, and the reliability and safety of electricity consumption is weak. More and more residents are beginning to install household solar storage systems to achieve self-generation and self-use, while saving electricity costs. Guarantee the reliability of electricity consumption.
Driven by the U.S. and European markets, the global installed share of household energy storage will maintain rapid growth. The global installed capacity is expected to reach 20.16GWh in 2025, and the CAGR will reach 40% in 2021-2025. New entrants in the inverter industry have rapidly opened up the household storage market in other countries through differentiated products of low-power household energy storage.
Analysis of key pv inverter companies
(1) Sungrow, the leader of ground-based power stations and large-scale energy storage PCS, has strong downstream customer stickiness, and the shipment of inverters and energy storage systems has grown rapidly under the coordination of solar energy storage;
(2) Goodwei and Jinlang Technology, the small leaders of string inverters, continued to enjoy industry dividends with the increase in the penetration rate of household photovoltaics. At the same time, they continued to expand their business boundaries and enhance business stability.
For wind-solar power storage and hydrogen storage, the five major tracks are developing synchronously. The company’s business mainly includes five tracks of pv inverters, wind power converters, energy storage systems, new energy vehicle drive systems, and hydrogen energy, all of which are high-prosperity development tracks.
As of 2021H1, the company’s pv inverter cumulative shipments reached 182GW, becoming the company’s pillar business. In the future, the company will seize the opportunity of energy transformation in the context of carbon neutrality, strengthen business synergy such as wind power and energy storage, and develop the five major businesses simultaneously.
Maintain the leading position in the ground power station market and strengthen the expansion of distributed market channels. The company’s inverter product market share ranks first in the world. It is expected that the company’s pv inverter shipments will reach 47GW/66-70GW in 2021/2022, of which the distributed installed capacity will increase significantly. At the same time, quickly seize the newly added distributed installed capacity market.
“Cellless” energy storage system strategy, the energy storage business doubled. The energy storage system has the function of shaving peaks and filling valleys, which can effectively smooth the output curve of wind power and photovoltaics, reduce the abandonment of wind and solar energy, and ensure the stability of grid operation. New energy + energy storage will be an important way of energy supply in the future.
The company seized the opportunity of the rapid development of the energy storage industry, gave full play to the company’s strengths in power electronic equipment, adopted the strategy of “battery-free” energy storage system, developed energy storage systems for households and industries, and launched 5-10kW/9.6-102.4kWh Home energy storage systems and 50kW-1MW/2-5h distributed energy storage systems have been applied in batches in the global market.
Grid-connected inverters contributed the main revenue, and energy storage pv inverters grew rapidly. The company’s 21H1 pv inverter shipments were approximately 238,500 units. Among them, the shipment of grid-connected inverters is about 217,500 units, accounting for about 91.19%;
The shipments of energy storage pv inverters are about 21,000 units, accounting for about 8.81%. It is estimated that the shipments of grid-connected pv inverters in 2021 will be about 450,000 units, and energy storage pv inverters will be 50,000 units. The proportion of energy storage in the shipment structure has increased to 15%, and the optimization of the shipment structure is expected to further enhance profitability.
Chinese inverter exports accelerate
The product range of pv inverters is complete, and the production capacity continues to expand. The company has a complete range of pv inverter products, fully covering the needs of households, poverty alleviation, industry and commerce, and large-scale power plants. The string-type grid-connected pv inverter covers the power range of 0.7-250kW, and fully meets the requirements of various types of photovoltaic modules and grid connection.
The energy storage pv inverter covers the power range of 2.5-10kW single machine, and provides a series of solutions such as micro grid, industrial and commercial energy storage. The company’s Guangde Phase II project of 500,000 inverters is under construction. After the project is completed, the company’s production capacity will be further enhanced.
Transform from a single new energy power supply equipment enterprise to a comprehensive energy Internet. The company is developing from a pure new energy power supply equipment enterprise to an energy Internet with functions of power generation monitoring, photovoltaic energy storage, adjustment of peaks and valleys of power demand, and data collection of load power demand.
Started with distributed string pv inverters, adhere to the global layout. The company’s main product string pv inverters include single-phase and three-phase series from 2G to 5G, with a power coverage of 0.7-230kW, and a wide range of products.
At the same time, the company actively explores major global markets such as the United States, the United Kingdom, the Netherlands, Australia, Mexico, India, Brazil and Southeast Asia, and has formed long-term and stable cooperative relations with high-quality customers in many countries and regions such as Asia, Europe, America and Australia.
The demand for orders is safe, and the market share is expected to further increase. Supported by the high growth of household photovoltaic demand in Q1 2022, the company’s household pv inverter shipments are expected to hit a record high. The company’s order volume is full, and the annual sales volume is mainly limited by the supply of raw materials. The supply of IGBT will determine the company’s annual shipment volume. The company’s market share is expected to further increase.
Expanding the ground power station market, China’s central enterprises have achieved zero breakthrough in centralized procurement. Under the premise of ensuring the stable growth of the household distributed market, the company continues to strengthen the development of the ground power station market. In February 2022, the company won the bid for the centralized procurement project of the State Power Investment Corporation, achieving zero breakthrough in cooperation with central enterprises, and opening up good opportunities for the follow-up company to enter the ground power station market. beginning.
Residential PV installed capacity continues to grow
Channel construction + brand influence, traditional business develops steadily. The company’s business includes three major segments: heat exchanger business, environmental electrical business and inverter business. In terms of heat exchangers, it is deeply bound to the industry leader Midea air conditioners.
At the same time, it will increase the development of new customers and effectively increase the sales volume of the company’s products. In terms of environmental appliances, the Company continued to strengthen channel construction and brand influence, developed online and offline simultaneously, increased product sales, and built a performance moat.
Differentiated market product strategy, the pv inverter business took off. The company entered the pv inverter business in 2017. Through a differentiated market strategy, the products are mainly residential photovoltaic energy storage. Compared with Chinese customers, other countries have higher price acceptance of products, higher product premiums, and higher price sensitivity. lower, and higher gross margins.
The company relies on its own years of experience in the small household appliance business, strengthens business synergy in the supply chain, and has strong cost control and market expansion capabilities. Since entering the inverter business in 2017.
The company has rapidly opened up markets in other countries. In 2021H1, the company sold 131,900 inverters, including 68,300 string inverters, 26,200 energy storage inverters, and 37,400 micro inverters, maintaining rapid growth. The inverter business is expected to become a new profit growth point for the company. If you want to know about the companies of other components of the energy storage system, you can refer to Top 10 solar battery manufacturers and Top 10 powerwall manufacturers for home energy storage.