The global market for photovoltaic (PV) inverters is likely to fall by 27 percent this year to under $2 billion according to IMS Research.
Despite the record growth seen in 2008 with the market growing by 95 percent to reach $2.5 billion, this year is set to be very different, IMS predicts. According to IMS Research, the market shows that in the first quarter of 2009 worldwide inverter shipments fell 45 percent compared to the previous year.
"A sharp decrease in inverter shipments in 2009 is forecast due to four key factors: the restricted access to credit which has delayed major projects, the 500MW cap implemented by Spain's government, the particularly harsh winter in Europe which has delayed installations and the sudden drop in PV module prices," said research analyst and report co-author, Sam Wilkinson.
"Although this year the outlook for the market is not good, it is forecast to continue growing from 2010 onwards, exceeding $4 billion in the next five years."