The PV inverter market declined once again in Q3'11 with industry revenues in Euros falling by over 20% year-on-year according to the latest quarterly report from IMS Research. A lethargic quarter in Germany was the main contributor where third quarter revenues were over 50% down compared to Q3'10. Although this is a dire statistic for the industry to consider, a positive is that prices stabilised in the third quarter, a welcome relief for suppliers that have had to endure heavy price erosion since the turn of the year. However, average prices are still 15% lower than in 2010.

According to IMS Research, the market was limited by the lack of activity in Germany where shipments were over 1 GW lower than in Q3'10, contributing to global shipments being 8% down year-on-year. Shipments had still grown for the last two consecutive quarters, however revenues decreased because of falling prices. Although Q3'11 shipments failed to hit 2010 quarterly levels, prices stabilized during the quarter, indicating a healthier level of inventory in the market.

IMS Research's quarterly PV Inverter Supply & Demand report, which collects revenue and shipment data from more than 90% of the industry, shows that exchange rates were also a contributing factor to revenue and price changes in Q3. “The majority of inverters are still sold in Europe where the average price per watt stabilised last quarter if measured in Euros. However, companies from outside the Eurozone realizing their revenues in dollars may still have felt the price pressure as Dollar prices fell by 5% compared to Q2'11 due to changes in exchange rates”, commented Tom Haddon, PV Market Analyst at IMS Research. “Price pressure will continue to be a prominent feature of the market for some time and it wouldn't be wise for PV inverter suppliers to count on prices staying at this level for long”, added Haddon.

Despite the sluggish performance of the German market in Q3, market leader SMA Solar Technology's market share held stable at over 30% of revenues due to an increased focus on 'foreign' markets. “Whilst SMA has always been strong in its domestic market, it is now turning its attentions to the faster growing emerging markets, with the Americas becoming a larger proportion of its business. In order to maintain or increase market share this strategy will need to continue”, concluded Haddon.

Despite declining shipments in Q3'11, IMS Research forecasts that annual inverter shipments will still grow in 2011 and break the 25 GW mark as new incentives in Asia and an end of year rally in Germany (before the January 1st FIT cut) help to stimulate demand.

據(jù)IMS Research最新發(fā)布的季度報(bào)告顯示，2011年三季度光伏逆變器市場(chǎng)再次下滑，產(chǎn)業(yè)收益年同比下跌20%。究其主因在于德國(guó)市場(chǎng)三季度的表現(xiàn)極為平淡，較去年三季度的產(chǎn)業(yè)收益相比，跌幅逾50%。盡管統(tǒng)計(jì)數(shù)據(jù)不容樂(lè)觀，但三季度價(jià)格已趨于穩(wěn)定，自年初以來(lái)一直飽受價(jià)格侵蝕的供應(yīng)商們終于如釋重負(fù)。然而，逆變器平均價(jià)格仍比2010年低15%。

據(jù)IMS Research透露，逆變器市場(chǎng)受到德國(guó)光伏市場(chǎng)的“毫無(wú)作為”影響，出貨量雖然超過(guò)1GW，但仍低于2010年三季度的出貨量，這使得全球出貨量也同比下滑8%。出貨量已連續(xù)兩個(gè)季度呈現(xiàn)持續(xù)增長(zhǎng)勢(shì)頭，然而由于價(jià)格不斷下滑，收益也因此減少。盡管2011年三季度的出貨量未能達(dá)到2010年同期水平，但三季度產(chǎn)品價(jià)格趨穩(wěn)，這表明市場(chǎng)庫(kù)存量維持在一個(gè)健康的水平內(nèi)。
　　
IMS的光伏逆變器供需季度報(bào)告采集了逾90%的產(chǎn)業(yè)收益及出貨量數(shù)據(jù)，報(bào)告顯示匯率也是影響收益及價(jià)格變動(dòng)的因素之一。 “大部分的逆變器仍然賣(mài)到歐洲市場(chǎng)，如果按歐元計(jì)算的話，上季度逆變器每瓦均價(jià)趨于穩(wěn)定。然而，美元匯率較二季度下跌5%，歐元區(qū)以外的光伏企業(yè)（以美元計(jì)算）仍能感受到價(jià)格壓力，”光伏市場(chǎng)分析師Tom Haddon評(píng)論道。價(jià)格壓力將在未來(lái)的一段時(shí)間內(nèi)繼續(xù)成為市場(chǎng)的主導(dǎo)因素，并且并不建議光伏逆變器供應(yīng)商持有價(jià)格將在很長(zhǎng)時(shí)間內(nèi)維持在這一水平的觀點(diǎn)。 ” 　　

盡管三季度德國(guó)光伏市場(chǎng)表現(xiàn)疲軟，然而海外市場(chǎng)關(guān)注度有所增加，逆變器龍頭企業(yè)SMA Solar仍保有一定的市場(chǎng)占有率且收益逾30%。 “SMA公司在國(guó)內(nèi)市場(chǎng)的地位始終牢不可破，如今該公司正將注意力轉(zhuǎn)向快速發(fā)展的新興市場(chǎng)，美國(guó)市場(chǎng)的業(yè)務(wù)領(lǐng)域也在不斷擴(kuò)大。為了維持或增加市場(chǎng)占有率，公司將繼續(xù)執(zhí)行這一市場(chǎng)策略。”Haddon表示?！　?br />
盡管2011年三季度出貨量有所下滑，但I(xiàn)MS預(yù)測(cè)，隨著亞洲市場(chǎng)新補(bǔ)貼政策的出臺(tái)以及年末德國(guó)市場(chǎng)的搶裝潮（趕在1月補(bǔ)貼削減以前），2011年逆變器出貨量仍將出現(xiàn)增長(zhǎng)并打破25GW的記錄。