As per the latest reports, PV inverter market is set to reach a growth of USD 12.1 billion by the end of 2026. With the lowering costs and rising technological innovations, the key players in the industry are expanding their service and coverage area. Growatt is one of the largest PV inverter brands globally with sales and support in over 50 different countries. Their rise to fame is mainly due to their best-in-class offerings in the economy-premium offerings. In the 2019 Green Expo (Mexico City), the company highlighted its Latin American expansion plans and collaborations with local installers and clients. The smart X-series (750 W – 80 kW) inverters were also on display during the expo.
Their market expansion strides in 2019 also includes the Indian sub-continent. They have significantly increased their investment here through training workshops, and the launch of the MAC 40-70 kW inverters. MAC series can work in temperatures upto 60 degree C (a working condition in the tropics) with better cooling and flexible deployment capabilities due to their adjustable string numbers.
Furthermore, in early August, Growatt has also unveiled its plans to launch the battery inverter series in Australia. This Growatt Min KTL-XH series comes with a maximum efficiency of 98%, -35 degree C tolerance and a touch OLED display. This single-phase inverter is also 30% lighter than their counterparts, with sizes ranging between 2.5 to 6kW. It also incorporates the remote monitoring capability that Growatt is known for. Out of the 2+ million rooftop PV systems in the country, over 10% uses Growatt inverters.
However, these expansion plans is not unique to Growatt. Most of the largest inverter manufacturers are in such a phase. Inverters are the most crucial components in a rooftop system, and greatly influences the final installation and commissioning costs. Their price per watt, have been steadily falling over the years at a slow pace. At present, its at a state where the inverters are more reliable and cost-efficient. Thus, most key players in the market are taking advantage of this phase to reach the maximum audience as possible