October 9, 2023

SEDG, ENPH, S92 GR, 300274 CH, 300763 CH, HUAWEI


15 sources in France, Germany and Spain, comprising 9 with inverter distributors and 6 with solar installation, integration and
development companies, representing more than 6 GW of solar installations in Europe and worldwide during 2022

REPEAT SOURCES 10 from OTR Global’s July


Inverter Orders, Prices Fall
String and microinverter unit orders in Europe during 3Q23 fell below sources’ July expectations because of excessive inventories and slowing residential demand, and Chinese manufacturers gained share because of aggressive pricing in a weak market.

• 3Q23 string inverter orders down 27%–32% yy, microinverter orders down 28%–33% (below
July expectations for both); inventory levels excessive for 13 sources who responded; residential
demand hurt by deteriorating credit availability

• 3Q23 lead times decreased qq for 12 of 15 sources because of increasing production in China
and Europe, weakening demand

• 3Q23 string inverter prices down 12%–15% yy (vs. up 6%–9% in 2Q23, below expectations in
July) because of Chinese competition; microinverter prices down 3%–6% yy (vs. up 8%–13%
in 2Q23)

• Huawei, Sungrow (300274 CH), Solis (300763 CH) gained share with aggressive pricing; SEDG,
S92 GR lost share; ENPH lowering prices qq, increasing communication, expanding distribution
in Germany

• Area to Watch: 4Q23 string and microinverter prices expected down qq because of continued
competition from Chinese OEMs