Inverter measurements and key assumptions.

Wind power market: The average price of wind power inverters is assumed to be $0.3/W in 2021, with prices decreasing by 2% per year thereafter. According to our calculations, the global wind power inverter scale will be 26.1 billion yuan in 2021 and will grow to 38.9 billion yuan in 2025, with a 20-25E CAGR of 6%.

PV market: Assuming the price of PV inverter is $0.25/W in 2021, the price will decrease by 2% annually after 2021. 2021 global PV inverter scale is $40 billion, and will grow to $69.2 billion in 2025, with 20-25E CAGR of 15%.

Energy storage market: assume that the price of energy storage PCS in 2021 is 0.4 yuan / W, 21-23 years PCS price annual decline of 10%, 2024 and after the annual decline of 5%. According to our estimation, the global energy storage PCS market size will be $6 billion in 2021 and will grow to $38.3 billion in 2025, with a 20-25E CAGR of 75%.