Wood Mackenzie's latest research report shows that after a record high in global photovoltaic inverter shipments in 2024, shipments may drop to 577 GWac in 2025, a decrease of 2%. Shipments will further decline to 523 GWac in 2026, a decrease of about 9%, reflecting uncertainties in major markets including China, Europe, and the United States. Following this round of market downturn, we expect the photovoltaic inverter market to recover by early 2030, potentially exceeding the scale of 2024. In the next decade, the electrification process, the growth in demand for artificial intelligence, and the cyclical upgrading of equipment will lay a solid foundation for the growth of inverter demand