Market Monitor (Cont. from page 2) Independent Rehabilitation lot of interest from commercial and Hospitals – China industrial clients looking for either a self-sufficiency and resale solution or investment opportunity in large According to hospital managers while 27% expect it to stabilize, and 13% central projects. But the majority of interviewed in Huadong areas in eastern expect it to decelerate. Future demand business will continue to come from China, the average bed utilization rate growth is driven by the aging population residential clients who want to lower at the end of 2021 was 84%, and it is and high incidence of chronic disease. their utility bills, and with solar panels, expected to be 89% by the end of 2022 Meanwhile, 80% said the current bed this can be achieved to up to 50%.” and 93% by the end of 2023. The rate has supply is inadequate to meet demand. According to sources, cost efficiency been increasing due to greater market 60% said the sluggish economy has and reliability are the most important awareness of rehabilitation services, slowed new competition entering the factors in all countries surveyed reasonable treatment costs, and good market, and they expect competition to when choosing the type of solar patient outcomes. Sources expect remain stable, while 20% expect there to panel inverter across residential, revenue to see stable growth—up an be more competition, and another 20% commercial, and industrial end users. average 9% in 2022 vs. 2021 and 12% expect less. 80% of sources said stable The choice of the inverter type is in 2023 vs. 2022—driven by demand or less competition is positive, as it allows made by the installer for 100% of growth and improvement in the quality of existing players to maintain revenue sources in Germany and 67% each in rehabilitation services, balanced by price growth and achieve healthy margins. France and Spain, as they are best caps, competition, and patients’ ability to positioned to make a decision. afford treatment. An average 56% of residential As for demand growth, 60% expect the solar panel installations in Germany pace of independent rehabilitation hos- and 46% in Spain currently adopt pitals to accelerate in the next 12 months, string inverters with switchers, while 1% in both countries adopt microin- verters. In France, an average 78% adopt microinverters. Demand for Garmin Products – US At the same time, an average 65% of commercial solar panel installa- tions in Germany and 54% in Spain Grassroots interviews were conducted competitors and security breach issues. currently adopt string inverters with with dealers who carry Garmin products One source commented, “there’s not been switchers, while 54% in France adopt in the US to assess recovery prospects of much of a shift in Garmin’s mass-market string inverters with optimizers. Garmin’s declining product sales. 65% of appeal. What’s good is they have more Microinverters are rarely used for Garmin fitness-product dealers said sales low- to high-end models in terms of commercial installations use due to in summer 2022 were in line with expecta- cost options. They appeal to both those high cost and not being appropriate tions, while 25% said below, and 10% looking for a simple model or one that for large-scale solar installations. said above. Meanwhile, 90% of Garmin does neat tricks.” Indeed, 80% said there Microinverters for residential use are outdoor-product dealers said sales of were no significant changes in Garmin’s expected to reach an average 81% Garmin outdoor products in summer 2022 marketing its fitness products in the past penetration in France, 5% in Spain, were in line with expectations, while 10% six months. and 2% in Germany on the one-year said below. None of the outdoor-product At the same time, 50% of Garmin outdoor- horizon, and they are expected to dealer sources expect outdoor products product dealers said that they are not reach 84% in France, 11% in Spain, sales to decrease post-COVID as was the doing marketing for outdoor products and 5% in Germany on the three-year case with Garmin fitness products. currently, while the other 50% cited various horizon. Penetration of microinverters When asked about mass-market appeal, marketing activities including displays, for commercial use is expected to 65% of fitness-product dealers said the pamphlets, signage, digital ads, and remain low on both the one- and appeal of Garmin’s fitness products has events sponsorships. three-year horizons. remained the same in the last six months and 15% said it increased, while 20% said it decreased due to more ads from 3