TMEIC Receives 'Global Award' From Frost & Sullivan for 3rd Year in Row
Frost & Sullivan announced April 20, 2017, that it has given the Global Company of the Year Award to Toshiba Mitsubishi-Electric Industrial Systems Corp (TMEIC).
Frost & Sullivan is a major research firm based in the US. TMEIC was given the award in consideration of its track record in PV inverter business in and outside Japan.
Frost & Sullivan provides services such as market research, analysis and consulting on a global basis. Based on its own research, it organizes "Best Practices Award" for commending companies that have achieved an outstanding performance in each industry. For the Best Practices Award, recipients were selected from each of the Asia-Pacific market, the global market, etc. And the Global Award is the best award.
TMEIC has received the award for the third year in a row since it became the first Japanese company that had been given the award in 2015.
"TMEIC is continuously developing the highest-class products and has a top position in the market for PV inverters," according to Frost & Sullivan. "The farsighted innovations brought by excellent technologies, services, added values and product functionality are certainly creating customer values."
Citing the development of the "AC Station" total solution, which consists of the "Solar Ware" series of PV inverters for large-scale solar power plants, collecting boxes, step-up transformers and ring main units, the research firm highly evaluated the high cost performance and high stability of the product.
According to Frost & Sullivan, TMEIC currently has the largest share of the market for 100kW and higher-output PV inverters, is receiving orders from across the globe and increased the unit sales of 100kW and higher-output PV inverters by about 43% in 2016.
Specifically, the sales increased from ¥60 billion (approx US$550 million) in 2016 to ¥100 billion in 2017, increasing the ratio of overseas sales from 40 to 60%.
"In 2016, TMEIC invested ¥8 billion worldwide for expanding its overseas business, and India accounted for half of it," Frost & Sullivan said. "It has an excellent global strategy. For example, the basic designs of its products are developed in Japan, and the final specifications are set at each factory in consideration of local needs. By exporting main devices from factories in Japan, the company prevents the quality of products manufactured outside Japan from being lowered."
According to TMEIC, it received the award because the following items were highly evaluated: (1) the introduction of advanced solutions that anticipate market needs, (2) sales and product strategies that flexibly respond to market trends in Japan and around the world, (3) global development of its production and supply strategies through the establishment of multiple overseas manufacturing bases that yield high-quality products and services on par with the technology, skills and quality of mother factories in Japan and (4) efforts toward reducing environmental loads at its global manufacturing bases.