Progress in foreign strategy highly evaluated
Frost & Sullivan, a major USA consulting firm, announced in April 2017 that it will present TMEIC with its "2016 Global Company of the Year Award." The domestic and global performance of TMEIC in PV inverters for solar power plants was highly evaluated.
Frost & Sullivan performs market surveys and analyses globally and announces the "Best Practice Awards" given to companies that achieved an outstanding performance in each industry, based on its own analyses, every year. The "Global Award" is ranked top among the Best Practice Awards. TMEIC has received the award for three consecutive years starting from 2015, when it became the first Japanese company to receive the award.
TMEIC, which is financed equally by Toshiba Corp and Mitsubishi Electric Corp, is not listed, and the disclosed management information is comparatively limited. Frost & Sullivan evaluated TMEIC based on its own surveys.
According to the analysis of Frost & Sullivan, "TMEIC currently has the top share in the global market for PV inverters intended for large-scale solar power plants (100kW or higher), and the shipment volume of PV inverters increased by more than 40% in 2016, successfully receiving orders from various regions in the world. Sales in the field increased from 60 billion yen in 2016 to 100 billion yen in 2017, and the ratio of sales in foreign markets increased from 40% to 60%."
"TMEIC invested 8 billion yen throughout the world in 2016, aiming to expand its business in foreign countries, and half of the amount was invested in India," said a senior industry analyst of Frost & Sullivan, evaluating the company (Fig. 7). "The basic design of the products is undertaken in Japan, while final specifications are decided by each factory responding to the needs of each region, which is one of the superior global strategies. Major devices are exported from factories in Japan to prevent decline in the quality of products manufactured outside the country."
One of the points that Frost & Sullivan evaluated in giving the "Global Award" was the company's skillful overseas strategy. The construction of new factories in the USA and India is one of the company's new overseas strategies.