Solar inverters are electrical converters
which convert DC current into AC for use in commercial electrical grids or
other electrical grid networks. Commonly used in solar rooftop or
ground-mounted residential and commercial areas, solar converters are a
fantastic alternative to traditional electricity generation methods. Market
Research Future has invested time and resources to properly understand the
global solar inverter market which is expected to grow at a highly optimistic
CAGR of 15.65% during the review period from 2017 to 2023. The growth of the
market at that rate is expected to reach a market value of USD 24,507.3 Mn by
2023.
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Market
Segmentation
The global solar inverter market in MRFR's
report has been segmented into type, system type, end-user, and region. Type
has been segmented into string, micro, and central. The central type solar
inverter segment logged a share of more than 45% in 2016 with string type
following closely.
System type has been segmented into
off-grid, and on-grid. the On-grid segment had the largest share of the global
market due to its ability to use the utility grid as power storage instead of
as a battery bank.
End-users of solar inverter have been
divided into residential, utilities, industrial & commercial. The utility
segment captured the dominant share of the global solar inverter market and is
poised to expand at a CAGR of 16.85% during the review period.
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Key
Players
Noted market players that compete in the
global solar inverter market include Delta Electronics, Inc. (Taiwan), Sineng
Electric Co., Ltd. (China), Solectria Renewables, LLC (U.S.), ABB Ltd
(Switzerland), Power Electronics (Spain), SolarEdge Technologies Inc. (Israel),
SunPower Corporation (U.S.), SMA Solar Technology AG (Germany), Hitachi Hi-Rel
Power Electronics Pvt. Ltd (India), and Canadian Solar Inc. (Canada). These
players have been analyzed in MRFR’s report along with their strategies and
other key company details.
Regional
Analysis
The Asia Pacific has been observed to the
largest producer of power across the globe. The region is also the largest
regional market for renewable energy and as such leads the global solar
inverter market. Countries such as China, India, and Japan are estimated to
lead the market during the forecast period. The regions have some of the worlds
most significant population, and as such, there is a high demand for power.
Moreover, the region has established itself as an industrial and manufacturing
hub which furthers the demand for power in the region. The government support
of renewable power generation is expected to support market growth. The APAC
accounted for a 47.6% share of the global market and is followed by Europe.
China is the leading country-level market in the region due to the high among
carbon emissions in the country and active investments in renewable energy.
These investments account for 36% of the world’s total investments in renewable
energy.
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Market Research Future:
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