Market Highlights
The
global solar
inverter market is a very dynamic market and is expected to witness
high growth over the forecast period. The growth of the solar panels market is
majorly influenced by the growing demand for energy consumption around the
world. Furthermore, electricity produced by renewable sources is clean, cost
effective and renewable in nature. In 2015, China, being the world biggest
carbon emitter, invested USD 102.9 billion in renewable energy, which accounted
for 36% of world total. According to Institute for Energy Economics and
Financial Analysis (IEEFA), China has increased its foreign investment in
renewables and solar by 60 percent to reach a record USD 32 billion in 2017.
However, the high capital cost for installation is acts as a major barrier for
the growth of the solar inverter market.The global solar inverter market is
poised to grow over USD 24,507.3 million by 2023 at an estimated CAGR of 15.65%
through the forecast period.
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Solar
inverter plays an important role in a solar energy system. It converts DC power
output into AC current which can be fed into the grid and directly influences
the efficiency and reliability of a solar energy system. They are used in solar
rooftop and ground-mounted residential, commercial and utility-scale systems,
with system ratings of 3–10 kW, 10 kW–2 MW and > 2 MW, respectively.
Market Segmentation
The
global solar inverter market has been segmented based on type, system type,
end-user, and region. Solar inverter are segment into central, string and
micro. Central type inverter accounted for the largest share with 45.12% in the
global solar Inverter market. String inverter type based solar inverter
accounted for 36.29% share in the same year. On the basis of system type,
On-Grid accounted for the largest market share, it allows to use of utility
grid as a power storage medium instead of a battery bank. On the basis of end
user, Utilities dominated the global solar Inverter market with a share and
expected to grow at a CAGR of 16.85% during the forecast period. Geographically,
Asia-Pacific is showing a high rate of growth in solar inverter market
Asia-Pacific accounted for the largest market share of 49.64% in 2016, with a
market value of USD 4,427.3 Million and is projected to grow at a CAGR of
16.44% during the forecast period.
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Regional Analysis
Geographically,
Asia-Pacific is the largest power producer globally, and is the largest market
for renewable energy generation across the globe. The solar inverter market is
emerging in countries such as China, India, and Japan, and is estimated to grow
at a high rate in the forecast period.
The continuous growth in industrial & commercial and utility sector,
requirement of high amount of electricity, Government initiative for
utilization of renewable energy are some of the factors pushing the market
towards growth. Asia-Pacific accounted for the largest market share of 47.6% in
2016, followed by Europe which is expected to grow at a CAGR of 19.14% during
the forecast period.
In
2015, China, being the world biggest carbon emitter, invested USD 102.9 billion
in renewable energy, which accounted for 36% of world total. According to
Institute for Energy Economics and Financial Analysis (IEEFA), China has
increased its foreign investment in renewables and solar by 60 percent to reach
a record USD 32 billion in 2017.
Key Players
We
recognize the key players in the global solar inverter market as ABB Ltd
(Switzerland), SMA Solar Technology AG (Germany), Canadian Solar Inc. (Canada),
SolarEdge Technologies Inc. (Israel), SunPower Corporation (U.S.), Delta
Electronics, Inc. (Taiwan), Solectria Renewables, LLC (U.S.), Sineng Electric
Co., Ltd. (China), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), and Power
electronics (Spain).
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