Solar
Inverter Market Insights
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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A rising number of solar power plants around the world
will drive the solar inverter market. This is largely due to the fact that
solar power is a renewable source of clean energy which is in high demand due
to rising environmental concerns. The growth of off-grid solar panel
installation in commercial, industrial, and residential use will help the
market grow rapidly. The reason these factors are driving market growth and the
high adoption of solar converters is due to the various benefits of using solar
energy. Solar power is free, and clean and reduces carbon footprint while being
affordable. Increasing government initiative and policies which support the
adoption of solar power has been a driver of growth for the global solar
inverter market.
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.
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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.
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 worlds total investments in renewable
energy.
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