Solar
Inverters 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.
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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Global
Solar Inverters Market Drivers & Trends
While the prices of solar inverters
have also declined in recent years, solar inverters have become more affordable
to the universal population. Such a scenario has resulted in a steady growth in
the installation of solar electric systems across both developed and developing
regions globally.
Solar power systems are currently
manufactured in various forms such as off-grid solar power system, grid
inter-tied solar power system with battery backup, and grid inter-tied solar
power system without battery backup. According to such requirements, the
consumers can easily choose from these varieties and install the system in their
houses or office buildings. Having such diverse types and uses, this factor is
also triggering the market of the solar inverter to upsurge significantly with
magnifying new opportunities to confront in the future timeframe.
Besides, the factors such as increasing
electricity prices, rising investment in smart cities, and increasing awareness
have further led to the expansion of the solar inverter market in the countries
over the world. Hence, to meet the growing energy demand, the developing
regions are witnessing rapid growth in solar installations. Even residential
consumers are significantly adapting to solar power systems owing to rising
electricity prices. Also, surging solar rooftop and off-grid systems are
further propelling the demand for solar inverters in the country.
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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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