String Inverter Market Synopsis:
Solar inverters harness solar power and have been
witnessing technological innovations for improved efficiency. In this
assessment offered by Market Research Future (MRFR), it has been unraveled that
the global solar inverter market is poised to register 15.65% CAGR over the
forecast period 2017 to 2023. The market is estimated to exceed a valuation of
USD 24,000 Mn by 2023.
Increasing demand for power has led to a rise in the
generation of power from renewable sources. Solar energy holds a significant
share of the total renewable energy generated annually. This, in turn, is
presumed to amplify the growth rate of the solar inverter market in the
foreseeable future. Urbanization and industrialization are likely to intensify
the demand for the product over the next couple of years.
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Global String Inverter Industry
Segmentation:
On the basis of type, the solar inverter market has
been segmented into central, string, and micro. Among these, the central type
accounted for the largest share of the global market accounting for 45.12%
share. It is expected to register a notable growth rate over the next couple of
years. In addition, the string segment is also anticipated to witness demand generation
in the years to come.
Based on system type, the solar inverter market has
been divided into on-grid and off-grid. The on-grid segment is projected to
lead the expansion of the global market across the projection period. It can be
used as a power storage medium, which is likely to expedite its growth rate in
the forthcoming years.
By the end-user, the solar inverter market has been
segmented into residential, industrial & commercial, and utilities. Among
these, the utilities segment currently holds the largest share of the global
market. It is assessed to strike a CAGR of 16.85% over the assessment period.
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Regional Analysis:
The geographical evaluation of the global solar
inverter market is included in this assessment on both regional and
country-level basis. The regional segments identified are - North America, Asia
Pacific (APAC), Europe, and the Rest of the World (RoW).
Asia Pacific holds the largest share in the
generation of renewable energy on the global front. It is expected to drive the
growth of the solar inverter market in the region. India, Japan, and China are
anticipated to contribute significantly to the expansion of the market in the
upcoming years. The rapid industrialization in the region is anticipated to
drive the expansion of the market in the forthcoming years. The governments are
investing in the generation of solar power, which is prognosticated to boost the
revenue growth of the solar inverter market in the foreseeable future. In
addition, the rising demand for power due to urbanization is also anticipated
to lead the proliferation of the solar inverter market during the forecast
period. Europe is also likely to benefit from the rising investments in the
renewable energy industry.
Competitive Dashboard:
ABB Ltd (Switzerland), Canadian Solar Inc. (Canada),
SMA Solar Technology AG (Germany), SolarEdge Technologies Inc. (Israel), Delta
Electronics, Inc. (Taiwan), SunPower Corporation (U.S.), Solectria Renewables,
LLC (U.S.), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), Sineng Electric
Co., Ltd. (China), and Power electronics (Spain) are some of the key players of
the global solar inverter market.
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