Global
Solar Inverters Market Insights
The global demand for solar
inverters has been rising robustly at a CAGR of 15.65% from 2017 to 2023. The Global
Solar Inverters Market is
also poised to achieve and exceed valuation of USD 24,507.3 million by 2023 as
the demands for the solar inverter is grossing owing to increasing
environmental concerns and making it an essential fact of the market. The
importance of solar is profoundly portrayed mainly to reduce harmful emissions
and to increase the cost of fossil fuels. Due to these reasons, solar power is
a more economical energy source in the present day.
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.
Global
Solar Inverters Market Segmentation
The global solar inverter
market has veteran a potential growth over the past few years, and it has also
been analyzed that the market will nurture at the same pace during the forecast
period. On this event, the market has been segmented on the basis of type,
system, end-user & region.
By the mode of type, this
market segment comprises of central, string & micro.
By the mode of system type,
this market segment comprises of on-grid and off-grid.
By the mode of end-user, the
market is segmented into residential, industrial & commercial and
utilities.
Regional
Outlook
Region-wise, Asia-Pacific is
presenting as the most significant power producer globally and is also the
largest market for renewable energy generation across the globe. In the Asia
Pacific, the solar inverter market is emerging in countries such as China,
India, and Japan, and is poised to grow at a high rate in the forecast period.
Also, the perpetual growth in the industrial & commercial and utility
sector, requirement of a high amount of electricity, a government initiative
for utilization of renewable energy are some of the reveling factors for the
market towards tremendous growth.
With that, government
initiatives for utilization of renewable energy activities are also pushing the
market towards growth. Asia-Pacific accounted for the largest market share of
47.6% in 2016. Whereas, Europe is expected to grow at a CAGR of 19.14% during
the forecast period.
Key
Players:
The major players operating
in the market of global solar inverter are 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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