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.
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.
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.
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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