Global 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.
Solar Inverter
Market Prominent Players analyzed are:
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).
Get Free Sample Copy of Solar Inverter Market Report at: https://www.marketresearchfuture.com/sample_request/4071
Global Solar
Inverters Market Drivers and 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 share in MRFR's report has been
segmented into type, system type, end-user, and region.
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.
Geographical Analysis
The
Asia Pacific region is the largest market for solar inverters. Accounting for
over half of the total global population, the APAC region is the largest
producer and consumer of power globally. Due to the availability of ample
renewable natural resources, the region holds the largest share in the global
renewable energy generation market.
Other
factors impacting the growth of the regional market include rapid growth in
industrial, commercial, and utility sector, a massive demand for electricity,
and government initiatives to promote utilization of renewable energy.
European
region accounts for the second leading market for solar inverter, globally.
Solar is a primary source of renewable energy in most of European countries.
Over the past couple of years, several solar power projects have erected in the
region, and many are under construction as well, which are expected to
contribute to the market growth, contributing to the primary energy production
in the region.
Additional
factors substantiating the growth of the regional market include increasing
investments in solar energy and the shift towards minimizing usages of fossil
fuels led by the regulation to utilize the waste heat.
The
North American solar inverter market is growing rapidly, experiencing a broad
uptake of green energy generation systems. Increasing emphasize on curtailing
the costs of power generation and substantial investments made in smart solar
power plants to increase power generation and storage capacity would foster the
market in the region.
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