Global Solar Inverter Market Scenario
Acknowledging the graph of growth that the market is
climbing continually; Market Research Future (MRFR) in its recently published
analysis asserts that the global solar inverter market would worth USD 24,507.3
MN by 2023, registering around 8.89 % CAGR throughout the assessment period
(2017 – 2023). Factors, such as the growing installations and government
initiatives & policies, are benefitting the growth of the market. A
detailed analysis report of COVID-19 impact on Solar Inverter Market is provided with the
report.
Solar Inverters
enjoy tremendous popularity and uptake worldwide due to their ability to
rapidly convert DC power input into AC while staying connected to the on-grid
system. As a result, the solar inverter market garners huge traction,
globally.
The growing
number of solar power plants connected with the grid through an on-grid solar
inverter is a major driving force pushing up the market growth. Increasing
installations of off-grid solar panels for commercial & industrial and
residential use require a reliable and safe power source converter, which solar
inverter provides.
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Solar inverters
provide a solution for reliable and safe power source converter in off-grid
solar panel for commercial & industrial and residential use. Hence, growth
in the installations of an off-grid solar panel for commercial, industrial, and
residential impacts the growth of the market, positively. Besides, rapid uptake of solar inverters in
solar rooftop & ground-mounted residential set-ups as well as in commercial
and utility-scale systems fosters the growth of the market.
Global Solar Inverter Market Segmental Analysis:
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.
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Report Details at: https://www.marketresearchfuture.com/reports/solar-inverter-market-4071
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. The solar inverter market in countries such as China,
India, and Japan, are emerging and projected to register a healthy CAGR during
the review period.
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. Furthermore, the rising production of renewable energy
generation led by government initiatives supports the growth of the regional
market.
Competitive Analysis
Players leading
the solar inverter market include SMA Solar Technology AG (Germany), ABB Ltd
(Switzerland), Canadian Solar Inc. (Canada), SunPower Corporation (US),
SolarEdge Technologies Inc. (Israel), Delta Electronics, Inc. (Taiwan), Sineng
Electric Co., Ltd. (China), Solectria Renewables, LLC (US), Power Electronics
(Spain), and Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), among others.
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