Solar 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 4the 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.
Global Solar Inverter Market
Segmentation:
The global solar inverter
market in MRFR's report has been segmented into type, system type, end-user,
and region.
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.
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.
Browse Full Report at: https://www.marketresearchfuture.com/reports/solar-inverter-market-4071
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. Investments in research & development are expected to intensify
competition in the global market place over the next couple of years. In
addition, the key players are focusing on growth strategies such as mergers
& acquisitions, product developments, strategic alliances, product
innovations, collaborations, etc. to strengthen their market positions.
Industry News:
In October 2019, Hanwha Q
Cells, a renowned solar cell manufacturer, has announced the launch of a fully
wrapped home solar and storage package for the Australian market.
In September 2019, SolarEdge Technologies
has announced the development of its product portfolio for improvements in the
scalability of DC optimization.
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed
Research (CFR), and Market Research & Consulting Services.
Read More:
https://sites.google.com/view/ring-main-unit-industry-scope/home
https://sites.google.com/view/surgeprotectiondevicesmarketsh/home
No comments:
Post a Comment