Solar inverters also known solar power inverters or solar energy inverters uses direct energy captured photovoltaic panels into a utility AC unit which is then stored into a commercial grid. Domestic production of energy and the aversion of reliance on fossil fuels can drive the establishment of solar parks.
The
global Solar
Inverter Market report by Market
Research Future (MRFR) forecasts the size and growth for the period of 2018 to
2023 (forecast period) while taking into consideration the various growth
dynamic variables. The COVID-19 outbreak and its impact on the industry are
explored in the report as well. The global solar inverter market is expected to
balloon to USD 4,807 million by 2023. It was valued at USD 1,123.5 million in
2017. It is estimated to expand at a CAGR of 28% during the forecast period.
Competitive
Outlook:
SolarEdge
Technologies Inc, SunPower Corporation, Canadian Solar Inc, SMA Solar Technology
AG, ABB, and Delta Energy Systems are key players of the global solar inverter
market.
Market
Scope:
Rise
in installation of solar power systems and incentives for their integration to
existing systems can drive the market demand. Moreover, the move by various
energy producers to invest in renewable energy for lowering the carbon
footprint and reduced dependence on fossil fuels can bode well for the market.
The targets set by various nations as part of sustainable energy generation can
invoke the sale of solar inverters. Adherence to international standards for
testing of instruments and their subsequent certification can lead to high
quality checks in the market and drive the prices of inverters.
The
COVID-19 pandemic has negatively impacted the market owing to bottlenecks in
raw material supply and job losses. The pause in project schedules and
disruption in supply chain can create problems in production of panels and
inverters.
The
global demand for electricity is projected to register a substantial rate of
growth in the next few years due to rapid urbanization, population growth,
increased development of infrastructure and increased access to electricity.
Power generation sources such as thermal energy, coal, and diesel lead
primarily to carbon emission. As stakeholders in the energy generation industry
are seeking opportunities to lower carbon footprint, they have focused on
increasing the share of renewable energy sources in the overall power
generation mix. For the generation of electricity renewable energy sources,
especially solar energy, are used. Moreover, the growing concerns about global
warming and reduced reliance on fossil fuel-based power generation have
augmented the adoption of solar energy sources to meet the energy demand.
Conferring to the International Energy Agency, the global electricity
generation prospective from solar energy is projected to reach 3,300 Tw by
2030. The growing demand for solar energy sources is therefore expected to
increase the use of solar inverters on the world market. While the increasing
installations of solar power systems are expected to drive the growth of the
global solar inverter market during the forecast period.
Impact of Covid-19 Outbreak on Solar
Inverter Market at: https://www.marketresearchfuture.com/report/covid-19-impact-solar-inverter-market
Global
Solar Inverter Industry Segmental Analysis:
The
global solar inverter market is segmented by type, system type, and
application.
By
type, the global market is segmented into micro-inverter,
central inverter, and string inverter.
By
system type, the global market is divided into
on-grid and off-grid.
Based
on application, the global solar inverter market
has been segmented into residential, commercial, and utilities. The commercial
segment is expected to thrive owing to installation of solar panels across
malls, educational institutes, factories, hospitals, and warehouses. On the
other hand, the residential segment is likely to generate revenues for the
global solar inverter market due to inclination towards sustainable energy
development and surge in tariffs on the electricity sector.
Regional
Outlook
The
Global Solar
Inverter Industry is geographically
segmented as Europe, North America, Asia-Pacific and the rest of the world.
Due
to the rise in investments in the construction sector, Asia-Pacific is expected
to retain a Most share of the market during the forecast period. Demand for
Asia-Pacific solar inverters is expected to grow significantly due to rising
demand for solar energy sources and increasing investment in the region's solar
power projects. Solar energy is seen as the best substitute for traditional
energy sources for reducing carbon emissions by meeting the region's
electricity needs. On the other side, the European region is likely to witness
a relatively slow rate of growth for the market, owing to a fall in equipment
prices in most areas, thus resulting from stable price pressure on equipment
suppliers. Also, a rise in anti-dumping tariffs on Chinese manufactured
components, depreciation of the Euro, and a downward trend on minimum import
prices has been counted.
Browse Complete Solar Inverter Market
Research Report at: https://www.marketresearchfuture.com/reports/solar-inverter-market-4071
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.
No comments:
Post a Comment