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.
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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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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