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.
Also Read: http://www.marketwatch.com/story/solar-inverter-market-share-size-2020-quotative-industry-analysis-growth-rate-demand-regional-scope-covid---19-impact-future-trends-and-business-boosting-strategies-till-2025-2020-08-12
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.
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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.
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