Solar Inverter Global Market – Overview
Solar inverter plays an important role in a solar energy system. It converts DC power output into AC current which can be fed into the grid and directly influences the efficiency and reliability of a solar energy system. They are used in solar rooftop and ground-mounted residential, commercial and utility-scale systems, with system ratings of 3–10 kW, 10 kW–2 MW and > 2 MW, respectively.
Solar energy is identified as the best replacement to other conventional fossil fuel energy sources and is used to reduce carbon emission, by effectively meeting the electricity needs. Increasing demand for clean power acts as a major driver for the growth of the market. Moreover, improvements in technology have shifted generation of power to zero-carbon technologies such as significantly decreasing inverter size and weight while achieving record efficiency. With a growing number of investments in countries such as U.S., China and India with renewable targets and policies push the market towards growth. According to UN Environmental programme, 2015 was a new record for the global investment in renewable energy with a total investment of USD 285.9 Billion. The clean technology energy generation accounted for 10% of the world’s electricity. Of the renewables, a total of 134 GW in 2015, solar photovoltaic accounted for 56GW. In 2016, the global investment in solar energy totalled USD 113.7 billion, with a record 75 GW of installed capacity. This is predominantly due to increasing solar installations in countries such as China and India. These countries have recently surpassed the U.S. as the top destination for Solar Energy Market with substantial investment in the solar energy sector.
One of the primary drivers for the growth of solar energy is the important part played by the government initiatives and policies. Certain policies such as solar energy production, distribution and consumption, are developed by governments to sustain growth. Solar energy policies include legislation, international treaties and incentives to investment such as the formation incentives in the U.S. urbanization and economic development are leading to a rapid rise in energy demand in urban areas. Government are setting targets and introducing polices for promoting renewable energy as well as to reduce carbon emissions. Increasing awareness regarding fossil fuel conservation and clean fuel demand will complement the industry growth.
The U.S. Department of Energy has initiated nationwide effort to bring down the cost of solar electricity and to increase solar adoption. The policy also encourages research and development efforts to collaborate with public and private partners.
BMW Group (Germany), Robert Bosch GmbH (Germany), Valeo SA( France), Cubic Corporation (U.S.), Amco S.A.(Greece), Siemens AG, Xerox Corp.(U.S), Altiux Innovations(Bangalore), Continental AG (Germany ), CivicSmart, Inc.(U.S) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Solar Inverter Market.
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Industry/ Innovation/ Related News:
Key strategies followed by most companies within the global Solar Inverter market were merger & expansion.
On September 2017, ABB Ltd. has signed contracts with FRV, a leading global utility-scale solar developer, for the supply of central inverter solutions for two PV power plants in Jordan. The company had developed various products such as TRIO string inverter, high-power central inverter, PVS800-57B and also takes significant step forward in optimizing solar energy usage. This development will diversify their product line and reach to the customer. Moreover, Company had extended its geographic reach and manufacturing capabilities by making contract with FRV, the leading player for the supply of central inverter solutions.
In 17 Jan, 2017, Canadian solar subsidiary recurrent energy announces commercial operation of two solar photovoltaic projects in California. On 30 Nov 2015. Canadian Solar Inc. announced that its wholly owned subsidiary, Recurrent Energy, one of North America’s largest solar project developers, signed a partnership agreement with Southern Power, a subsidiary of Southern Company.
On Sep 2017, Delta launched Hybrid Inverter E-Series and All-in-One Energy Storage Solution for the Residential Solar Market
On 7 September, 2017– Solectria Solar introduced its new Solectria SLX line of American made inverters for commercial and utility-scale applications.
Solar Inverter Market – Segmentation
The Global Solar Inverter Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type : Comprises string inverter, central inverter, and micro inverter
Segmentation by System Type : Comprises on-grid and off-grid
Segmentation by End-User : Comprises residential, commercial, and utilities
Segmentation by Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Solar Inverter Market: Regional Analysis
Asia-Pacific is one of the largest markets for solar inverter in the world. There is an increasing demand for energy because of the growing population and rising disposable income in the region. Moreover, these rapidly growing economies in this region are also the top polluters in the world. Solar energy is identified as the best replacement to other conventional fossil fuel energy sources and is used to reduce carbon emission by effectively meeting the electricity needs. According to the National Energy Administration of China, in 2016, the installed PV capacity was 77.42 gigawatts and solar plants in the country generated 66.2 billion kilowatt-hours of power last year. The country has further plans to add 110 gigawatts within the next three years, which is driving the market for the solar Inverter in the country. Japan has plans to generate 24% of its energy from renewable energy sources by 2030 and solar energy is the top renewable energy source in the country. Solar power in Japan has been continuously growing since the 1990’s and the country is one of the leading manufacturers of solar PV’s in the world. The country has made electricity from solar power, an important national project and in 2016 Japan has a total installed capacity of 41.6 GW. According to the Ministry of Economy, Trade and Industry in Japan, the share of electricity generated from solar PV in 2016was 4.3%. The country has introduced Feed-in Tariff (FiT) systems to further boost the growth of the solar industry, which is expected to drive the market for solar inverter.
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