Global Solar Inverter Market Insights
Solar inverters are electrical converters which convert DC current into AC for use in commercial electrical grids or other electrical grid networks. Commonly used in solar rooftop or ground-mounted residential and commercial areas, solar converters are a fantastic alternative to traditional electricity generation methods. Market Research Future has invested time and resources to properly understand the global solar inverter market which is expected to grow at a highly optimistic CAGR of 15.65% during the review period from 2017 to 2023. The growth of the market at that rate is expected to reach a market value of USD 24,507.3 Mn by 2023.
Solar Inverter Market Prominent Players analyzed are:
The major players operating in the market of global solar inverter are ABB Ltd (Switzerland), SMA Solar Technology AG (Germany), Canadian Solar Inc. (Canada), SolarEdge Technologies Inc. (Israel), SunPower Corporation (U.S.), Delta Electronics, Inc. (Taiwan), Solectria Renewables, LLC (U.S.), Sineng Electric Co., Ltd. (China), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), and Power electronics (Spain).
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Global Solar Inverters Market Drivers and Trends
While the prices of solar inverters have also declined in recent years, solar inverters have become more affordable to the universal population. Such a scenario has resulted in a steady growth in the installation of solar electric systems across both developed and developing regions globally.
Solar power systems are currently manufactured in various forms such as off-grid solar power system, grid inter-tied solar power system with battery backup, and grid inter-tied solar power system without battery backup. According to such requirements, the consumers can easily choose from these varieties and install the system in their houses or office buildings. Having such diverse types and uses, this factor is also triggering the market of the solar inverter to upsurge significantly with magnifying new opportunities to confront in the future timeframe.
Besides, the factors such as increasing electricity prices, rising investment in smart cities, and increasing awareness have further led to the expansion of the solar inverter market in the countries over the world. Hence, to meet the growing energy demand, the developing regions are witnessing rapid growth in solar installations. Even residential consumers are significantly adapting to solar power systems owing to rising electricity prices. Also, surging solar rooftop and off-grid systems are further propelling the demand for solar inverters in the country.
Global Solar Inverters Market Segmentation
The global solar inverter market in MRFR’s report has been segmented into type, system type, end-user, and region.
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.
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.
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.
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