Solar Inverter Market Analysis:
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 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.
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Industry Highlights
The rising popularity of solar photovoltaic (PV) installations is expected to motivate the steer the global market to favorable development in the coming years. Moreover, the developments in the PV inverter market is expected to benefit the solar inverter market. The variation in functions of solar inverter types is further expected to add to the growth momentum of the solar inverter market. Furthermore, solar micro inverters are expected to strengthen the market’s growth in the coming years further.
A rising number of solar power plants around the world will drive the solar inverter market. This is largely due to the fact that solar power is a renewable source of clean energy which is in high demand due to rising environmental concerns. The growth of off-grid solar panel installation in commercial, industrial, and residential use will help the market grow rapidly. The reason these factors are driving market growth and the high adoption of solar converters is due to the various benefits of using solar energy. Solar power is free, and clean and reduces carbon footprint while being affordable. Increasing government initiative and policies which support the adoption of solar power has been a driver of growth for the global solar inverter market.
Prominent Players:
Noted market players that compete in the global Solar Inverter Market include Delta Electronics, Inc. (Taiwan), Sineng Electric Co., Ltd. (China), Solectria Renewables, LLC (U.S.), ABB Ltd (Switzerland), Power Electronics (Spain), SolarEdge Technologies Inc. (Israel), SunPower Corporation (U.S.), SMA Solar Technology AG (Germany), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), and Canadian Solar Inc. (Canada).
Segmental Analysis
The segmental evaluation of the solar inverter market has been segmented on the basis of end-user, system type, type, and region.
On the basis of type, the market for solar inverter has been segmented into micro, string, and central.
Based on the system type, the solar inverter market has been divided into on-grid and off-grid.
On the basis of end-users, the solar inverter market has been segmented into utilities, residential, industrial, and commercial.
Based on the region, the solar inverter market has been segmented into North America, the Middle East, Africa, Europe, Asia Pacific, and Latin America.
Regional Outlook
Region-wise, Asia-Pacific is presenting as the most significant power producer globally and is also the largest market for renewable energy generation across the globe. In the Asia Pacific, the solar inverter market is emerging in countries such as China, India, and Japan, and is poised to grow at a high rate in the forecast period. Also, the perpetual growth in the industrial & commercial and utility sector, requirement of a high amount of electricity, a government initiative for utilization of renewable energy are some of the reveling factors for the market towards tremendous growth.
With that, government initiatives for utilization of renewable energy activities are also pushing the market towards growth. Asia-Pacific accounted for the largest market share of 47.6% in 2016. Whereas, Europe is expected to grow at a CAGR of 19.14% during the forecast period.
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