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.
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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.
Notably, the market is challenged by the high cost of solar inverters and the maintenance costs associated with the same. However, despite these market challenges, the adoption rate has been growing as the trend supporting clean energy is a major motivator.
Market Segmentation
The global solar inverter market in MRFR’s report has been segmented into type, system type, end-user, and region. Type has been segmented into string, micro, and central. The central type solar inverter segment logged a share of more than 45% in 2016 with string type following closely.
System type has been segmented into off-grid, and on-grid. the On-grid segment had the largest share of the global market due to its ability to use the utility grid as power storage instead of as a battery bank.
End-users of solar inverter have been divided into residential, utilities, industrial & commercial. The utility segment captured the dominant share of the global solar inverter market and is poised to expand at a CAGR of 16.85% during the review period.
Key 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). These players have been analyzed in MRFR’s report along with their strategies and other key company details.
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Regional Analysis
The Asia Pacific has been observed to the largest producer of power across the globe. The region is also the largest regional market for renewable energy and as such leads the global solar inverter market. Countries such as China, India, and Japan are estimated to lead the market during the forecast period. The regions have some of the worlds most significant population, and as such, there is a high demand for power. Moreover, the region has established itself as an industrial and manufacturing hub which furthers the demand for power in the region. The government support of renewable power generation is expected to support market growth. The APAC accounted for a 47.6% share of the global market and is followed by Europe. China is the leading country-level market in the region due to the high among carbon emissions in the country and active investments in renewable energy. These investments account for 36% of the worlds total investments in renewable energy.
List of Figures
Figure 1 Research Process Of MRFR
Figure 2 Top Down & Bottom Up Approach
Figure 3 Global Trends In Renewable Energy Investment, Solar Energy, 2016 (USD Billion)
Figure 4 Porter’s 5 Forces Analysis of Global Solar Panels Market
Figure 5 Global Solar Inverter Market, By Type, 2016 (%)
Figure 6 Global Solar Inverter Market, By System Type, 2016 (%)
Figure 7 Global Solar Inverter Market, By End-User, 2016 (%)
Figure 8 Global Solar Inverter Market, By Region, 2015-2023 (USD Million)
Figure 9 Global Solar Inverter Market, By Region, 2015-2023 (USD Million)
Figure 10 Asia-Pacific: Global Solar Inverter Market Share, By Country, 2016 (% Share)
Figure 11 Asia-Pacific: Global Solar Inverter Market, By End-User, 2016 (%)
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