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.
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.
Utility-scale power generation currently represents a comparatively small percentage of global power generation but, a rapid growth is expected for this sector due to growing awareness of utilization of renewable energy and reducing the carbon footprint. Also, the reduction in costs is determined by technological advancement, economies of scale in manufacturing and innovations in financing have fetched solar power within reach of grid uniformity in a growing number of markets.
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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.
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Market Research Future Analysis:
Market Research Future analysis states that the global market of solar inverter market is estimated to grow at USD 24,507.3 million by the end of year 2023.
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 growthMarket Research Future analysis states that the global market of solar inverter market is estimated to grow at USD 24,507.3 million by the end of year 2023.
Asia-Pacific is the largest power producer globally, and is the largest market for renewable energy generation across the globe The Solar inverter market is emerging in countries such as China, India, and Japan, and is estimated to grow at a high rate in the forecast period. The Asia-Pacific market is leading the global solar inverter market whereas the market in North America & Europe is expected to grow rapidly due to increased domestic demand for solar inverter.
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