The rapid infrastructural development and the strong demand for a 24*7 electricity supply, are the major factors contributing to the growth of the global solar inverter market size. Various governments worldwide are emphasizing on infrastructural development to enhance their citizen’s quality of life. For example, the UAE government is aiming at the Smart Dubai project, which focuses on transforming the city into a top global smart city. The increasing construction activities is a key driver that will augment the demand for the market. Moreover, the rising greenhouse gas effect and growing environmental concerns are the prominent factors propelling the growth of the solar inverters market share in terms of revenue. The solar inverter reduces the high cost of electricity bills and increases efficiency in the long run. Numerous stakeholders in the energy generation sector are proactively searching for opportunities to decrease carbon footprints by focusing on utilizing renewable energy sources for power generation. For example, in 2019, the Italian government emphasized touching 50GW of solar power generation by 2030 to rise the share of renewable energy sources in the nation’s total power generation. The increasing aim at renewable energy sources will further stimulate the growth of the solar inverter market. On the other hand, the constant requirement for sunlight, high initial installation cost, and the need for a large area for installation will hinder the growth of the market during the forecast period.
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On the basis of Technology, the market is segmented into micro-inverters, central inverters, power optimizers, and string inverters. The central inverters is expected to increase at a faster CAGR in the upcoming years. This is mainly attributed to the high demand for energy driven by the increasing urbanization and the rising use of electricity at the global level. The central inverters are majorly used in industries, buildings, and in several field installations. These inverters provide a lower capital cost per watt, offer better productivity, and are easy to install as compared to other kinds of solar inverters. All these factors are projected to fuel the demand for central inverters.
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On the basis of End Use, the market is segmented into commercial, industrial, and utility inverters. The industrial end-user is predicted to dominate the market during the forecast cast due to the increasing number of government initiatives to encourage the use of renewable energy sources for power generation. Additionally, the continuous rise in investments in the renewable energy industry will further accelerate the growth of the market.
Based on the region, Asia-pacific is projected to dominate the market over the coming years due to increasing power outages, specifically in emerging countries like China and India. In addition to this, the increasing number of initiatives, including India’s National Solar Mission, will positively influence the market’s demand. For example, NABARD allows a 40% subsidy for those who are buying solar inverters. All these drivers will pay the way for the growth of the market.
Various notable players operating in the global solar inverter market include Schneider Electric, Emerson Electric Co., Power-One, Inc., KACO New Energy Inc., SMA Solar Technology AG, SunPower Corporation, SolarEdge Technologies Inc., Canadian Solar, Hitachi Hi-Rel Electronics Private Limited, and Solectria Solar, among others.
The global Solar Inverter market has been segmented on the basis of technology, end use, and region. Based on the technology, the market is segmented into micro-inverters, central inverters, string inverters and power optimizers. Based on end use, the market is segmented into commercial, industrial, residential and utility inverters.
Solar Inverter Market Segmentation:
Global Solar Inverter Market by Technology:
- Central Inverters
- String Inverters
- Power Optimizers
Global Solar Inverter Market by End Use:
- Utility Inverters
Global Solar Inverter Market by Region:
- North America Solar Inverter Market (Option 1: As a part of the free 25% customization)
- North America Market by Technology
- North America Market by End Use
- United States Solar Inverter Market
- Canada Solar Inverter Market
- Europe Solar Inverter Market (Option 2: As a part of the free 25% customization)
- Europe Market by Technology
- Europe Market by End Use
- UK Solar Inverter Market
- Germany Solar Inverter Market
- France Solar Inverter Market
- Spain Solar Inverter Market
- Rest of Europe Solar Inverter Market
- Asia-Pacific Solar Inverter Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Market by Technology
- Asia-Pacific Market by End Use
- China Solar Inverter Market
- India Solar Inverter Market
- Japan Solar Inverter Market
- Rest of APAC Solar Inverter Market
- RoW America 3D Printing Market (Option 4: As a part of the free 25% customization)
- RoW Market by Technology
- RoW Market by End Use
- Brazil Solar Inverter Market
- South Africa Solar Inverter Market
- Saudi Arabia Solar Inverter Market
- UAE Solar Inverter Market
- Rest of world (remaining countries of the LAMEA region) Solar Inverter Market
Major Players Operating in the Solar Inverter Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
- Schneider Electric,
- Emerson Electric Co.
- Power-One, Inc.
- KACO New Energy Inc.
- SMA Solar Technology AG
- SunPower Corporation
- SolarEdge Technologies Inc.
- Canadian Solar
- Hitachi Hi-Rel Electronics Private Limited
- Solectria Solar
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