Solar inverters also known solar power inverters or solar energy inverters uses direct energy captured photovoltaic panels into a utility AC unit which is then stored into a commercial grid. Domestic production of energy and the aversion of reliance on fossil fuels can drive the establishment of solar parks.
The global Solar Inverter Market report by Market Research Future (MRFR) forecasts the size and growth for the period of 2018 to 2023 (forecast period) while taking into consideration the various growth dynamic variables. The COVID-19 outbreak and its impact on the industry are explored in the report as well. The global solar inverter market is expected to balloon to USD 4,807 million by 2023. It was valued at USD 1,123.5 million in 2017. It is estimated to expand at a CAGR of 28% during the forecast period.
SolarEdge Technologies Inc, SunPower Corporation, Canadian Solar Inc, SMA Solar Technology AG, ABB, and Delta Energy Systems are key players of the global solar inverter market.
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Rise in installation of solar power systems and incentives for their integration to existing systems can drive the market demand. Moreover, the move by various energy producers to invest in renewable energy for lowering the carbon footprint and reduced dependence on fossil fuels can bode well for the market. The targets set by various nations as part of sustainable energy generation can invoke the sale of solar inverters. Adherence to international standards for testing of instruments and their subsequent certification can lead to high quality checks in the market and drive the prices of inverters.
The COVID-19 pandemic has negatively impacted the market owing to bottlenecks in raw material supply and job losses. The pause in project schedules and disruption in supply chain can create problems in production of panels and inverters.
The global demand for electricity is projected to register a substantial rate of growth in the next few years due to rapid urbanization, population growth, increased development of infrastructure and increased access to electricity. Power generation sources such as thermal energy, coal, and diesel lead primarily to carbon emission. As stakeholders in the energy generation industry are seeking opportunities to lower carbon footprint, they have focused on increasing the share of renewable energy sources in the overall power generation mix. For the generation of electricity renewable energy sources, especially solar energy, are used. Moreover, the growing concerns about global warming and reduced reliance on fossil fuel-based power generation have augmented the adoption of solar energy sources to meet the energy demand. Conferring to the International Energy Agency, the global electricity generation prospective from solar energy is projected to reach 3,300 Tw by 2030. The growing demand for solar energy sources is therefore expected to increase the use of solar inverters on the world market. While the increasing installations of solar power systems are expected to drive the growth of the global solar inverter market during the forecast period.
Impact of Covid-19 Outbreak on Solar Inverter Market at: https://www.marketresearchfuture.com/report/covid-19-impact-solar-inverter-market
Global Solar Inverter Industry Segmental Analysis:
The global solar inverter market is segmented by type, system type, and application.
By type, the global market is segmented into micro-inverter, central inverter, and string inverter.
By system type, the global market is divided into on-grid and off-grid.
Based on application, the global solar inverter market has been segmented into residential, commercial, and utilities. The commercial segment is expected to thrive owing to installation of solar panels across malls, educational institutes, factories, hospitals, and warehouses. On the other hand, the residential segment is likely to generate revenues for the global solar inverter market due to inclination towards sustainable energy development and surge in tariffs on the electricity sector.
The Global Solar Inverter Industry is geographically segmented as Europe, North America, Asia-Pacific and the rest of the world.
Due to the rise in investments in the construction sector, Asia-Pacific is expected to retain a Most share of the market during the forecast period. Demand for Asia-Pacific solar inverters is expected to grow significantly due to rising demand for solar energy sources and increasing investment in the region’s solar power projects. Solar energy is seen as the best substitute for traditional energy sources for reducing carbon emissions by meeting the region’s electricity needs. On the other side, the European region is likely to witness a relatively slow rate of growth for the market, owing to a fall in equipment prices in most areas, thus resulting from stable price pressure on equipment suppliers. Also, a rise in anti-dumping tariffs on Chinese manufactured components, depreciation of the Euro, and a downward trend on minimum import prices has been counted.
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