Market Definition:
Solar Inverter are widely accepted owing to its property of instantaneous conversion of DC power input to AC current while connected to on-grid 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. The growing number of solar power plants around the world, which are to be connected with the grid through an on-grid solar inverter, driving the market for solar inverter in the forecast period. Also, growing off-grid solar panel installation for commercial & industrial and residential use requires a reliable and safe power source converter, which is provided by solar inverter. All these factors will drive for the growth in solar inverter market. The major benefits for solar power installation are, generation of free & clean electricity with the utilization of sun’s abundant power, reduction in carbon footprint and eventual reduction in electricity bills. Global solar inverter market is expected to grow with the CAGR of approximately 15.65% from 2017 to 2023, and with this it is predictable to cross USD 24,507.3 million by 2023.
Market Scenario:
The global solar inverter market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of the solar panels market is majorly influenced by the growing demand for energy consumption around the world. Furthermore, electricity produced by renewable sources is clean, cost effective and renewable in nature. In 2015, China, being the world biggest carbon emitter, invested USD 102.9 billion in renewable energy, which accounted for 36% of world total. According to Institute for Energy Economics and Financial Analysis (IEEFA), China has increased its foreign investment in renewables and solar by 60 percent to reach a record USD 32 billion in 2017. However, the high capital cost for installation is acts as a major barrier for the growth of the solar inverter market. The global solar inverter market is poised to grow over USD 24,507.3 million by 2023 at an estimated CAGR of 15.65% through the forecast period.
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Key Players:
The prominent players in the solar inverter are ABB Ltd (Switzerland), SMA Solar Technology AG (Germany), Canadian Solar Inc. (Canada), SolarEdge Technologies Inc. (Israel), SunPower Corporation (U.S.), Delta Electronics, Inc. (Taiwan), Solectria Renewables, LLC (U.S.), Sineng Electric Co., Ltd. (China), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), and Power electronics (Spain).
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 growth
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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Regional Analysis:
Geographically, 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 continuous growth in industrial & commercial and utility sector, requirement of high amount of electricity, Government initiative for utilization of renewable energy are some of the factors pushing the market towards growth. Asia-Pacific accounted for the largest market share of 47.6% in 2016, followed by Europe which is expected to grow at a CAGR of 19.14% during the forecast period.
In 2015, China, being the world biggest carbon emitter, invested USD 102.9 billion in renewable energy, which accounted for 36% of world total. According to Institute for Energy Economics and Financial Analysis (IEEFA), China has increased its foreign investment in renewables and solar by 60 percent to reach a record USD 32 billion in 2017.
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