Market Research Future analysis states that the 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.
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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.
The global solar inverter market has been segmented based on type, system type, end-user, and region. Solar inverter is segment into central, string and micro. Central type inverter accounted for the largest share with 45.12% in the global solar Inverter market. String inverter type based solar inverter accounted for 36.29% share in the same year. On the basis of system type, On-Grid accounted for the largest market share, it allows to use of utility grid as a power storage medium instead of a battery bank. On the basis of end user, Utilities dominated the global solar Inverter market with a share and expected to grow at a CAGR of 16.85% during the forecast period. Geographically, Asia-Pacific is showing a high rate of growth in solar inverter market Asia-Pacific accounted for the largest market share of 49.64% in 2016, with a market value of USD 4,427.3 Million and is projected to grow at a CAGR of 16.44% during the forecast period.
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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We recognize the key players in the global solar inverter market as 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).
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This research report has provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global solar inverter market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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