Global Solar Inverter Market Analysis:
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. Rise in installation of solar power systems and incentives for their integration to existing systems can drive the market demand.
The global Solar Inverter Marketreport 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. 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.
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- SolarEdge Technologies Inc,
- SunPower Corporation,
- Canadian Solar Inc,
- SMA Solar Technology AG,
- ABB, and
- Delta Energy Systems
The global demand for solar inverters is projected to expand at a steady pace during the review period. Market growth can be attributed to increasing installations of solar power systems and to initiatives to encourage solar power systems. However, solar inverter ‘s high operating and maintenance costs expected to inhibit market growth over the forecast period.
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.
COVID-19 Outbreak Impact on Solar Inverter Market at: https://www.marketresearchfuture.com/report/covid-19-impact-solar-inverter-market
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 TWh by 2030. Many authorities in different countries, such as Italy, India and Germany, are focusing on growing the usage of solar energy sources to meet the energy demand of the country. Solar inverters are installed to convert the direct current generated from solar panels to alternating current for sector applications, such as utilities and commercial applications. 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.
However, the long term COVID-19 impact on the worldwide economy of solar impact has changed. It is a difficult world for the renewable industry, leading to a shortage of raw material supply and imminent job losses. Nonetheless, companies are facing major challenges in the energy & power industry and are working to post the COVID-19 outbreak.
Global Solar Inverter Market Segmental Analysis:
The global Solar Inverter Industry 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.
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 Market 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.
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