Increasing Demand for Renewable Energy to Expand Solar Inverter Market
Pune, India -- (SBWIRE) -- 12/09/2019 -- Acknowledging the graph of growth that the market is climbing continually; Market Research Future (MRFR) in its recently published analysis asserts that the global solar inverter market would worth USD 24,507.3 MN by 2023, registering around 8.89 % CAGR throughout the assessment period (2017 – 2023). Factors, such as the growing installations and government initiatives & policies, are benefitting the growth of the market.
Solar Inverters enjoy tremendous popularity and uptake worldwide due to their ability to rapidly convert DC power input into AC while staying connected to the on-grid system. As a result, the solar inverter market garners huge traction, globally.
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The growing number of solar power plants connected with the grid through an on-grid solar inverter is a major driving force pushing up the market growth. Increasing installations of off-grid solar panels for commercial & industrial and residential use require a reliable and safe power source converter, which solar inverter provides.
Increasing demand for power has led to a rise in the generation of power from renewable sources. Solar energy holds a significant share of the total renewable energy generated annually. This, in turn, is presumed to amplify the growth rate of the solar inverter market in the foreseeable future. Urbanization and industrialization are likely to intensify the demand for the product over the next couple of years.
Solar power systems are currently manufactured in various forms such as off-grid solar power system, grid inter-tied solar power system with battery backup, and grid inter-tied solar power system without battery backup. According to such requirements, the consumers can easily choose from these varieties and install the system in their houses or office buildings. Having such diverse types and uses, this factor is also triggering the market of the solar inverter to upsurge significantly with magnifying new opportunities to confront in the future timeframe.
The major players operating in the global Solar Inverter Market 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).
Global Solar Inverter Market Segmentation:
On the basis of type, the solar inverter market has been segmented into central, string, and micro. Among these, the central type accounted for the largest share of the global market accounting for 45.12% share. It is expected to register a notable growth rate over the next couple of years. In addition, the string segment is also anticipated to witness demand generation in the years to come.
Based on system type, the solar inverter market has been divided into on-grid and off-grid. The on-grid segment is projected to lead the expansion of the global market across the projection period. It can be used as a power storage medium, which is likely to expedite its growth rate in the forthcoming years.
By the end-user, the solar inverter market has been segmented into residential, industrial & commercial, and utilities. Among these, the utilities segment currently holds the largest share of the global market. It is assessed to strike a CAGR of 16.85% over the assessment period.
The Asia Pacific region is the largest market for solar inverters. Accounting for over half of the total global population, the APAC region is the largest producer and consumer of power globally. Due to the availability of ample renewable natural resources, the region holds the largest share in the global renewable energy generation market. The solar inverter market in countries such as China, India, and Japan, are emerging and projected to register a healthy CAGR during the review period.
Other factors impacting the growth of the regional market include rapid growth in industrial, commercial, and utility sector, a massive demand for electricity, and government initiatives to promote utilization of renewable energy.
European region accounts for the second leading market for solar inverter, globally. Solar is a primary source of renewable energy in most of European countries. Over the past couple of years, several solar power projects have erected in the region, and many are under construction as well, which are expected to contribute to the market growth, contributing to the primary energy production in the region.
Additional factors substantiating the growth of the regional market include increasing investments in solar energy and the shift towards minimizing usages of fossil fuels led by the regulation to utilize the waste heat. The solar inverter market in the European region is expected to grow at a CAGR of 19.14% throughout the forecast period.
The North American solar inverter market is growing rapidly, experiencing a broad uptake of green energy generation systems. Increasing emphasize on curtailing the costs of power generation and substantial investments made in smart solar power plants to increase power generation and storage capacity would foster the market in the region. Furthermore, the rising production of renewable energy generation led by government initiatives supports the growth of the regional market.
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