Pune, February 10, 2021 (GLOBE NEWSWIRE) – The market will see significant demand
Solar inverters are enjoying enormous popularity and acceptance worldwide because they can convert direct current into alternating current quickly while remaining connected to the grid-connected system. In addition, the growing number of solar power plants connected to the grid via an on-grid solar inverter is driving the growth of the market. Increasing off-grid solar module installations for commercial, industrial and residential purposes are driving the growth of the solar inverter market and creating a significant demand for reliable and safe power source converters.
As a result, the solar inverter market is gaining in importance worldwide. Market Research Future (MRFR) claims in its most recent solar inverter market analysis that the market is expected to grow by around 15.45% CAGR over the evaluation period (2019 to 2025). Despite the COVID-19 outbreak, the solar inverter industry remained untouched due to the reassuringly robust surge in the renewable energy market.
Due to the steadily increasing energy demand, especially from the industrial sectors, the renewable energy market grew steadily over the year 2020. The solar inverter market is also quickly returning to normal and is experiencing the steadily increasing demand for energy, especially from the industrial sectors. Demand for solar inverters is expected to continue to grow in many countries after the lockdown is lifted.
Solar inverters offer an efficient solution for reliable and safe power source converters in off-grid solar modules for commercial, industrial and private purposes. As a result, the increase in off-grid installations of solar modules in commercial, industrial and residential applications is having a positive impact on market growth.
In addition, the rapid spread of solar inverters in solar roofs, open space residential complexes and commercial and utility systems is promoting the growth of the market. The market prospects for solar inverters appear promising, primarily due to the steadily growing demand for energy around the world. Additionally, the growing installations and government initiatives and guidelines are benefiting the growth of the solar inverter market.
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Solar inverters offer cost-effective solutions for energy conversion. With growing concerns about environmental impact and energy consumption around the world, the need for renewable / clean energy generation continues to grow. It is estimated that emerging markets around the world offer untapped opportunities for solar inverter deployment. With their favorable government policies for the manufacture of solar inverters, emerging economies offer international players significant opportunities.
Digital technologies are at the heart of the solar inverter market. Substantial investments are flowing into the development of artificial intelligence and digital technology. Solar inverter manufacturers mainly invest in improving the communication between the inverter and the environment, including the communication systems of the inverter, the integration of the protocol of blockchain into the inverters, and the digital functions in inverters to communicate with the intelligent environment and the intelligent power grid.
Despite significant growth prospects, the market is experiencing major setbacks such as high initial investments for the production, installation and maintenance of solar inverters. In addition, maintenance issues related to solar inverters are a major challenge for market growth.
The Solar Inverter market analysis is segmented into Type, System Type, Applications, and Others. The type segment is divided into central inverters, micro inverters and string inverters. The central inverter segment would lead the market share in the forecast period. The system type segment is divided into network-internal and network-remote sub-segments.
Of these, the on-grid segment would dominate the market share in the forecast period and experience broad acceptance of on-grid system types in various applications. The application segment is divided into residential, commercial and utility companies. Of these, the commercial segment would lead the market share in the forecast period. The segment's growth is being driven by the increase in solar installations in warehouses, hospitals, factories, offices and educational institutions.
Search the detailed market research report (165 pages) on the Solar Inverter Market
The regional segment is divided into the Asia-Pacific region (China, Japan, India, South Korea and rest of APAC), America (Canada, Mexico, USA, rest of North America) and South America, Europe (Great Britain, Germany, France, Italy and rest of Europe ) and the rest of the world.
It can be observed that APAC consistently dominates the global solar inverter market and is likely to maintain its market position in the years to come. The region is the world's largest electricity producer and consumer and makes up over half of the world's total population. In addition, the availability of abundant renewable / natural resources increases the solar inverter market share in the region.
In addition, the rapid growth in the industrial, commercial and utility sectors, massive electricity demand and government initiatives to promote the use of renewable energies are increasing the market value of solar inverters in the region. Countries such as China, India and Japan are growing rapidly and the solar inverter market size in these countries is expected to grow significantly, with a healthy CAGR during the reporting period.
Europe ranks second in the world in terms of sales in the solar inverter market. Solar is a primary renewable energy source in most European countries. Several solar power projects have been set up in the region in recent years, many of which are under construction. These factors are expected to contribute to market growth and drive primary energy production in the region.
In addition, increasing investments in solar energy and the shift in the direction of the minimization of the consumption of fossil fuels caused by the Waste Heat Utilization Ordinance underpin the growth of the regional market. The solar inverter market in the European region is expected to grow at a CAGR of 19.14% over the forecast period.
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Manufacturers are striving to increase production capacities with improved cost efficiency and a leaner organization, supported by new possibilities of digitization. Many solar inverter manufacturers are considering the possibility of developing charging and power supply systems for electric vehicles after mastering their own inverter research and development.
It is expected that there will be an increasing number of strategic partnerships and approaches such as collaboration, mergers and acquisitions, expansion and product launches over the next few years. Industry players are making strategic investments to advance research and development activities and fuel their expansion plans.
For example, Solarvest Holdings BHD recently announced, on February 4, 2021, that it would work with Huawei Technologies SDN BHD and Sungrow Power Supply Co Ltd. To conclude letters of intent (MoUs) to acquire inverters.
Huawei is a leading solar inverter supplier worldwide, while Sungrow is a leading solar inverter supplier in China. As part of the MoUs, Solarvest would increase its competitiveness and the quality of its services with a cumulative order capacity of around 200 MW of solar inverters. Solarvest believes it is time to expand the group's inventories in light of the soaring demand for solar energy.
List of Key Companies Profiled in Solar Inverter Market Research Report Are:
- SMA Solar Technology AG (Germany)
- Canadian Solar Inc. (Canada)
- ABB AG (Switzerland)
- SunPower Corporation (USA)
- Delta Electronics, Inc. (Taiwan)
- SolarEdge Technologies Inc. (Israel)
- Sineng Electric Co., Ltd. (China)
- Power electronics (Spain)
- Solectria Renewables, LLC (USA) and
- Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), among others.
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