(MENAFN – GetNews) Global Solar Inverter Market Research Report: Information by Type (Central Inverter, Micro-Inverter and String Inverter), System Type (On-Grid and Off-Grid), Application (Residential, Commercial and Utility), and Region (North America) , Europe, Asia-Pacific and Rest of the World) – Forecast to 2025
Solar inverters, also known as solar inverters or solar inverters, use photovoltaic modules with direct energy generation in an AC power supply unit, which is then stored in a commercial network. Domestic energy production and the reluctance to depend on fossil fuels can drive the establishment of solar parks.
The globe Solar inverter market Market Research Future (MRFR) report forecasts the size and growth for the period from 2018 to 2023 (forecast period) taking into account the various growth dynamic variables. The COVID-19 outbreak and its impact on the industry are also examined in the report. The global solar inverter market is forecast to grow to USD 4,807 million by 2023. It was valued at USD 1,123.5 million in 2017. Growth of 28% is expected for the forecast period.
SolarEdge Technologies Inc., SunPower Corporation, Canadian Solar Inc., SMA Solar Technology AG, ABB, and Delta Energy Systems are major players in the global solar inverter market.
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The increasing installation of solar power systems and incentives for their integration into existing systems can stimulate market demand. In addition, the move by various energy producers to invest in renewable energy to reduce their carbon footprint and dependence on fossil fuels can bode well for the market. The goals set by various nations as part of sustainable energy generation can trigger the sale of solar inverters. Compliance with international standards for testing instruments and their subsequent certification can lead to quality testing in the market and increase inverter prices.
The COVID-19 pandemic has had a negative impact on the market due to bottlenecks in the supply of raw materials and the loss of jobs. The pause in project plans and the disruption in the supply chain can cause problems in the manufacture of panels and inverters.
Global electricity demand is expected to see significant growth in the next few years due to rapid urbanization, population growth, increasing infrastructure development and improved access to electricity. Electricity generation sources such as thermal energy, coal and diesel are the main sources of carbon emissions. As power generation industry players seek ways to reduce the carbon footprint, they have focused on increasing the share of renewable energy sources in the overall power generation mix. Renewable energy sources, in particular solar energy, are used to generate electricity. In addition, growing global warming concerns and decreased reliance on fossil fuel power generation have fueled the adoption of solar energy sources to meet energy demands. According to the International Energy Agency, the global electricity generation prospects from solar power are projected to reach 3,300 Tw by 2030. The growing demand for solar energy sources is therefore expected to increase the use of solar inverters in the world market. The increasing number of installations of solar power systems should drive the growth of the global solar inverter market in the forecast period.
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Segment analysis of the global solar inverter industry:
The global solar inverter market is segmented by type, system type and application.
By type, The global market is divided into micro-inverters, central inverters and string inverters.
By system type The global market is divided into off-grid and off-grid.
Based on the application The global solar inverter market has been divided into residential, commercial and utility companies. The commercial segment is expected to thrive thanks to the installation of solar panels in shopping malls, educational institutions, factories, hospitals and warehouses. On the other hand, the residential segment is likely to generate revenue for the global solar inverter market due to the propensity for sustainable energy development and the rise in tariffs in the electricity sector.
The globe Solar inverter industry is geographically divided into Europe, North America, Asia Pacific, and the rest of the world.
Due to the surge in investment in the construction sector, the Asia-Pacific region is expected to retain the largest market share over the forecast period. The demand for solar inverters in the Asia-Pacific region is expected to increase significantly due to the increasing 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 to reduce CO2 emissions by meeting the region's electricity needs. On the other hand, the European region is likely to experience relatively slow market growth due to a fall in equipment prices in most areas, due to stable price pressure on equipment suppliers. An increase in anti-dumping duties on components made in China, a depreciation of the euro and a downward trend in minimum import prices were also taken into account.
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